SPANISH ISLANDS WERE FLOCKED BY FOREIGN BUYERS

Spanish Islands were flocked by foreign buyers

The four main Balearic Islands – Ibiza, Formentera, Mallorca and Menorca – have a character that is distinct from the Spanish mainland, and from each other.

More importantly, the region is fast becoming the number one destination in Spain for overseas visitors as well as international real estate investment.

Foreign demand for housing in Spain has been growing fast in the last years, a new high was reached in 2016 when 13.5% of homes were sold to foreigners. This is similar to the results seen in recent years (13.2% in 2015, 13% in 2014). This consolidates several consecutive years of growth, according to data released by the Association of Registrars.

By autonomous community, the islands lead the results with more foreign buyers. The Balearic Islands achieved the highest result with 32.9% of property sales being to foreign buyers, while the Canary Islands saw 30.49% sold to foreigners. By province, Alicante topped the rankings with 43% of homes sold to foreign buyers. Following was Tenerife (40%), Malaga (34%), the Balearic Islands (32.9%) and Girona (30%). The lowest figures are seen in Lugo, Cáceres, A Coruña, Orense and Salamanca, where foreigners barely make up 1% of home sales.

Surface Area

Regarding the surface area of homes bought in 2017, buyers continue to opt-in most cases for a medium to a large property. Properties with a surface area of 40m² or under accounted for 4% of sales. Those with an area of 40-60m² accounted for 17.6% of sales. Properties with an area between 60 and 80m², accounted for 28.7% of sales. Larger properties, those above 80m², accounted for almost half of home sales reaching 49.7%.

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