The top areas in Spain where foreign buyers seek luxury property

While media attention on foreign investment tends to focus on prime areas in major cities – such as Serrano in Madrid or Pedralbes in Barcelona – there are several towns across Spain where overseas buyers dominate the demand for homes priced above €1.5 million. This is according to the latest idealista report on foreign residential demand in Spain.

Districts and towns across the Balearic Islands, Alicante, Málaga and Girona have recorded foreign interest exceeding 60% in the purchase of high-end properties. Explore the 30 most sought-after locations and the nationalities most actively searching for luxury homes at the end of 2024.

Interest in purchasing luxury homes in Spain has surged in recent years. idealista recently confirmed that this exclusive market is becoming more established in the country, with 45,000 listings for properties priced above €1 million, more than 20% of which are valued at over €3 million.

Now, the real estate marketplace in Southern Europe has released a new study that examines the most sought-after areas for high-end properties and the extent to which foreign demand is driving this growing interest in acquiring these million-euro homes by the end of December 2024.

Discover luxury homes for sale in Spain

We focus on the neighbourhoods, districts and towns that have seen more than 60% demand from foreign buyers, highlighting the main nationalities showing a clear interest in investing in luxury property in Spain.

The Costa de los Pinos area in the Levante region of Mallorca recorded the highest foreign demand. Nearly 70% of searches, contacts, and interactions on the real estate platform came from overseas.

Son Servera is joined by the areas of Port d'Andratx (68%) in Andratx and Cala Murada (66.6%) in Manacor, where foreign demand for properties is particularly high.

In fact, of the 30 areas with foreign demand exceeding 60%, nearly half – 14 in total – are located on the Balearic archipelago.

Following the top three locations, the luxury property markets with the highest foreign demand are spread across the provinces of Alicante, Málaga and Girona. Homes for sale above €1.5 million in the areas of Oltamar-Cucarres (66.3%) in Calpe, Elviria (66.2%) near Elviria-Cabopino beach in Marbella, and the Santa Margarida beach area (66%) in the Girona town of Roses have also attracted significant interest from potential foreign buyers.

The top 10 is rounded out by other Balearic towns, such as the district of Dalt Vila – La Marina (65.5%) in Eivissa, alongside the towns of Santanyí (65.3%) and Capdepera (64.6%). The list is completed by Port Esportiu – Puig Rom – Canyelles (64.4%) in Roses, Girona.

Germans and Dutch are the main buyers of luxury homes

The idealista/data study has also analysed the origins of the significant foreign demand for luxury homes across these 30 locations. Germans emerge as the leading nationality in areas with the highest foreign interest. They show a particularly strong preference for locations in the Balearic Islands, where in some areas, such as Costa de los Pinos, Cala Murada in Manacor or Capdepera, they account for over 50% of the demand from outside Spain.

Germans are also prominent in districts and neighbourhoods in Alicante and Málaga, although in these areas, demand is more evenly distributed among various nationalities.

The demand from the Netherlands is also particularly prominent in these 'prime' areas along the Spanish coast. While the Dutch do seek luxury homes in the Balearic Islands, they show a stronger preference for locations in Alicante, with notable interest in Oltamar-Cucarres (16.2%) in Calpe, the town centre of Moraira (27%) and other areas within this Alicante municipality, as well as Altea la Vella (16.8%). They are also drawn to Sant Josep de Sa Talaia in Ibiza, particularly the beach of Sant Josep (23%).

Although foreign buyers are the primary demand drivers in Mijas Pueblo (20.1%), the British appear in over half of these towns, ranking among the top three nationalities most active in searches for luxury properties in Spain.

Other notable nationalities in some of these high-end destinations include the French, who account for more than half of the demand in the Roses area, particularly in Santa Margarida and Port Esportiu – Puig Rom – Canyelles. Norwegians are prominent in the Santa María Golf Club area of Marbella (16.4%), while the Swedes show significant interest in La Zenia (18.7%) in Orihuela, Alicante, as well as in Calviá and Andratx.

Although not at the top of the foreign demand list, several other nationalities are also keen on purchasing luxury homes in Spain. The Swiss are primarily focused on the Balearic coast, with notable interest in Son Servera, Cala Murada and Capdepera, while the Poles are more dispersed, showing interest in Alcudia in Mallorca, Benitachell in Alicante and Valle Romano in Estepona (Málaga).

Belgians also favour destinations in Alicante, including various areas of Moraira and Calpe, while Austrians show a preference for the Balearic Islands and Finns are particularly interested in Mijas.

Finally, it is worth noting the growing interest from Americans in purchasing property in Spain. Among the most sought-after locations, they are now among the top nationalities in areas of the Balearic Islands such as Calviá, Llucmajor, and Sóller, as well as in Calpe, Alicante, and Tossa de Mar in Girona.

Data compiled and analysed by idealista/data, idealista's proptech, which provides information for a professional audience to facilitate strategic decision-making in Spain, Italy and Portugal. It uses all the idealista database parameters in each country and other public and private data sources to offer valuation, investment, recruitment and market analysis services.