Real estate in San Sebastián, Spain: profiles of foreigners buying luxury homes in San Sebastián

In the first half of the year, there has been a sharp increase in property purchases in Spain by foreigners. According to data from notaries, from January to June, foreigners acquired 72,987 properties across the country, accounting for 20.3% of the total number of transactions. This figure is a record high, matching the results from the second half of 2015. Interestingly, property purchases are not limited to popular areas among expatriates, such as the Costa del Sol. A significant number of transactions were made in the Basque Country, particularly in San Sebastián.

Overview of foreign purchases

Foreigners buying luxury apartments in San Sebastián represent a diverse group of buyers. In the Basque Country, there is a trend towards record highs in the real estate market, driven by high demand and the growing tourist appeal of San Sebastián, according to the Areizaga Real Estateagency.Americans, English, Canadians, and French.“They are the main interested parties in purchasing real estate in San Sebastián, primarily choosing apartments on the front line near the sea, with luxurious views and the possibility of walking around the city,” the agency specialists state.

The role of location

Location is becoming a decisive factor for foreign buyers.

Popular attractions

In particular, the most popular properties among foreigners are those with views of La Concha and are located on the streets of Ernani, Zubieta, Miramar, Andia, or Miraconcha. They usually range in size from 170 to 190 m2, and the price varies from 14,000 to 18,000 euros per m2, which exceeds the national average. Notaries have also recorded the highest average price of apartments paid by foreigners in Spain for the first six months of the year — 2,062 euros per m2, which is the highest figure since the start of historical statistics in 2007.

Customer profiles

As for the buyer profile, the agency identifies three specific groups:

• gourmet enthusiasts
• descendants of the Basques
• those who buy property as a gift for their partners

Areizaga indicates thatThe gastronomy of San Sebastián is one of the city's main attractions.This makes it particularly interesting for foreigners who are passionate about cooking. An example is a couple from North America who visited Donostia every year and knew almost all the bars and restaurants, but faced visa issues and decided to buy an apartment to obtain residency and enjoy the city without restrictions.

Customer stories

There are also many buyers who know San Sebastián because of their roots: they were born abroad but are descendants of Basques. For instance, in the first half of the year, the agency facilitated a deal with a young couple from London who bought an apartment on Zubieta Street for over 2.6 million euros, so they could return with their children to their family's hometown.

Moreover, in recent months, there has been an increase in the number of buyers purchasing real estate as gifts for their partners.Although it's usually not that common.“This year, a Russian buyer purchased an apartment with a view of La Concha for over 2.5 million euros as a gift for his partner, so they could enjoy the city during their vacations,” the agency concludes.

Conclusion

If you are looking for elite real estate in San Sebastián or long-term rentals, you should consider the options available in this beautiful city.