According to the Index of registration of real Estate transactions (Indice Registral de Actividad Inmobiliaria), Russian citizens were in 13th place among foreign buyers of real estate in Spain, having purchased 575 properties in the first quarter of 2024. The first three lines are traditionally occupied by investors from the UK, Germany and Morocco.
Due to changes in the “golden visa” program for real estate investments (in the first quarter of 2024), there was a slight decline in investor interest in buying real estate to obtain a residence permit, but at the same time, interest in buying investment real estate for rent increased almost 2.5 times. The aggregate demand of foreigners for real estate in Spain is growing.
Purchase of real estate in Spain by Russian citizens in the first quarter of 2024
|
Nationality |
Number of transactions |
Percentage of foreign transactions |
|
|
1 |
Great Britain |
1 965 |
9,13% |
|
2 |
Germany |
1 457 |
6,77% |
|
3 |
Morocco |
1 304 |
6,06% |
|
4 |
France |
1 279 |
5,94% |
|
5 |
Belgium |
1 188 |
5,52% |
|
6 |
Netherlands |
1 141 |
5,30% |
|
7 |
Italy |
1 132 |
5,26% |
|
8 |
Romania |
1 048 |
4,87% |
|
9 |
Poland |
801 |
3,72% |
|
10 |
Ukraine |
659 |
3,06% |
|
11 |
China |
605 |
2,81% |
|
12 |
Sweden |
603 |
2,80% |
|
13 |
Russia |
575 |
2,67% |
|
14 |
Other countries |
7768 |
36,09% |
|
Total number of foreign transactions |
21 525 |
100,00% |
The number of purchases among foreigners in the Spanish real estate market has increased by 112% over the past 10 years, and among local buyers — by 78%.
The goals of Russians when buying real estate in Spain in 2024
According to Tranio, in the first quarter of 2024, compared with the same period in 2023, the share of Russian clients considering buying real estate in Spain in order to obtain a residence permit and citizenship decreased from 43 to 31%. At the same time, the share of clients willing to invest in resort real estate for their own recreation and rental increased 2.5 times, from 12 to 30%. The number of investors considering buying for resale increased by 1%.
To date, there is a clear trend towards an increase in demand for investment real estate in Spain among Russians. Today, the share of investors who purchase housing for rent and recreation has almost equaled the share of those who buy in order to obtain a residence permit in Spain (30 and 31%, respectively). This is due to the high tourism potential of Spain — in 2023, it took 2nd place in the ranking of the most visited countries in the world. The resort towns on the Costa Blanca are especially popular.
The goals of Russians when buying real estate in Spain
|
The purpose of the purchase |
2023 |
2024 |
|
I sq. |
I sq. |
|
|
For a future move |
15,6% |
13,8% |
|
For recreation |
23,4% |
20,2% |
|
For recreation and rental |
11,7% |
29,8% |
|
For resale |
1,3% |
2,1% |
|
To obtain a residence permit/citizenship |
42,9% |
30,9% |
|
For rental and future relocation |
5,2% |
3,2% |
|
For children’s studies |
0,0% |
0,0% |
Geography of Russian demand for real estate in Spain
The geography of Russian demand for real estate in Spain is quite wide, according to Tranio, in the first quarter of 2024, the Valencia region leads in demand for real estate among Russians (23.2%). The Catalonia region was in second place in terms of demand (16.8%), and the Costa Blanca coast was in third place (10.3%).
Top 5 regions in popularity among Russians for real estate in Spain
|
№ |
Region |
The region’s share of applications, % |
Median budget, euro |
|
1 |
Valencia |
23,20% |
330 000 |
|
2 |
Catalonia |
16,80% |
500 000 |
|
3 |
Costa Blanca |
10,30% |
300 000 |
|
4 |
Canary Islands (Canary Islands) |
9,20% |
445 000 |
|
5 |
Andalusia |
7,60% |
400 000 |
According to Tranio statistics, the median budget of Russians for the purchase of real estate in Spain in the first quarter of 2024 amounted to 400 thousand euros.
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