Foreigners Buy Property In The Valencian Community More Than Anywhere Else In Spain

The most recent data shows that one out of every four foreigners will buy property in the Valencian community, the British remain at the top of the list, and Germans pay the highest price per square metre.

According to the report recently published by the General Council of Notaries‘, foreigners are more likely to buy property in the Valencian Community than anywhere else in Spain. For the second year in a row, Valencia is the most popular region for foreign property purchases. More than 27% of all foreigners who bought in Spain in 2020 did so in La Comunidad Valenciana.

Valencia Community was ranked first for the first time in 2019. It was a close call between Valencia, the Balearic Islands, and the Canary Islands that year. However, foreign sales on islands fell dramatically in 2020, leaving Valencia alone at the top with 26.7 percent and 20.660 sales to foreigners, followed by Andalucia with a distant 19 percent and Catalonia with 16 percent. This is in stark contrast to La Rioja, Cantabria, and Extremadura, three autonomous communities that aren’t particularly appealing to foreign buyers, with each recording fewer than 500 sales to foreigners.

However, 2020 was not a particularly good year. The market was hit by the Coronavirus, but sales to foreigners fell by only 24,2 percent compared to the previous year. This was a surprising statistic given that the country imposed one of the strictest lockdowns for the majority of the year, with the window of opportunity for buyers only opening during the summer.

Foreigners still managed to account for approximately 16.5 percent of all property purchases in Spain, which is significantly lower than the recent average of 18.7 percent, but is still higher than during the peak of the Spanish property crisis in 2012. Foreign buyers are important to the market not only because of their numbers, but also because they spend an average of €2,220 per square metre, compared to residents who typically pay around €1,426 per square metre.

Brexit or no Brexit, British buyers are once again at the top of the list. They have accounted for 12.6 percent of all purchases in 2020. Buyers from Morocco (8,3%) and France (8,3%) take the second spot, followed by buyers from Germany (7.7%), Romania (7.4%t), Italy (6,3%), and Belgium (5.9 percent ). Only three nationalities saw an increase in purchases compared to 2019: Portuguese (16,4 percent), Moroccans (12,6%), and Belgians (1,1 percent ). GThe biggest drop in sales was recorded from buyers from Norway (-48,7%), China (-44,3%), and Russia (-30,3 percent).

German buyers were willing to spend the most, paying an average of € 2.532 per square meter, followed by buyers from Switzerland (€2.446), Denmark (€2.428), Sweden (€2.402) and Russia (€2.125). On the other end of the spectrum, Moroccan buyers paid an average of €623 per square metre, followed by Romanians (901 €/m2) and Ecuadorians (993 €/m2).

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