The increase in housing prices in Spain is not only impacting the budgets of domestic buyers but also those of foreign buyers. According to notarial data, foreigners paid a record price for homes in Spain during the second half of 2024, averaging €2,362 per square metre. In fact, some nationalities paid over €3,000 per square metre.
The top three countries of origin that paid the highest prices for properties were, in order, the USA, Sweden, and Germany. Notarial statistics reveal that Americans spent an average of €3,390 per square metre, while Swedes paid €3,295, and Germans €3,224. This marks the highest prices ever recorded in the historical series of the General Council of Notaries for both the USA and Germany. In Sweden, however, the record was set in the first half of last year, with an average price of €3,330 per square metre.
The following countries in the ranking, though still above the €2,500 mark, include Switzerland (€2,851 per square metre), Norway (€2,800), Poland (€2,757), the Netherlands (€2,606), Russia (€2,585), and Belgium (€2,528). Above the average are also France (€2,447), the United Kingdom (€2,417), Italy (€2,394), and Ireland (€2,365).
On the lower end of the scale, countries such as China (€2,160), Portugal (€2,050), several Latin American nations (Argentina, Colombia, Venezuela, and Ecuador), and several Eastern European countries (Ukraine, Bulgaria, and Romania) were also notable. Morocco stands out as the only country with an average price below €1,000 per square metre.
Nearly 70,000 sales in the second half of the year
Notarial data shows that foreign buyers completed 69,690 property transactions in the second half of last year, marking a 10.3% year-on-year increase and the third-highest figure in the historical series. These sales accounted for 19.5% of the total market transactions between July and December, which is slightly below the 2023 average of over 21%.
Foreign residents accounted for the majority of property transactions (58.1% of the total, with 40,489 properties), showing an 11.8% annual increase. Non-residents made up the remaining 41.9% (29,201 transactions).
The largest group of foreign buyers in the second half of last year was the British, who remained at the top of the list with 6,048 transactions, representing 8.7% of the total. They were followed by Moroccans (7.3%, with 5,060 sales) and Germans (6.7%, with 4,650 transactions). The Romanians and Italians also each exceeded 4,000 transactions.
Compared to the previous year, foreign purchases saw notable increases among Poles (43.7%), Chinese (26.5%), and Ukrainians (26.3%), followed by Dutch (+26%) and Colombians (+23.4%). However, the largest declines were seen among Russian buyers (-10.6%), French (-2%), British (-1.7%), and Belgian (-1.6%) buyers, "reflecting a shift in the national composition of the foreign market," as noted by the notaries.
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