“Americans Are Buying Homes in Spain More Than Ever Before”
The Wall Street Journal recently published an article highlighting the surge in real estate transactions being carried out by American citizens in Spain. This influx, as noted by the newspaper, is breaking all records.
According to the General Council of Notaries, during the first half of 2022 alone, Americans purchased 1,162 homes in Spain, a 75.5% increase compared to the first half of 2021. This not only marks the sixth-largest growth by nationality but also represents the highest volume of transactions in the entire historical series. Additionally, Americans are paying the highest prices per square meter, surpassed only by buyers from Denmark.
This trend has gained momentum over the years. Since 2019, home purchases have skyrocketed by nearly 90%, both for permanent residences and vacation homes, and the trend shows no signs of slowing down.
At least, that’s what the data from the Property Registrars suggests. According to the Real Estate Yearbook for the previous year, the weight of home purchases by American citizens increased by 0.29 percentage points in 2022, accounting for 1.19% of foreign transactions and 0.16% of total transactions in Spain.
Real estate agencies also highlight a surge in demand in the luxury market in recent times. Albert Milián, spokesperson for Sotheby’s International Realty Barcelona and Costa Brava, confirms that Americans are currently the star clients in the high-end housing market in Barcelona. He states, “Although Sotheby’s International Realty has enjoyed a great reputation in the US, we have noticed an explosion in demand since 2021, and in 2022, this client segment represented over 30% of our operations in Barcelona.”
The quality of life and a strong dollar are among the factors driving this recent interest in Spanish real estate among Americans. Experts claim that behind the upward trend are structural factors such as climate, culture, gastronomy, and lower property prices compared to major cities in the world’s leading economy. There are also more immediate factors, such as the exchange rate between the dollar and the euro or the war in Ukraine.
Felice Tufano, Vice President of FIABCI Spain and President of FIABCI Europe, explains that in recent years, “there has been an increase in property transactions by American citizens in Spain. The reasons behind this phenomenon include Spain’s tourist and cultural appeal, its warm climate”Americans Are Buying Homes in Spain More Than Ever Before”
The Wall Street Journal recently published an article highlighting the surge in real estate transactions being carried out by American citizens in Spain. This influx of buyers, as noted by the newspaper, is breaking all records.
According to the General Council of Notaries, during the first half of 2022 alone, Americans purchased 1,162 homes in Spain, a 75.5% increase compared to the first half of 2021. This not only represents the sixth highest growth rate by nationality but also the highest volume of transactions in the entire historical series. Additionally, Americans are paying the highest prices per square meter, surpassed only by buyers from Denmark.
This trend has gained momentum over the years. Since 2019, home purchases have increased by nearly 90%, both for permanent residences and vacation homes, and the trend shows no signs of slowing down.
At least, that’s what the data from the Property Registrars suggests. According to the Real Estate Yearbook for the previous year, the share of home purchases by American citizens in Spain increased by 0.29 percentage points in 2022, accounting for 1.19% of all transactions carried out by foreigners and 0.16% of total transactions in Spain.
Real estate agencies also highlight a surge in demand in the luxury market in recent times. Albert Milián, spokesperson for Sotheby’s International Realty Barcelona and Costa Brava, confirms that Americans are currently the star clients in the high-end housing market in Barcelona. He states, “Although Sotheby’s International Realty has enjoyed a great reputation in the US, we have noticed an explosion in demand since 2021, and in 2022, this client segment represented over 30% of our operations in Barcelona.”
So, what is driving this recent interest in Spanish real estate among Americans? Experts claim that behind this upward trend are both structural factors, such as climate, culture, gastronomy, and lower property prices compared to major cities in the US, as well as more temporary factors, such as the exchange rate between the dollar and the euro or the conflict in Ukraine.
Felice Tufano, Vice President of FIABCI Spain and President of FIABCI Europe, explains that in recent years, there has been an increase in property transactions by American citizens in Spain. He attributes this phenomenon to the tourist and cultural appeal of Spain, its warm climate, and quality of life. Tufano also highlights the more affordable price per square meter in cities like Barcelona, Madrid, or Marbella compared to other cities worldwide, particularly in the US.”Americans Are Buying Homes in Spain More Than Ever Before”
The Wall Street Journal recently published an article highlighting the surge in real estate transactions being carried out by American citizens in Spain. This influx, as noted by the newspaper, is breaking all records.
According to the General Council of Notaries, during the first half of 2022 alone, Americans purchased 1,162 homes in Spain, a 75.5% increase compared to the first half of 2021. This not only represents the sixth highest growth rate by nationality but also the highest volume of transactions in the entire historical series. Additionally, Americans are paying the highest prices per square meter, surpassed only by buyers from Denmark.
