Moroccan Buyers Lead Foreign Real Estate Purchases in Spain, Outpacing Chinese and Russians

Since the bursting of the real estate bubble in Spain, the Spanish government has been offering non-European nationals a two-year renewable residence permit in the event of the acquisition of a property worth more than 160,000 euros.

In 2013, Spain sought to revive the real estate market, especially in the face of the economic recession and the rise in the unemployment rate in the country. More than 900,000 housing units were put up for liquidation for the benefit of foreign investors outside the European Union, in exchange for the temporary residence card.

Contrary to expectations, it is the Moroccans who, in a quest for a right of residence, have rushed to acquire these real estate properties in Spain, according to the report of the Spanish office, also creating the alert of the Moroccan Foreign Exchange Office.

Moroccans accounted for 6.8% of all transactions during the second half of 2018, outpacing the Chinese with 4.6% and the Russians with 3%. The Foreign Exchange Office has decided to strengthen the monitoring of money transfers, especially since significant amounts are at stake.