Brits flock to buy property at this Spanish spot with 32% of homes being sold to expats

Spain and the Balearics remain a top expat destination, with Brits leading the way with purchases. (Image: Getty)

With gorgeous sunny weather, friendly lifestyle and natural beauty it’s not hard to see why the Balearic Islands remain a top expat destination. 

Almost 15% of house purchases in Spain as a whole were closed by foreigners - an increase on the last quarter - with Brits leading the way. 

But in the Balearics specifically - which includes Majorca, Ibiza, Minorca and Formentera - a remarkable 32.5% of house purchases were made by foreigners with its dream location perfect for those who want to enjoy the Spanish lifestyle while living in a beautiful place with quick access to the sea.

The British were most active with 8.5%, followed by Germans (6.4%), Moroccans (5.5%), Poles (5.3%) and Italians (5.3%). Other nations included the French, Romanians and Dutch. 

Expats can fulfil their dream to live by the sea in the Balearic Islands. (Image: Getty)

The Balearics also closed the third quarter of the year with the highest average house price, reaching 3,644 euros (£3,029) per metre squared, according to data from the Association of Property Registrars.

After the archipelago, the highest prices were in Madrid (£2,953), the Basque Country in the north of Spain, Catalonia, including Barcelona, (£2,159) and the Canary Islands (£1,948).

At the other end of the scale, the lowest prices were recorded in Castilla-La Mancha in central Spain with just 912 euros (£758) per metre squared and Extremadura, close to Portugal on the western side, with £678. Both of these communities have often been described as a glimpse into the “real” Spain and an undiscovered gem.

The average year-on-year price of registered housing in Spain rose by 4.4% in the third quarter of the year to reach 2,042 euros (£1,697) per square metre - the highest on record. 

This represents an intensification of the rises recorded in the second quarter (2.6%) and in the first quarter (1.9%), according to the registrars. 

The average year-on-year price at the end of this quarter stood at an all-time high, surpassing the amounts of 2006 and 2007. 

The highest number of sales were registered in Madrid, Barcelona, Alicante, Valencia and Malaga. 

In the last twelve months, 594,233 sales and purchases were recorded, resulting in a year-on-year adjustment of 1.5%. 

Interestingly, while the number of new housing sales increased by 6.2 percent, the number of used housing sales dropped by 3.2%. 

The lowest house prices were recorded in Castilla-La Mancha. (Image: Getty)