78.8% of ‘second’ home buyers in Spain’s Valencia region during 2022 were foreigners

78.8% of people who bought a second home through Valencian Community real estate agencies in 2022 were foreigners while 70.1% of those who acquired a property for investment purposes were also non-Spaniards.

However, total purchases of second homes and those destined for investment experienced a decrease compared to 2021 figures, according to a new regional survey.

That could be down to changes in the domestic market.

The president of the Association of Real Estate of the Valencian Community, Nora Garcia said: “One of the causes for the decline might be high inflation and anything that is regarded as not important like second homes won’t be looked at until the economy improves.”

“Pre-pandemic travel habits have been restored and people prefer to travel abroad, rather than buying and going every summer to the same apartment,” Garcia believes.

The main buyer profile for all properties was that of families with children, who are already property owners, but who want to change homes.

They have personal savings and have an average age of 43.4 years.

Buyers of Spanish origin (65.2%) monopolised purchases of permanent residences, followed by those of non-EU origin (18.4%) and those of other EU countries (16.3%).

Over second homes, 78.8% of buyers were of foreign origin (44.4% from EU countries and 34.3% from non-EU countries).

The percentage of Spanish buyers who took a second home in the Valencian Community was 21.11%.

Over investment purchases in the region, 36.1% of buyers were from non-EU countries, compared to 34% of EU buyers and 29.8% of Spanish buyers.

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