Algerians Paid 170 Million Euros To Acquire Properties In Spain Within 90 Days

Algerians spent 170 million euros in the first quarter of 2017 in buying properties and apartments in Spain, which is equivalent to 1.47% of the total foreign property transactions which foreign nationals signed in Spain.

The south of Spain, especially Alicante, was the first destination, as the apartment price reaches 134.000 euros.

Lkeria, which is the first real estate website in Algeria, published, on Monday: “Despite the resumption of economic growth in Spain, Spanish real estate prices are still low, especially in the Costa Blanca region, as confirmed by the comparison between the figures of 2016 and the first quarter 2017”.

“The number of foreigners wanting to purchase real estate in Spain is increasing. In 2016, they represented more than 10% of real estate acquisitions in Spain, which increased in the first quarter of 2017 to 13.07%. Foreign nationals also invested in 2016 a total of 11.5 billion euros in Spain in the purchase of 74,283 drugs”.

In the first quarter of 2017, the British occupied the first place, accounting for 14.47% of the new owners who chose Spain to buy a second home.

The French finished second with 9.64% of the buying transactions during this period, ahead of the Germans by 7.75%, the Belgians By 6.85%, the Swedes by 6.33%, the Italians by 6.1%, Romanians by 5.6% and the Chinese by 4.28%.

The number of Moroccans who bought properties reaches 3.4%, with an increase compared with 2016, while Algerians are still considered important investors in the Spanish property market, especially in the south-eastern part of Spain by 1.47% of foreign transactions.

According to data that was released by the Spanish Ministry of Equipment, the areas that were attracting foreign investors are Alicante with 42.57% of real estate purchases, Balearic Islands with 35.61%, Malaga by 34.14% and Girona in Costa Brava by 32.71%.

The British remain the first buyers in the regions of Valencia, Murcia, Andalusia and the Canary Islands, while the French are the foreigners who buy most of the properties in Catalonia with 25.25% of the total purchases by foreigners.

The share of foreign buyers in 2017 is likely to continue to rise, as interest rates and economic conditions are very favorable in Spain.

As for real estate prices, the average price per square meter of urban housing in Spain in 2017 is approximately 2,478 euros, ranging between a minimum of 1450 euros and a maximum of 4438 euros by region and city, a price that is still lower by 43% in France.

Barcelona remains the most expensive city, with a price per square meter of urban housing of 4,253 euros per square meter, followed by San Sebastian at 3912 euros per square meter, Madrid at 3047 euros per square meter, followed by Piappa with 2753 euros and Palma De Mallorca at 2352 euros.

The average value of a residence in Alicante Province for foreign customers reaches 134,000 euros, which makes it the cheapest compared to the Balearic provinces where the price is 298.000 euros, Barcelona by 215.000 euros, Madrid by 170.000 euros and Malaga by 205.000 euros.