Brexit, the process by which the United Kingdom withdrew from the European Union, has also had consequences on the Spanish property market. For the first time since there are records, Germans outnumber British citizens when buying homes in Spain.
The statistical change occurred in the third quarter of 2021, according to the latest data published by the College of Registrars (Land Registry offices) of Spain.
The British buyers had dominated the ranking since this body began to release these statistics, but Brexit has altered the tradition, according to real estate experts.
According to the data released Thursday, in the third quarter there was a significant increase in purchases of property by foreigners in absolute numbers, exceeding 16,100 purchases, compared to the more than 13,600 registered during the second quarter.
For the first time since the compilation of these statistics, the British citizens did not top the results. Germans are the ones with the greatest weight (10.4%), followed by British (9.9%), French (7.8%), Moroccans (6.5%), Belgians (5.6%), Romanians (5.3%) and Swedish (4.92%)
Between July and September, the percentage of home purchases by foreign nationals continued to rise to 10.8. With this, home sales to foreigners add two consecutive quarters of increases. In the first quarter, the percentage was 9.7%, while Spain continued to fight the worst effects of the Covid-19 pandemic.
Where foreigners buy homes
The geographical analysis shows that foreigners who decide to settle in Spain are attracted, above all, by the good weather and in search of sunlight and beach.
By region, the percentage of home purchases by foreigners is higher in the Balearic Islands (34.3%), the Canary Islands (23.6%), the Valencian Community (19.7%), Murcia (17.4%), Andalusia (11 , 4%) and Catalonia (11.0%).
The average house price in Spain continues to rise, both in its quarterly and year-on-year results. In the third quarter it was € 1,843/m², with an increase of 2% compared to the previous quarter.