According to notaries, over 71,000 homes were bought by foreigners in the first half of 2025, up 2% from 2024. This is the first time since late 2022 that transactions surpassed 70,000 units, highlighting Spain’s continued appeal as a residential and tourist destination. While foreign buyers account for less than 20% of the overall market, their presence is far stronger in the luxury segment.
Shifting profiles and nationalities
British buyers remain the largest group but have slowed slightly due to economic volatility in the UK and rising mortgage costs. Meanwhile, buyers from the USA, Portugal, Italy, Morocco, Ukraine, Colombia, and the Netherlands reached record levels. Chinese and other Asian investors also focused on high-end properties in established areas, with prices above the market average.
In Madrid, US buyers have concentrated on high-value central properties, while foreigners generally continue to favour Mediterranean hotspots and the islands, with growing interest in northern regions. The Valencian Community, particularly Alicante, leads the regions attracting foreign buyers, followed by the Balearics, Málaga, and Santa Cruz de Tenerife. Girona stands out in Catalonia, where 26% of buyers are foreign.
Germans have overtaken Britons as the leading nationality for mortgages, with the French rising to third place.
Record prices
Foreign buyers paid record prices in 2025, averaging €2,417/m², a 7.6% increase year-on-year. Non-resident buyers exceeded €3,100/m² on average, up 8% from 2024, while residents paid €1,912/m², still below the 2008 peak. Highest average prices were seen among buyers from the USA (€3,465/m²), Switzerland (€3,457/m²), Sweden (€3,421/m²), Norway (€3,292/m²), and Germany (€3,270/m²).
Policy changes and outlook
Political debate over taxing foreign buyers has intensified, but proposed measures, including doubling purchase taxes or restricting sales to non-residents, have not been implemented. The definitive end of Spain’s ‘golden visas’ in April 2025 removed a key incentive for high-value investment, though experts expect only a limited impact.
Non-resident buyers have also been increasingly monitored by the Spanish Tax Agency to improve transparency and curb the underground economy in the property sector.
Despite political noise and potential regulatory changes, Spain remains an attractive destination for foreign buyers, thanks to its climate, quality of life, and relatively lower property prices compared with other major European markets. The domestic market is expected to remain a prime target for international investment in 2026.
