Moroccan Buyers Fuel Surge in Spanish Property Purchases Amid Price Drop

In total, more than 3,000 real estate acquisition transactions were carried out last year by many Moroccans residing in the country, reports Assabah. At the origin of this rush towards Spain, the significant drop in real estate prices in the Iberian neighbor. According to the Spanish land registry, they are 2,248 of these Moroccans who have acquired apartments in Spain during the year 2020.

The acquisition of 987 apartments was recorded in the first quarter of last year. 521 properties were acquired during the second quarter, in particular due to confinement. Acquisitions rebounded in the third quarter, reaching 749 apartments. Acquisitions also increased in the last quarter of the year. The figures have not yet been communicated. In total, more than 3,000 real estate transactions were carried out by Moroccans in Spain in 2020, which places them in fifth position in the ranking of foreigners who buy real estate in Spain.

These real estate operations have aroused suspicions. The Foreign Exchange Office has contacted the Spanish authorities in order to verify the origin of the financing of these properties and to inquire about the identity of the Moroccan owners in Spain. Likewise, several actions are being taken to limit a massive outflow of the currency to be used for the acquisition of real estate in Spain. The office teams are also in the process of auditing the operations.