Foreigners are making a significant number of property purchases across Spain and in particular in the Canary Islands, which is one of the regions with the highest levels of activity.

Despite a 7.5% decrease in international transactions in the first half of the year, amounting to 67,983 transactions, this decline is relatively less significant compared to the decrease in domestic property purchases, which has been influenced by successive interest rate increases and the consequent rise in financing costs. Remarkably, foreign participation in the Spanish property market has grown stronger, even amidst these economic fluctuations.

According to notary and registrar data, international purchases in the first half of the year constituted an impressive 21% of total property transactions, a record high.

British nationals led the pack in foreign home purchases during the first half of 2023, representing 9.6% of the total with 6,498 transactions. They were closely followed by German and Moroccan buyers, with significant contributions also coming from French, Italian, Romanian, and Dutch nationals. Non-EU foreigners collectively made up 12.8% of the transactions, as noted by the notaries. During this period, there was a notable increase in purchases by Russians (50.2%), Ukrainians (41.6%), and Americans (13.6%).