Statistics: Russians have returned to the top 10 foreign buyers of real estate in Spain

According to the Index of registration of real Estate transactions (Indice Registral de Actividad Inmobiliaria), Russian citizens were in 10th place among foreign buyers of real estate in Spain, having purchased 546 properties in the fourth quarter of 2023. In total, Russians bought 2,728 properties in 2023, which is 60% higher than in the same period in 2022 (1,709 properties). Despite the noticeable increase, in the long term, the activity of Russian buyers in the Spanish market has decreased, while the aggregate demand of foreigners is growing.  

Ten years ago, Russian citizens were among the top 3 most active foreign buyers according to statistics from the College of Registrars of Spain. According to the same source, in 2013 and 2014, Russians occupied the 3rd position in terms of the number of real estate purchases in Spain, acquiring 2,992 and 3,131 properties, respectively. During these years, investors from Russia was second only to buyers from the UK and France.

Top 10 foreign buyers of real estate in Spain in the fourth quarter of 2023

In subsequent years, the activity of Russians gradually decreased against the background of an increase in transactions with buyers from the UK, countries The EU and Morocco. Over the past 10 years, the number of transactions among buyers from Poland (9 times), Morocco (5.9 times) and Romania (5.7 times). According to statistics from 2020 and 2022, Russian citizens were not among the ten most active foreign clients, but in 2023 they returned to the top 10. The dynamics of transactions among Russian citizens is negative (-8.8%), which runs counter to the general trend: the demand of local and foreign buyers in the Spanish market is steadily growing.

The number of purchases by foreigners in the Spanish real estate market has increased 2.5 times over the past 10 years (by 155%), and local buyers — by 79%.

A number of factors support the high demand for Spanish real estate among foreign buyers. These include an attractive level of profitability at relatively low real estate prices for the EU market, developed tourism and a comfortable climate, the possibility of obtaining a residence permit when buying real estate. For Russians, the latter factor has now become one of the key motives for buying: in Spain, Russian citizens can still get a “golden visa” for investing in real estate from 500 thousand euros or get a residence permit for financial independence.

According to Tranio, in 2023, about 38% of Russian clients considered buying real estate in Spain in order to obtain a residence permit, whereas five years ago only 7% of clients had such a motive. Until 2022, Russians considered the Spanish market primarily for buying vacation properties or combining vacation and rental (collectively, about 60% of customers). The share of clients who chose real estate in Spain for the purpose of moving decreased slightly (from 23 to 20%), and the purchase of housing for children coming to study has almost lost its relevance.

The goals of Russians when buying real estate in Spain

According to Tranio statistics, the median budget of Russians for the purchase of real estate in Spain in 2023 amounted to 500 thousand euros. In recent years, the budget has been gradually increasing, which is due not only to rising real estate prices, but also to a change in the main purchase goals. As we noted above, to participate in the golden visa program, you need to invest at least 500 thousand euros in real estate in Spain. In 2018, when the key goal of Russians in Spain was to buy holiday homes, the median budget was 300 thousand euros. In 2022, the share of real estate purchases for relocation and residence permits increased, which led to an increase in the median budget to 380 thousand euros.

At the same time, Russians’ preferences for the square footage of real estate have hardly changed: according to official data, over the past 5 years, objects with an area of over 100 m2 account for about 29-30% of transactions, and objects with a small square footage (up to 40 m2) account for only 5-6% of transactions. It is worth noting that purchases by other foreigners in Spain also tend to areas over 100 m2.

The choice in favor of more spacious layouts is associated not only with a high proportion of transactions in the premium and luxury real estate segment, but also with the structure of the offer — in the coastal regions of Spain, which are popular with Russians, the square footage of apartments is on average higher than in other European countries. The contrast is even stronger in comparison with Asian markets, where the trend towards micro-apartments and overall space savings in design is still maintained.

At the beginning of 2024, the high interest of Russians in real estate in Spain remains. According to Tranio, in January-February 2024, the number of applications from Russians to buy real estate in this country increased by 15% compared to November-December 2023. The median purchase budget in Spain in this period was 400 thousand euros, and the maximum was 2 million euros.

The material has been prepared for RBC

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