A recent study by the real estate agency Barnes estimates that 92% of buyers in Spain’s luxury property market are foreign, highlighting the remarkable growth of the country’s prime residential sector.
Almost half (49%) of these property investors are from outside the European Union, with the largest groups coming from Mexico, Colombia, and Venezuela in the Americas, and Russia, China, and Arab countries in Asia.
The share of non-EU buyers exceeds that of European investors by six percentage points, with Europeans accounting for 43% of total purchases. Among them, buyers from France, Italy, and Greece stand out, alongside a continued strong presence from British buyers, who remain one of the most active nationalities in the Spanish luxury property market—particularly in coastal areas and established expat hubs.
Meanwhile, Spaniards represent ‘only’ 8% of all luxury home buyers in the country.
Preferred destinations
According to Alvise Da Mosto, Managing Partner of Barnes Spain, the country has firmly established itself as a “key destination for international buyers seeking exclusive properties”, thanks in part to the security this type of investment offers.
The most sought-after locations among international investors include major cities such as Madrid and Barcelona, coastal areas like the Costa del Sol and Costa Dorada, and increasingly, San Sebastián, which Barnes highlights as a growing hotspot.
Market trends and forecast
Da Mosto affirms that 2024 cemented Spain’s position in the luxury property market. Over the past decade, the average price per square metre in the most exclusive neighbourhoods of major cities has risen by 75%, now reaching up to €8,000/m².
Looking ahead, the Managing Partner of Barnes Spain concludes that the number of international buyers interested in acquiring premium property in Spain will continue to rise, with prices expected to follow the same upward trend.
Foreign buyers purchase nearly 93,000 homes in Spain in 2024
The purchase of homes by foreigners in Spain reached nearly 93,000 transactions in 2024, a record figure never before seen in the country, according to quarterly data from the Registrars, compiled by idealista/news. Of the more than 636,000 transactions completed last year, almost 14.6% were made by both resident and non-resident foreigners. In the Balearic Islands (32.6%), the Valencian Community (28.9%) and the Canary Islands (27.2%), more than one in four purchases were made by foreign buyers