In Q2 2024, Poles were the authors of another record in the Spanish market, purchasing as many as 1,000 properties. Our compatriots are attracted by the Costa del Sol and Andalusia ranks among the most popular autonomous communities. See for yourself how the market for houses and flats in Spain is developing.
Andalusia a leading market
According to data from the Registradores de España, the number of property purchase and sale transactions in Spain recorded a quarterly decrease of 3.4%, reaching 146,273, with a year-on-year decrease of 3.76% compared to the second quarter of 2023. In Q2 2024, there were 29,175 primary market purchases and 117,098 secondary market sales, representing declines of 6.6% and 2.6% respectively.
The highest absolute figures were achieved in Andalusia (30,709 transactions), Valencia (23,340) and Catalonia (22,061), with market shares of 20%, 16.39% and 15.57% respectively. This is further confirmation of the growing importance of Andalusia in the Spanish property market, as one-fifth of all transactions are already taking place on the Mediterranean coast.
At the same time, thirteen Autonomous Communities recorded quarterly increases in the purchase of houses and flats by foreigners. The highest shares were achieved by: Balearic Islands (33.37%), Canary Islands (31.11%), Valencia (28.78%), Murcia (23.58%), Catalonia (16.11%) and Andalusia (13.73%).
Who chooses the Iberian Peninsula and why?
As we know, foreign demand for flats has increased. The percentage of purchases of houses and flats by foreigners was 14.84%, a quarterly increase of 0.63 percentage points. Poles are in 9th place among the nationalities of property buyers in Spain with a record market share of 4.63%, ahead of them:
- British (8.37%),
- Germany (6.98%),
- Moroccans (6.1%),
- Romanians (5.31%),
- French (5.22%),
- Italians (5.18%),
- Dutch (5.14%),
- Belgians (4.65%).
There is a growing interest among foreigners in buying property in Spain for at least several reasons. On the one hand, the climate and favourable weather conditions. Spain offers sunny weather, picturesque landscapes and a high standard of living. People are increasingly looking for holiday homes or places to live permanently on the Costa del Sol. Property prices in Spain are still more affordable compared to other Western European countries. The stability of the market on the Iberian Peninsula is also not insignificant.