This trend has gained momentum over the years. Since 2019, home purchases have increased by nearly 90%, both for permanent residences and vacation homes, and the trend shows no signs of slowing down.
At least, that’s what the data from the Property Registrars suggests. According to the Real Estate Yearbook for the previous year, the weight of home purchases by American citizens increased by 0.29 percentage points in 2022, accounting for 1.19% of foreign transactions and 0.16% of total transactions in Spain.
Real estate agencies also highlight a surge in demand in the luxury market in recent times. Albert Milián, spokesperson for Sotheby’s International Realty Barcelona and Costa Brava, confirms that Americans are currently the star clients in the high-end housing market in Barcelona. He states, “Since 2021, we have noticed an explosion in demand, and in 2022, this client segment represented over 30% of our operations in Barcelona.”
So, what is driving this recent interest in Spanish real estate among Americans? Experts claim that behind this upward trend are both structural factors, such as climate, culture, gastronomy, and lower property prices compared to major cities in the United States, as well as more temporary factors, such as the exchange rate between the dollar and the euro or the conflict in Ukraine.
Felice Tufano, Vice President of FIABCI Spain and President of FIABCI Europe, explains that in recent years, there has been an increase in property transactions by American citizens in Spain. He attributes this phenomenon to Spain’s tourist appeal, cultural attractions, warm climate, and quality of life. Tufano also highlights the affordability of cities like Barcelona, Madrid, or Marbella compared to other cities worldwide, particularly in the United States.
According to The Economist-EIU’s latest ranking, these three American cities were among the top 10 most expensive cities to live in worldwide in 2022. Luxury housing prices in San Francisco and Los Angeles more than double those in Madrid or Barcelona, while in New York, they are over three times higher, according to real estate consultancy Savills.
Tufano adds that many Americans see Spain as an investment opportunity, as the Spanish real estate market has recovered and remained stable in recent years after the 2008 financial crisis. He emphasizes that Americans are increasingly interested in purchasing luxury properties in Spain, where they tend to spend more on properties in exclusive and high-demand areas.
Francisco Nomdedeu, a member of the General Council of Spanish Real Estate Agents, attributes this phenomenon to factors such as climate, quality of life, and Spain’s diverse cultural offerings. He also mentions other temporary reasons, such as the attractive exchange rate and the decrease in purchases by Russian citizens due to the conflict in Ukraine. Nomdedeu states, “We can see this American advance more clearly due to the slowdown in luxury home purchases by Russians.” He also emphasizes that “the favorable exchange rate between the dollar and the euro is decisive.”
The increase in direct flights between the United States and Spain is another key factor mentioned by experts. For example, last summer, United Airlines launched a new connection from New York to Palma de Mallorca. Currently, there are regular flights to various Spanish destinations (mainly Madrid and Barcelona) from cities such as New York, Miami, Los Angeles, Atlanta, or Philadelphia.
While Americans continue to favor coastal areas when buying property in Spain, other urban destinations are gaining prominence in recent times.
Juan-Galo Macià, President of Engel & Völkers Iberia, highlights the increase in American buyers in Valencia and Madrid. In Madrid, the number of foreign buyers has grown from 16% in 2021 to 23% of transactions managed by Engel & Völkers. Among these international clients, Mexicans led the purchases (3.45%), followed by Americans (2.12%) and French (1%). In Valencia, the percentage of American buyers has
Why do experts believe that Americans are increasingly interested in purchasing properties in Spain and specifically Barcelona
Surge in demand in the luxury market recently. Albert Milián, spokesperson for Sotheby’s International Realty Barcelona and Costa Brava, confirms that Americans are currently the star clients in the high-end housing market in Barcelona. He says, “Although Sotheby’s International Realty has always had a great reputation in the US, we have noticed a significant increase in demand since 2021, and in 2022, this client segment accounted for over 30% of our operations in Barcelona.”
There are several factors driving this recent interest in Spanish real estate among Americans. Experts claim that the quality of life and a strong dollar are among the main factors. They also point to structural factors such as climate, culture, gastronomy, and lower property prices compared to major cities in the world’s leading economy. Additionally, more immediate factors such as the exchange rate between the dollar and the euro or global events like the war in Ukraine also play a role.
Felice Tufano, Vice President of FIABCI Spain and President of FIABCI Europe, explains that in recent years, there has been a noticeable increase in property transactions by American citizens in Spain. According to Tufano, the reasons behind this phenomenon include Spain’s tourist appeal, cultural attractions, and its warm climate.
Overall, the surge in real estate transactions by American citizens in Spain is setting records and showing no signs of slowing down. With factors like quality of life, strong currency, and appealing prices, it seems that Americans see Spain as a desirable destination for buying homes.
I can’t blame them, who wouldn’t want to own a piece of paradise in Spain? 🌴🏡