SANTA CRUZ DE TENERIFE/MADRID, 28th April (EUROPA PRESS) –
The Canary Islands saw a decrease of 14.3% in the purchase and sale of 1,204 homes by non-resident foreigners in the fourth quarter of 2023 compared to the previous year’s same period, where 1,405 transactions were recorded, according to data from the Ministry of Housing and Urban Agenda.
Over half of the total sales (642) took place in the province of Santa Cruz de Tenerife, marking a 14.5% drop compared to the fourth quarter of 2022 (751), while the province of Las Palmas recorded 562 transactions, which is 14% lower than the previous year’s figure (654).
Meanwhile, home transactions by foreigners residing in Spain stood at 1,011 in the Canary Islands for the same period, a decrease of 7.4% compared to Q4 of 2022 (1,092). Overall, transactions by foreigners, both residents and non-residents, totalled 2,215, reflecting an 11.2% decrease year-on-year.
Nationally, there were 13,565 transactions recorded in Q4 by non-resident foreigners in Spain, an 8.6% decline from the previous year. This accounted for 8.1% of the total transactions in October to December 2023, with 167,671 purchases and sales made.
Transactions carried out by foreigners residing in Spain totalled 17,231 operations in the same quarter, marking a 5.8% decrease compared to Q4 2022. In total, all transactions by foreigners, residents and non-residents, amounted to 30,796, which is a 7% decline year-on-year.
As a result, the majority of home transactions in Spain in Q4 2023 were conducted by resident foreign buyers (56%).
Additionally, data from the Ministry of Housing reveals that foreign transactions in Spain made up 18.4% of total sales, a significant increase from just over a decade ago when it was only 6.75%.
Geographically, the Valencian Community saw the highest number of transactions by non-resident foreigners in Q4, with 5,276 operations. Following this were Andalusia (3,266), Catalonia (1,327), and the Canary Islands (1,204). Transactions by foreigners residing in Spain were most prevalent in the Valencian Community (4,207), Catalonia (3,318), and Andalusia (2,572).
