Foreigners buy more expensive apartments in Spain than the Spanish locals
According to the statistics of the Notary, foreigners purchase up to 28% more expensive apartments from Spain than Spanish citizens themselves. The foreigners pay around 1.598 euros for a square meter, whereas the locals usually pay 1.247 euros.
There is different behavior considering prices amongst the foreign buyers: in 2015 the average square meter price for foreign non-residents increased by 5.6% to 1.792 euros, while the spending decreased by 0.1% to 1.367 euros for the foreign residents in Spain. The notary has noticed a stabilization in the development of square meter prices since 2013.
The statistics indicate that the most luxurious apartments have been the most popular amongst the German, Danish, Russian, Swedish and Swiss citizens. The most expensive apartments preffered by the foreigners are found in Balearic Islands, Basque-country, Madrid and Catalonia.
The most apartment deals done by foreigners were done by the British (20,6%), French (8,8%), German (7,5%), Belgian (5,7%), Italian (5,5%) and Romanian (5,3%). They contribute to over half of all the realestate sales done by foreigners in Spain.
In earlier times foreign residents in Spain were buying more properties than non-residents. It changed in 2012, after which the non-residents have been buying 7% more properties than the foreigners already residing in Spain. However, their number of purchasing apartments increased last year by 18,2%. The non-residents still contribute to 51.7% of all real-estate sales done in Spain.