Spain’s Real Estate Market Snapshot for H1 2023

The latest data from the Notarial Statistics reveals a shift in foreign real estate transactions in Spain. In the first half of 2023, we observed a 7.5% YoY decrease in property purchases by non-Spanish nationals, totaling 67,983 transactions, as compared to the robust 9.8% growth in the second half of 2022.

While 56.8% of these transactions were initiated by foreign residents, showing a slight 3.4% decline, non-residents accounted for 43.2% of the deals, marking a substantial 12.4% drop. At a national level, foreign transactions represented a record 21.4%.

Regional variations are intriguing, with some autonomous communities experiencing growth in foreign property acquisitions, including Asturias, Galicia, Murcia, and the Valencian Community, while others saw declines, notably in the Balearic Islands, Navarre, and Andalusia.

The average price per square meter for these transactions increased by 1.3% YoY, reaching €2,095. Non-residents paid an average of €2,598 per square meter, residents €1,676, and nationals €1,574.

British buyers led the pack, followed by Germans and Moroccans, while Russians, Ukrainians, and Americans showed significant growth in the market. Swedish investors paid the highest average price per square meter at €3,036.

These insights shed light on the evolving landscape of foreign real estate investment in Spain. Whether you’re an investor, a real estate professional, or simply interested in market trends, stay informed and adapt to these changes.

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