Fomento: Q2 foreign sales rose 17%
One in five house sales now go to international buyers, Alicante leads, and Tenerife is now on par with the Balearics.
The Ministry of Development (Fomento) recently released their second quarter data on housing transactions in Spain. It may be slow to arrive but the data is particularly interesting because it reports the number of foreign buyers in each province.
It reveals activity across Spain rose 15% annually in the period from April to June 2016. They recorded a total of 123,159 housing transactions.
Over 22,000 of these sales were to foreign buyers – or 18.2% of the housing market.
In terms of where foreign buyers are having the largest impact, Alicante, Tenerife, the Balearics and Málaga take top spot. Over half the housing market in Alicante is now driven by international buyers.
Santa Cruz de Tenerife deserves some extra attention. The western Canaries have seen particularly strong growth, with foreign sales rising nearly 40% YOY, and now accounting for nearly half of all house sales. This also puts Tenerife on a par with the Balearics in terms of property purchases by foreigners.