A 3.9% decline noted compared to the same period in 2023
PALMA/SANTA CRUZ DE TENERIFE, APR. (Press Europa) –
The transaction of unrestricted properties by foreigners rose in sixteen autonomous communities, while it fell in the Canary Islands, which observed a 3.9% decrease compared to the corresponding semester of the previous year, culminating in 4,112 transactions in the latter half of 2024, according to information from the General Council of the Notaries.
Concerning pricing, there was an uptick of 11.3% in the archipelago, reaching 2,570 euros per square metre.
Overall, the sale of unrestricted properties by foreigners increased by 10.3% on an annual basis, achieving 69,690 transactions in the latter half of 2024. This growth reinforces the recovery that began in the first half of the year, where sales by foreigners had already risen by 1.8%.
Transactions conducted by foreigners accounted for 19.5% of the total sales, remaining below the average recorded in 2023 (21.1%).
In the second semester of 2024, resident foreigners represented 58.1% of the transactions, an increase of 11.8% year-on-year, while non-residents made up the remaining 41.9%, transitioning from a 1.4% decrease in the previous semester to a rise of 8.2%.
By nationality, the largest group of foreign buyers was once again British nationals, accounting for 8.7% of total transactions (6,048), followed by Moroccans (7.3%) and Germans (6.7%).
The group representing the remaining foreign buyers outside the European Union (EU) reached 12.2%, reinforcing the upward trend seen in previous semesters, this time with an even greater volume.
Regarding the Canary Islands, the highest proportion of non-resident transactions in the latter half of 2024 came from Germans (55%), with the British following (11%). Among foreign individuals residing on the islands, the share of transactions was mainly attributed to Italians and 9% from Germans.
Sales increased in 16 autonomous communities
The purchase of unrestricted properties by foreigners rose in sixteen autonomous communities while declining in the Canary Islands, which saw a 3.9% drop compared to the same semester of the previous year.
The largest year-on-year increases were recorded in Cantabria (+33.5%), Castilla y León (+28.7%), Asturias (+28.6%), Extremadura (+26.9%), Castilla-La Mancha (+23%), Galicia (+22.5%), and the Community of Madrid (+21.9%).
Non-resident foreigners spend more
The average price per square metre for transactions made by foreign buyers in the latter half of 2024 stood at 2,362 euros per square metre, an increase of 8.6% compared to the same 2023 period.
As a result, non-resident foreigners continue to pay significantly higher amounts for their properties (3,063 euros) compared to resident foreigners (1,795 euros) and nationals (1,713 euros).
In terms of variation rates, the average price paid by non-resident foreigners rose by 12.8% year-on-year; the average for resident foreigners increased by 4.4%; while national buyers saw a rise of 8.4%.
Concerning the average prices per square metre, the highest were attributed to buyers from the United States (3,390 euros), Sweden (3,295 euros), and Germany (3,224 euros).
Prices only fell in two autonomous communities
The trend in pricing showed positive advancements in most autonomous communities, except for Asturias (-0.2%) and Navarra (-7.3%).
Therefore, the highest increases were observed in Cantabria (+25.8%), Balearic Islands (+16.6%), Basque Country (+16.4%), Castilla La Mancha (+12.7%), Andalusia (+12.4%), and the Canary Islands (+11.3%).
