In the second half of this year, conveyancing for foreign-national purchasers living in Spain has increased greatly, reaching an inter-annual figure of 28.4% according to the Spanish Ministry of Economy and Development’s official data.
This trend has made progress over the past two years, and the non-resident foreign national Spanish purchasing data also grew for the eighth quarter in a row (1.086 transactions for the second half of this year).
These figures reveal that 16.9% of Spanish real property was acquired by foreign-national purchasers (i.e. one in six homes).
In line with this upward trend, the trend for the preferred destination for foreign investors also continues. In most cases, the foreign national chooses the location of residence for tourist reasons; thus climate and proximity to the coast are influential factors of any such acquisition. Alicante, Málaga, Barcelona, and Tenerife are therefore among favourite destinations for foreign investors.
The Law to Support Entrepreneurs and their Internationalization is expected to be approved in the coming days and will undoubtedly help to maintain and maximize foreign investments in Spain.
This article is not considered as legal advice