Let’s analyse the Second Home purchases by Italians in Spain
How active are the Italians? What properties do they like? What are the most loved Spanish regions by the Italians? How much do they pay? Do they prefer new build properties or resale? Do they need a mortgage for financing?
Both foreigners and Spaniards are very active on the property market in Spain. In 2018, foreigners bought close to 100.000 properties in Spain. Spaniards and Foreigners are buying the highest number of properties in 2018 vs any year since the crisis of 2008, have a look at our chart: more than 570.000 properties were bought, 16% of the purchases by foreigners.
Read our most recent article about that: Who are the foreigners buying real estate in Spain?
How active are the Italians on the Spanish Real estate market? How much do they pay for their properties?
According to the “Consejo General del Notariado” in Spain, the Italians are buying 19 properties per day, or about 6.811 for the last 12 months up to June 2018, in Spain. It is nearly 4 times more than in 2008. The price they pay on average is €1.901 per square meter. They pay just a little bit more than other foreigners buying properties in Spain. Check the evolution over the last 12 years.
Of course, depending on the region, price paid by foreigners per square meter is changing a lot. The Balearic Islands is the most expensive region if you want to buy a second home in Spain. Another factor factor to take into account for the price is if the property is a new build property or a resale.
Here is the price evolution for a square meter in all the different Spanish Regions:
What are the most loved Spanish regions by the Italians?
Italians love to buy on the Canary Islands. Second preferred region is Catalonia. Third is the Balearic Islands.
Where are foreigners buying in Spain? In which Regions, in Which Cities?
Foreigners are actively buying properties in many Spanish cities: for Alicante, Tenerife, Ibiza and Palma de Mallorca, Malaga and Girona, they represent more than one transaction out of 4.
Here are the most active regions
Here are the most active cities
If you want to read more on the subject: Which are the top 10 Spanish cities where foreigners are buying properties?
What properties do they like?
Most of the Italians, 1 out of 3 buy properties between 40 and 60 square meters. One out of 4 are buying properties between 60 and 80 square meters. So, Italians clearly go for a small surface.
Do Italians prefer Spanish new build properties or resale?
15% of the Italians go for a new build property.
Do Italians take a mortgage for their Second Home?
18% of the property purchases done by Italians in Spain are done with a mortgage. For the transactions with a mortgage, the mortgage size is 123.138 EUR.