This is according to a study by a financial company specialising in the real estate market UCI, which also points out that foreign home purchases have fallen by 9% compared to 2022.

38% of foreign homebuyers in the Balearics are German, 25% are British and 13% are American.

In the survey of real estate agents on which the data is based, 71.4% of them believe that in 2023 the market will remain stable. A similar proportion consider it unlikely that house prices will fall.

At a national level, British buyers remain the biggest overseas spenders when it comes to buying property in Spain, three years on from Brexit and despite a 17% fall in enquiries from British buyers last year.

In an analysis of one of the largest data sets in the industry (consisting of buyers from 194 countries and 154,460 properties for sale with over 3,000 estate agents) it was found that the British, who have long played a significant role in the Spanish property market, have (just) managed to cling on to their number one spot. This is despite losing significant ground to German and Dutch buyers since Brexit.

Overall, the number of international property buyers in Spain increased by 80% in 2022 compared to 2019.

British buyers continued to make up the largest proportion of overseas property spending in the country in 2022 (12.54% of the total market value). However, compared to 2019 pre-Brexit figures, the increase in their spending is one of the smallest of all nationalities.

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