Americans Embrace Spain: Achieving Record-Breaking Home Acquisitions
have become a significant trend, with a notable focus on the picturesque regions of Andalucia and Costa del Sol. The surge in interest has been reinforced by the introduction of 3 direct flights a week to Malaga.
According to the General Council of Notaries, in the first half of 2022, American citizens acquired 1,162 homes in Spain, marking a remarkable 75.5% increase from the same period in 2021. This not only positioned them as the sixth-highest nationality in terms of growth but also marked a historic high in transaction volumes.
Moreover, Americans are demonstrating their willingness to invest in Spanish real estate by paying the highest prices per square meter, with only Danish buyers surpassing them.
This momentum has been building over the years, witnessing an almost 90% increase in home purchases since 2019, encompassing both permanent and vacation homes. This upward trajectory shows no signs of slowing down.
A growing number of Americans are drawn to the allure of Spain, attracted by factors like the climate, culture, gastronomy, and relatively affordable property prices compared to major cities in the United States. The exchange rate between the dollar and the euro and global events like the Ukraine crisis also play a role in this trend.
Felice Tufano, Vice President of FIABCI Spain and President of FIABCI Europe, attributes the surge to Spain's tourist and cultural appeal, its warm climate, and quality of life. He emphasizes that property prices per square meter in cities like Barcelona, Madrid, and Marbella remain significantly more affordable compared to major U.S. cities like New York, San Francisco, and Los Angeles.
Direct flights to Malaga have further facilitated American interest in the region, making access to the beautiful coastal areas of Costa del Sol and other cities like Madrid and Barcelona more convenient.
In Andalucia, particularly the enchanting Costa del Sol, there has been a surge in foreign property purchases, with attention shifting to districts such as L’Olivereta in Valencia. These areas have witnessed a high percentage of foreign acquisitions, with 33% attributed to American buyers. Additionally, Americans have shown a strong interest in Ciutat Vella, accounting for 8% of total foreign property purchases, and making their presence felt in other districts like Benimaclet and Quatro Carreres (7%), as well as Eixample and Extramurs.
Beyond the bustling urban and coastal hubs, Americans are increasingly exploring rural properties and the tranquil landscapes of Spain's interior, particularly in Andalucia and the scenic wine region of La Rioja. This diversification of interest is emblematic of the growing fascination that American buyers hold for Spain's diverse real estate offerings.