Spain Property Sales 2018

Spanish property sales totalled 133,295 in the 3rd quarter of 2018. This represents an 11.8% increase on the same period in 2018.

Foreign buyer sales also increased. The 16,142 properties purchased in Q3 by non-Spanish nationals represents a more modest 5% increase on the same period in 2017.

UK buyers represent the single largest nationality. Their share of sales in Q3 is 16%, which is coincidentally an increase of 16% on the previous year.

Next come France with 8%, half of the British Sales, then Germany with 7% and Belgium with 6%.

Both France and Germany reduced in the quarter, something Mark Stücklin at Spanish Property Insight attributes to the reduction in growth of overseas buyer sales in his summary of the figures.

Balearic Drop

Despite the overall growth of overseas buyer properties in Spain, allbeit at a reduced level of growth, Barcelona and The Balearics both recorded a significant drop in the ratio of overseas sales.

In a different report on Spanish Property Insight, Barbara Wood gave here opinion that the strict regulations now in place for holiday rentals could be a key factor.

Barcelona’s drop was a little over 5%, however the Balearics was double that at 11.2%.

Barbara speculates that the Balearics could be in part due to its high prices, though that has always been the case. The thing that has changed in both areas is the recent imposition of tough new rental rules and penalties. A foreign buyer in what may have been a relatively commonplace situation historically of wanting to offset their mortgage or running costs with holiday rentals would now be disuaded from those regions where they could not do so with a degree of surety that they would not face huge fines if caught doing so.

Barbara also refers to the Brits leading the pack of foreign buyers, despite all Brexit fears, and she highlights the astonishing figure in Murcia where a whopping 57% of all foreign purchases are British.