Moroccans Lead Non-EU Buyers in Spanish Real Estate Market

"Of the 3,662 acquisitions mentioned in the Center’s Report, only 107 were made by Moroccans not residing in Spain, who do not necessarily live in Morocco," says the Director General of the Foreign Exchange Office, in L’économiste.

These are data that clearly show that the owners of these properties reside outside the European Union.

Indeed, the facilities granted in recent years by the Spanish government, in particular the residence permit that one is required to justify by the acquisition of housing, but also the drop in prices in the real estate sector, are all factors that explain the full extent of the phenomenon of "buying a pied-à-terre abroad".

Even today, the lack of official data does not allow to know exactly the nationals residing in Morocco who own a property abroad through the "derogation of the Foreign Exchange Office, or informally," the same media specifies.

And yet, a heavy fine is provided against the offender, in case of violation of the exchange regulations.

To correct this irregular situation, an audit mission at the Foreign Exchange Office is organized by the General Inspectorate of Finance, in order to raise awareness on the derogations for the acquisition of real estate abroad, but also on the "Professions and Markets" aspects, indicates the same source.