A few weeks ago, the General Council of Notaries of Spain published a study according to which Asturias turned out to be one of the most favorite regions of the country for buying housing among foreigners. In the second half of 2022, the number of home purchase transactions on their part increased by 34.7% year-on-year.
In the second half of 2022, 633 real estate sales to foreigners were registered in Asturias and this is the 5th half of the sales growth in a row. One of the reasons for the interest of foreigners is that the introduction of remote work allows European citizens, they are the main buyers, to move to countries and regions with a higher quality of life (according to their assessment), without changing jobs.
There are other reasons motivating foreigners to buy real estate in this region. According to the Spanish real estate broker Commutatio, the investment value of local real estate plays a key role in the growth of popularity. Economic and market indicators make Asturias a good "quiet bay" for large investments. This is especially used by investors from Latin America.
Santiago Seti Falcone, CEO and founder of Commutatio, explains that investors in the region, first of all, are looking for the safest and most stable assets. Ideally promising some noticeable growth over the coming years. The popularity of Asturias, and Spain in general, illuminates them in a positive light. The main source of income from investments in the region is income from renting out real estate, both residential and commercial.
The range of countries of origin of incoming investments is wide. Santiago Seti Falcone notes that their company, for example, can indicate that about 90% of requests from foreign investors come from a number of Latin American countries. The popularity of local real estate is high throughout the Latin American region, not in individual countries. In Spain, all these investors are interested in Asturias itself, Madrid, Barcelona, Malaga, Valencia, Alicante and Mallorca.
Commutatio notes that they often manage to redirect interest from other regions to Asturias, increasing its already high attractiveness. In 2021, the company sold 42 properties, 61 properties were sold in 2022 and 20 transactions were concluded in the first quarter of 2023. The main player is Argentina, but demand is growing from Chile, Uruguay and Colombia, which account for 30% of all Commutatio operations in the country.