MADRID – After a sharp drop in 2020 due to the pandemic, home sales by foreigners in Spain’s top tourist destinations have skyrocketed.
This is evident from the report of the General Council of Notaries for the second half of 2021. The report shows how home sales in Spain have skyrocketed. In particular, transactions carried out by foreigners (both residents and non-residents) increased by 41.9% year-on-year to 63,934.
Home sales skyrocket in Spain
This increase compensates for the decrease registered in 2020, with a decrease of 37.3% in the first half of the year and a decrease of -10.8% in the second half.
Four of the five autonomous communities leading the growth are particularly touristic;
- Balearic Islands (81.5%)
- Canary Islands (57.1%)
- Andalucia (55%)
- Cantabria (50.5%)
- Valencian Community (44.9%).
Increases were also registered in most autonomous regions, albeit below the national average.
Brits bought the most
By nationality, the group of foreigners who acquired the most homes was the British, with 11.8% of the total operations (7,560), followed by Germans (10.4%) and French (8.3%).
Purchases and sales by foreigners of all nationalities increased, but the increase was more intense among the Dutch (104.1% on an annual basis), the Irish (99.3%), and the Germans (84.9%).