Posted on April 28, 2016 in Property
Homes purchased in Spain by families accounted for 87.3% of all transactions in 2015, increasing from 84.7% in 2014, and 78.1% in 2013. In contrast, housing market transactions made by companies continue to decline, to 12.7% of all transactions in 2015, compared to 15.3% in 2014 and 21.9% in 2013, although they still far exceed the volume of transactions of 2007 (5.1%).
This data comes from the Association of Registrars’ Real Estate Statistics Yearbook for 2015, which also shows that the distribution of the housing transactions carried out by individuals and legal entities is not uniform throughout the country. According to the Registrars’ press release, the Canary Islands, Murcia and Catalonia are the regions where companies have a greater weight in the housing transactions, while individuals accounted for more transactions in the Basque Country, Extremadura, La Rioja and Asturias.
The importance of foreign buyers in the housing market is highlighted in the report, with their housing acquisitions accounting for 13.2% of all transactions in 2015, representing the seventh consecutive year of growth since the 4.2% of transactions registered in 2009, which marked their lowest point.
By region, the most popular touristic areas are attracting the majority of foreign home buyers: 35.6% of the total sales carried out in the Balearic Islands were by foreign buyers, followed by the Canary Islands (28.1%) and Valencia (26.4%). In contrast, the regions with least foreign presence with regard to housing transactions, are Galicia (0.6%), Extremadura (0.8%) and Castilla y León(1.4%).
After the recent legislative reforms enabling the granting of residence permits to foreigners carrying out one or more real estate transactions up to a value equal to or exceeding 500,000 euros, the Registrars point out that these high-value housing transactions made up 5.2% of all the purchases made by foreign buyers last year, similar to 2014 and an increase from the 4.7% of transactions made in 2013. Of these transactions, 62% were made by EU citizens and the remaining 38% were made by non-EU citizens (down from 44.9% in 2014). With regard to regions, the report again highlighted the Balearic Islands, which accounted for 16% of the transactions above 500,000 euros.