In a significant development for the real estate market, Moroccans have emerged as the top foreign homebuyers in Spain during the first six months of 2024, surpassing various nationalities in property acquisitions across most autonomous communities. This trend highlights the increasing influence of Moroccan buyers in Spain’s housing sector, as reported by the Spanish news outlet The Objective, which cited data from the Notaries’ Statistical Information Center.
However, despite their overall success, Moroccans did not maintain the lead in all regions. In Galicia and Madrid, Portuguese and Chinese buyers respectively dominated the property market, indicating a competitive landscape among foreign nationals seeking real estate in Spain.
By June 2024, Moroccans had purchased a notable total of 5,452 homes, firmly establishing their position at the forefront of foreign property acquisitions. They were closely followed by Romanians, who acquired 4,388 homes, and Italians, who secured 4,332 properties. This data underscores the diverse range of foreign buyers active in the Spanish market.
Among non-resident buyers, French nationals topped the list, making significant purchases across several regions, including Aragón, Cantabria, Castilla y León, Catalonia, Extremadura, Galicia, and Navarra. Their activity outpaced that of Americans, Germans, and Britons. Notably, Americans ranked as the leading non-resident buyers in Castilla-La Mancha, the Basque Country, and La Rioja, while Germans held the top position in the islands, and Britons led property purchases in Andalusia and Murcia.
The Objective emphasized a positive shift in foreign property transactions, reporting a year-on-year increase of 1.8% in purchases. This growth brought the total number of transactions to 69,412 in the first half of 2024. This resurgence follows a 10% decline observed in the second half of 2023, with foreign buyers now accounting for 20.4% of all transactions, a slight decrease from the 21.1% average recorded in 2023.
Moroccans had previously made a significant impact in the Spanish real estate market, recording a 7.3% increase in property acquisitions last year. They ranked as the third largest group of foreign buyers, trailing only the British and Germans, reflecting their strong presence and interest in Spanish real estate.
The Conseil Général du Notariat also indicated that despite a 7.5% decline in foreign real estate transactions in the first half of the previous year, the overall sales figures remained robust, totaling 67,983 transactions. This highlights the resilience of the Spanish property market amid fluctuations in foreign investment.
