Foreign Buyers Drive Record Sales in Spanish Property Market in 2022 and 2023

Discover the latest Land Registry figures showing a surge in foreign buyer activity in Spain, with 87,365 homes sold in 2023, just shy of the peak in 2022.

The property market in Spain saw a significant increase in sales to foreign buyers in 2022 and 2023, with last year reaching a record high. According to Land Registry figures, a total of 87,365 homes were sold to foreign buyers in 2023, only slightly lower than the peak of 94,481 sales in 2022. This represents a small year-on-year decline of 8%, which is less than the 10% decline seen among local Spanish buyers in 2023.

Mathematicians analyzing the data will note that the market share of foreign buyers increased from 14.6% in 2022 to 15% in 2023, the highest level on record. This indicates that foreign buyers are playing an increasingly important role in the Spanish property market. When compared to 2019, sales to foreign buyers in 2023 were up by an impressive 39%, and up 41% compared to the 10-year average.

The UK remained the largest foreign market for property in Spain, with 8,327 residential property acquisitions in 2023. However, this represented a decline of 15% from the previous year and 5% from 2019. British buyers continue to flock to the Costa Blanca and the Costa del Sol, although their dominance has waned since Brexit.

Germany was the second largest market, with 6,350 sales in 2023, a decrease of 25% from the previous year but an increase of 42% since 2019. Mallorca was the preferred destination for German buyers. France came in third, with 5,824 sales in 2023, down 6% from the previous year but up 18% from 2019. French buyers favored Catalunya as their destination.

Among other markets, sales to Swedes saw the biggest decline, down 40% year-on-year, while Russian buyers saw the largest increase, up 60%. Polish and Irish buyers also saw modest increases in sales.

2023 was a strong year for property sales to foreign buyers in Spain, with the market share of foreigners reaching a record high. Despite a slight decline from the previous year, foreign buyers continue to play a crucial role in the Spanish property market.