Statistics also show that in 2024 the Valencian Community was the most popular spot on the peninsula for foreign property buyers.
As the landscape of Spain’s property market continues to evolve in 2024, Moroccan citizens have emerged as one of the leading groups of foreign property buyers. Recent statistics reveal that the Valencian Community is the the third most sought-after region in Spain for these international investors, reflecting broader trends in the real estate sector.
Between April and June 2024, Spain witnessed a total of 146,273 home sales, with foreign investors accounting for approximately 21,700 transactions, representing 14.8% of the overall market. This data, released by the Spanish Association of Property Registrars, underscores the increasing significance of foreign property buyers in the Spanish real estate landscape.
Moroccan Buyers on the Rise
Notably, Moroccan nationals have made significant strides in the rankings of foreign home buyers in Spain, capturing 6.1% of real estate transactions during the second quarter of 2024. This marks a slight increase of 0.04% compared to the previous quarter, highlighting the growing interest from Moroccan investors.
The reasons for this uptick are multifaceted, including geographical proximity, cultural ties, and the appeal of enhanced investment opportunities in Spain.
According to a report from the Statistical Information Centre of Notaries (CIEN), Moroccan citizens led home purchases in several regions, including Murcia (40%), Navarre (33%), La Rioja (27%), Extremadura (26%), and Andalusia (18%). This trend showcases the increasing integration of Moroccan foreign property buyers into Spain’s diverse real estate market.
The Shift Away from British Buyers
Historically, British nationals have dominated the foreign property market in Spain. However, recent trends indicate a decline in their influence, attributed largely to the combined effects of Brexit and ongoing economic uncertainties.
In 2014, British citizens accounted for 15.77% of foreign property transactions in Spain; this figure has dwindled to 8.37% as of the last quarter, a decrease of 0.76% from the previous period. Despite this decline, British buyers still represent the largest group engaging in real estate transactions in Spain.
German nationals follow closely, making up 6.98% of foreign transactions, drawn by Spain’s economic stability and high quality of life. Moroccan citizens occupy the third position, with Romania (5.31%), France (5.22%), and Italy (5.18%) rounding out the top five foreign property buyers in Spain. The list continues with buyers from the Netherlands, Belgium, Poland, and Ukraine.
Balearic Islands: The Top Choice for Foreign Property Buyers
In terms of regional preferences, the Balearic Islands emerged as the most favored destination for foreign property buyers, with a remarkable 33.37% of transactions occurring there. The Canary Islands followed closely, accounting for 31.11% of sales, thanks to their attractive climate, proximity to Morocco, and favorable tax incentives.
The Valencian Community, which includes popular tourist areas, claimed 28.79% of sales to foreign investors, thanks to its appealing prices relative to the Balearic and Canary Islands. The Region of Murcia (23.58%) and Catalonia (16.11%) were also notable destinations, with Murcia particularly appealing to golf enthusiasts and Catalonia attracting a significant number of international investors.
Rising Prices: A Market in Motion
According to the Real Estate Register Statistics for the second quarter of 2024, the average price of homes in Spain has risen by 2.9% compared to the previous quarter, reaching €2,057 per square meter. Used homes saw a price increase of 3.8%, while new housing prices rose only slightly by 0.3%.
The Balearic Islands commanded the highest prices, averaging €3,534 per square meter. Other high-cost regions included the Community of Madrid (€3,390/m²), the Basque Country (€2,928/m²), the Canary Islands (€2,528/m²), and Catalonia (€2,500/m²).
Conversely, Extremadura (€813/m²) and Castilla-La Mancha (€876/m²) offered the most affordable options.
In total, the period saw 117,098 new homes sold, reflecting a 2.6% decrease from the previous quarter, alongside 29,175 transactions for used homes, a 6.6% decline.
This article is brought to you by Expat Hub Valencia, a property buying agent in Valencia. Using the Expat Hub’s services, you will be able to successfully navigate Valencia’s complicated property market in no time.
© Moroccan Nationals Lead the Charge Among Foreign Property Buyers in 2024 – valenciaproperty.es
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