Expats spend 20% more on homebuying in 2017
Tuesday, February 6, 2018 @ 11:41 AM
FOREIGN buyers spent 20% more on residential property in Spain last year than in 2016, according to the ministry of public works – showing that the country remains as popular as ever as a new destination for those wishing to emigrate and as a base for a holiday home.
Data by nationality are only available for the first nine months of 2017 so far, but these figures show that nearly €10.1 billion was spent on Spanish homes during that time by people born abroad.
The vast majority of this – nearly €9bn – went on pre-owned property, and this alone was higher than the entire spend for the same period in 2016, which was just over €8.4bn.
Second-hand residential property sales among migrants went up by 19.7% in that time, and sales of new builds to non-Spaniards rose by 19.8%.
The majority of transactions took place in the Comunidad Valenciana, where expats spent almost €2.2bn on homes, followed by Catalunya at €1.98bn and Andalucía at €1.97bn.
Read more at thinkSPAIN.com