The Spanish property market has remained remarkably resilient throughout the pandemic. But are foreign buyers returning and how is the current Russia-Ukraine conflict affecting Spanish real estate? We’ve got the latest data.
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Foreign buyers return to Spain
The disruption to international travel caused by the pandemic over the last few years has affected the number of foreign buyers in Spain. But since travel has resumed, the number of foreign buyers in Spain is back up to pre-pandemic levels.
In the final quarter of 2021, 12.6% of all home purchases in Spain were by foreign citizens.
The British were the top foreign buyers, followed by the Germans, French, Moroccans, Belgians and Swedes.
The Spanish islands continued to be a popular choice with foreigners with the Balearic and Canary Islands attracting the most foreign buyers. On mainland Spain, Valencia, Murca, Andalusia and Catalonia were all favourites.
Is the Russia-Ukraine conflict affecting Spanish property prices?
The war in Ukraine is pushing up the prices of energy and building materials in Spain, putting pressure on the already struggling new-build industry.
Even before the war, the cost of building materials in Spain was rising, causing some construction companies to delay, or even abandon, building projects.
Demand for new-build properties is already outperforming supply, pushing up house prices, and the Russia-Ukraine conflict has the potential to make the situation worse.
The conflict could also affect the numbers of Russian and Ukrainian property buyers in Spain, who, in 2021, accounted for 3.4% of the foreign market.
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Why not split the cost and double the fun of owning a holiday in Spain by buying with family or friends? Read our guide to Buying Abroad with Family
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