by Josep Maria Reichardt 
Russia and Morocco buy homes in Spain
According to data from the College of Property Registrars, the homebuying by foreigners in Spain increased by 22,5% in the first half of 2023, reaching 46.000 operations. Of these, 16.400 were carried out by Russian citizens, which represents an increase of 404% compared to the same period of the previous year. Moroccans, for their part, acquired 5.600 homes, 104% more.
These data reflect the interest of the citizens of these two countries in investing in the Spanish real estate market. In the case of Russia, the war in Ukraine and the sanctions imposed by the European Union have led many Russian citizens to seek refuge in other countries. Spain is one of the most popular destinations, as it offers a warm climate, a good quality of life and a relatively affordable cost of living. The possibility of obtaining a Golden Visa when purchasing a home in Spain for an amount of €500.000 or more may also be attractive to citizens of other countries.
In the case of Morocco, the increase in home purchases is due to several factors, such as the country's economic growth, the increase in tourism and immigration and the improvement of air connections with Spain.
The increase in home purchases by foreigners is having a positive impact on the Spanish real estate market. In the first six months of 2023, house prices rose 6,5% compared to the same period last year.
However, there are also some risks associated with this phenomenon. For example, increased demand could cause a housing bubble, which could trigger a crisis in the market.
Below, the main factors that explain the increase in home purchases by Russian and Moroccan citizens in Spain are analyzed:
Russia and Morocco buy homes: the case of Russia
War in Ukraine and sanctions imposed by the European Union: The war in Ukraine and the sanctions imposed by the European Union have led many Russian citizens to seek refuge in other countries. Spain is one of the most popular destinations, as it offers a warm climate, a good quality of life and a relatively affordable cost of living.
Political and economic instability: Political and economic instability in Russia is also driving the purchase of housing in Spain. Russian citizens are looking for a safe place to invest their money and protect their assets.
The case of Morocco
Economic growth: Morocco's economic growth is driving the rise of the middle class. This population group has more capacity to invest in housing, both in Morocco and abroad.
Increase in tourism: The increase in tourism in Spain is also contributing to the increase in home purchases by Moroccan citizens. Many Moroccan tourists decide to buy a home in Spain to enjoy their holidays in the country.
Improvements in air connections: Improvements in air connections between Morocco and Spain are also facilitating the purchase of housing by Moroccan citizens.
