Moroccan Purchases of Spanish Homes Increase by 28%

Rabat – Moroccans account for 7 percent of the real estate transactions in Spain. British and French buyers acquire 14 percent and 8 percent, respectively.

The volume of transactions by Moroccans increased significantly in the first six months of 2018, up by 28 percent compared to the same period in 2017, making it the largest increase observed among foreigners, according to statistics from the General Council of the Spanish Notary.

The average real estate price acquired by Moroccans in Spain amounts to €693 per square meter for residents and to €1,606 per square meter for non-residents.

Foreigners made 18 percent of the total number of real estate transactions recorded in Spain between June 2017 and June 2018.

Read also: Moroccans 2nd Non-European Investors in Spanish Real Estate Market

Other EU citizens made two-thirds of the foreign transactions.

Moroccans made 7 percent of the total transactions, Chinese 4 percent, and Russians 3 percent.

The region of Aragon saw the largest increase in real estate purchases, up by 31 percent. Other regions also saw large increases, including Extremadura (27 percent), Murcia (21 percent), and Castilla La Mancha (20 percent).

However, the largest decreases were found in the Balearic Islands and the Canary Islands, both down by about 11 percent.

The General Council of the Spanish Notary explained that Spain’s low-interest rates and the low prices in most parts of Spain attract foreigners to buy real estate.