Mansion Global Daily: Foreign Buyers Account for Nearly 16% of Spain’s Home Sales

Foreign Buyers Account for Nearly 16% of Spain’s Home Sales

Foreign buyers accounted for 15.9% of the total number of sales in Spain during the third quarter of 2022, the highest level on record, according to the Association of Registrars. Spain’s favorable climate, beautiful coastline and quality of life have been attracting increasingly more foreign buyers in the past decade. The top three countries of origin are the U.K. (9.3%), Germany (8%) and France (6.2%), according to the association. The most popular places for foreigners to buy property in Spain are Alicante, where they make up 42.8% of home sales, Santa Cruz de Tenerife (40.5%), Málaga (33.95%) and the Balearic Islands (31.4%). MSN

Approvals for New Homes and Apartments Continue to Fall in Australia

Australian building approvals fell for a third straight month at the end of 2022, with the number of houses and apartments planned in November almost half the record achieved during the height of the pandemic in March 2021, according to the Australian Bureau of Statistics. The data coincided with the latest CoreLogic research that also showed home values falling nationally at a record-breaking pace in the past eight months due to rising interest rates, albeit from significant highs. Business News Australia

Blockchain Executive Buys Los Angeles Home for $8 Million

Peter Smith, co-founder and CEO of blockchain.com, has paid $8 million for a hilltop Los Angeles house. Built in 1966, the Mid-Century Modern house has three bedrooms with panoramic views of the mountains, Santa Monica Pier, Pacific Ocean and Catalina Island. There is an additional one-bedroom guest house, a two-car garage and an infinity swimming pool on the property. Mr. Smith, 33, a crypto pioneer, founded blockchain.com in Luxembourg, with a U.S. hub in Miami. Dirt

Canada’s Home Buyers Remain Cautious as Economic Recession Looms

Prospective home buyers in Canada are slowly returning to the market, as home prices have steadily declined since last spring. “People are saying that they don’t have to go into bidding wars and put in unconditional offers,” said Despina Zanganas, a Toronto Realtor with PSR Brokerage. However, buyers will likely remain cautious in fear of further price declines due to an economic recession in 2023. Canada’s economy will have a 50% chance of a shallow downturn and a 20-25% chance of “something more serious,” according to Douglas Porter, chief economist at BMO Capital Markets. Bloomberg