Follow us on Facebook
Moroccan Buyers Surge to Second Place in Spanish Property Market
In a significant shift within Spain's real estate landscape, Moroccan nationals have emerged as the second-largest group of foreign property buyers during the first half of 2024. This development, reported by Spain's General Council of Notaries, marks a notable trend in cross-border real estate investment and reflects the growing economic ties between Morocco and Spain.
According to the recently published semiannual report, Moroccan buyers completed 5,452 property transactions in Spain from January to June 2024. This figure represents 7.9% of total foreign purchases, demonstrating an impressive 11% increase compared to the previous year. The surge in Moroccan investment has positioned them just behind British buyers and ahead of German investors in the Spanish property market.
British nationals maintained their leading position with 5,864 transactions, accounting for 8.4% of foreign property acquisitions. German buyers followed in third place with 4,710 transactions, while Romanian and Italian nationals rounded out the top five with 4,388 and 4,332 property deals, respectively.
Interestingly, while Moroccan buyers ranked second in transaction volume, they invested at the lower end of the price spectrum. The average price per square foot paid by Moroccan buyers was approximately $79, significantly below the national average of $240 per square foot. This contrasts sharply with other foreign buyers, such as Romanians who paid an average of $124 per square foot and Bulgarians at around $137.
A closer examination of the data reveals that Moroccan buyers, particularly among foreign residents, dominated property purchases across most of Spain's autonomous communities. The exceptions were Galicia and Madrid, where Portuguese and Chinese buyers, respectively, took the lead.
The report also highlighted trends among non-resident foreign buyers. French nationals emerged as the top non-resident investors in several regions, including Aragon, Cantabria, Castile and León, Catalonia, Extremadura, Galicia, and Navarre. Americans led purchases in Castile-La Mancha, the Basque Country, and La Rioja, while Germans dominated in Spain's archipelagos. British buyers maintained their stronghold in Andalusia and Murcia.
This surge in Moroccan investment in Spanish real estate points to deepening economic ties between the two nations and may reflect broader trends in Moroccan diaspora investment patterns. As the Spanish property market continues to attract diverse international buyers, it will be interesting to observe how these dynamics evolve and impact local economies and communities across Spain.