The number of foreigners buying apartments in the Canary Islands increased significantly in the first six months of 2022, reaching an unprecedented record number.
Are you looking for a new vacation home in the sun? Look no further than the Canary Islands! According to recent data from the General Council of Notaries and the National Institute of Statistics, foreign buyers, both residents and non-residents, have been flocking to the Canary Islands to purchase homes. In fact, in the first half of 2022, foreigners purchased a staggering 6,456 homes in the archipelago, representing almost 50% of all transactions.
Growth in property sales in Spain
This is a significant increase from past years, with the previous record being set in the first half of 2017 with 5,941 sales. And with the Covid pandemic causing a drop in property sales in 2020 and 2021, the Canary Islands have seen a resurgence in the market, with an increase of 88.6% in the last year alone. This makes the Canary Islands the region with the greatest increase in property sales in all of Spain, outpacing Valencia and Andalusia.
Not only are foreigners buying homes in the Canary Islands, but they are also doing so in record numbers at a national level, with nearly 73,000 properties being purchased in the first half of 2022. And interestingly, non-resident foreigners are purchasing more homes than those residing in the country.
But what is driving this surge in foreign property purchases? One factor could be the return of property prices to their levels in 2008, as reported by the General College of Notaries. Additionally, Brexit and the uncertainty it has caused may be leading some British buyers to look for property options outside of the UK.
German buyers overtook British buyers
In fact, German buyers have overtaken British buyers as the largest group of foreign property purchasers in the Canary Islands, accounting for 25% of non-resident purchases, while the British only accounted for 12%. But at a national level, the British still lead in property purchases, followed by the Germans and the French .
So if you’re in the market for a vacation home or looking for a new investment opportunity, don’t overlook the Canary Islands. With its beautiful beaches, year-round sunshine and.
