Home purchase, record number of foreigners in the Valencian Community

As the country has become an attractive destination for foreign investors, foreigners have been among the main home buyers. This is due to several factors, including the increase in tourism and the recovery of the Spanish economy after the 2008 financial crisis.

That is why the results of the investigation of Europa Press. According to the newspaper, “the purchase and sale of housing by foreigners, both residents and non-residents, grew by 22.85% in the third quarter of 2022“, up to 32,701 operations, compared to the 26,617 registered in the same period of 2021.” This is data, explains Europa Press, from the Ministry of Transport, Mobility and Urban Agenda.

From January to September 2022, in fact, the quota of sales operated by foreigners reached 101,460 homes. The figure corresponds to 44.3% more than in the first nine months of the previous year. Among these, 10,401 transactions have been registered in the Valencian Community. With 36.1% of operations by foreigners, it is the third community in terms of number of homes purchased by foreigners.

On the other hand, the Valencian Community is among the three communities among which the number of sales, whether by Spaniards or foreigners, has grown the most. Together with Asturias and Catalonia, already in November, the Valencian Community had registered +25% in sales compared to 2021. With which we can see a national quota of total sales that, in November, had reached 606,124 operations. A figure that already exceeds that of 2021 and that is only close to the great success of 2007, when we were in the middle of the real estate bubble.

Looking back at the Valencian Community, the numbers do seem to accentuate the prominence of foreigners in home purchases: “The sale of homes to citizens of foreign origin,” says Information, “is advancing at a faster rate than real estate transactions with Spaniards in 2022, according to statistics from the Notarial College of the Valencian Community. Although sales with Spaniards still account for the bulk of operations, the truth is that, with data updated until September, sales to foreigners are performing better and are on track to close the year surpassing 2021 data.”

“Of a total of 9,345 home sales between January and September, a total of 2,142 are transactions signed with foreigners,” adds the Valencian newspaper. Furthermore, despite Brexit, the British continue to be the ones who register the most sales, followed by the Germans and the French. Norwegians, Dutch and Irish are increasing.

The increase that seemed to be registered in sales by Ukrainians, due to the war with Russia, does not seem significant in the complex at the moment. According to Idealista, in fact, “only in the first half of the year, coinciding with the start of the war, Citizens from Ukraine acquired 1,237 homes in Spain, 73% more than in the first half of 2021 and almost 60% above the average recorded for the last 15 years (774 units). In addition, it is the record in the historical series that notaries have compiled since 2007.” Alicante, Valencia and Barcelona are the most appreciated provinces.

Although the increase in specifics seems significant, in total Ukrainians are around twelfth in this special classification of foreign home buyers.

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