The number of properties purchased by foreigners in Spain has increased during the first ten months of 2017 compared with 2016. In total 432.542 properties were sold  In this period according to BBVA Research, an increase of 16,4% compared with the 371.561 properties in the same period in 2016. 17% of these properties were bought by foreigners.

The foreigners purchased 66.190 properties during the first ten months, 15% more than the same period in 2016. The British are still the biggest group buyers in Spain, but the Brexit had a negative influence, decreasing the purchases slightly compared to 2016. Behind the Brits, the French, Germans, Belgians and Italians are the most active buyers on the market.

The most popular regions for buying  foreigners are the Mediterranean Coast, Balearic Islands, Madrid and the Canary Islands. The Provinces Alicante and Málaga  are the most popular, followed by the provinces of Barcelona and Madrid. 50% of all purchases of foreigners were made in these four provinces.

In the provinces Alicante and Tenerife more than 50% of all sold properties were bought by foreigners. On the Balearic Islands this amount is 30%, just like Gran Canaria, Málaga and Girona. In Madrid 9,2% of the properties were bought by foreigners and in Barcelona 13%.

The increase of property sales in Alicante was 10,5%, on the Isle of Tenerife 18,8%, on the Balearic Islands 9,8% and in the Province of Málaga 2,6%.

The data are related to the first ten months of 2017. BBVA Research believes that 2017 will be closed with 520.000 sold properties. They estimate that in 2018 the property sales will further increase to a total of 550.000 properties where ondoubtedly a big part will be bought by foreigners.

source: SpanjeVandaag