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More and more foreigners are choosing Spain to buy a home. Lucas Fox's report on the Spanish real estate market, which analyzes the first half of 2022, shows that the share of foreign buyers continued to grow during this period, reaching a peak of 24,000 sales in the second quarter of 2022, which is 76% more than in 2021. The UK, Germany and France continued to dominate foreign demand, followed by the USA and the Netherlands.
«In the first and second quarter, traditional markets such as the UK, Germany and France continued to dominate foreign demand, occupying almost 30% of the market between them. Growth in the largest single market, in the UK, was strong (68%), despite Brexit, and possibly due to it», explains Alexander Vaughan, co-founder of Lucas Fox.
«However, during the year, foreign demand diversified, there was strong growth in «emerging» markets such as the USA (+76%), although the largest growth occurred in the Netherlands (+121%)», he concludes.
As for sales figures, they significantly exceed the growth of local demand by 13% over the same period of time, and since foreign demand grew faster than local, the share of foreign demand in the market rose to a record 14.7% at the end of the first half of the year.
This indicates that foreign buyers have played a leading role, with market share rising from a ten-year low during the pandemic to a surprising peak in the second quarter of 2022.
Alexander Vaughan, co-founder of Lucas Fox, says: «Against the backdrop of growing uncertainty in the world, foreign buyers are demonstrating their confidence in Spanish real estate as a lifestyle choice and a reliable investment, demonstrating record figures. The first half of 2022 was characterized by strong domestic growth in the Spanish real estate market, especially in luxury segments, which attract foreign investors who continue to demonstrate their confidence in Spain».
Stein Tiouwen, co-founder of Lucas Fox, added: «Due to the contribution of both foreign and local demand, the real estate market has become a reliable support for the growth of the Spanish economy, despite the increased geopolitical uncertainty due to the conflict in Ukraine. In addition, the growing local and foreign demand for luxury homes in the major cities of Spain and the most sought-after coastal areas meant that Lucas Fox was able to demonstrate its strengths as an international brand with excellent service quality, which is the result of decades of experience and leadership in the luxury real estate segment. As a result, we have managed to significantly outperform the market, and we will continue to take full advantage of the current high demand».