Moroccan Buyers Lead Surge in Foreign Real Estate Purchases in Catalonia

During this period, a record of 13,801 transactions were signed by foreigners, including Moroccans, out of the 100,301 sales concluded in Catalonia, i.e. a rate of 11.9%, according to the Association of Real Estate Agents of Catalonia (AIC) and the Official Association of Real Estate Agents (COAPI) of Barcelona.

"Foreign demand has been very strong," said Luis Fabra, CEO of Gamerin, during the presentation of the third quarter report on the housing market in Catalonia. The foreigners who buy the most housing are of Italian, Moroccan, French and German origin, to whom "the nationalities close to the conflict zones" have been added in recent months, said Luis Fabra.

The operations carried out by foreigners represent 27.8% in Girona, 14.8% in Tarragona and 10.7% in Barcelona, and 9.5% in Lleida. The number of sales with a mortgage is 78.8%, down from the previous quarters. The health crisis is to blame. "The foreign applicant has a lower mortgage financing need than the Spanish one," explained Fabra.

For his part, Vicenç Hernández Reche, president of the National Association of Real Estate Agents (ANAI) and the AIC and CEO of Tecnotramit, among others, explained that, despite an 18% increase in sales and purchases over the past 12 months, there is a 10% decrease in sales and purchases and a 5% decrease in prices. "The drop in prices oxygenates the market, if these increases continue, we could talk about a bubble, which is not the case," he details.