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, with British, German and Moroccan citizens being the nationalities that bought the most homes last year.

Foreign citizens have contributed to the surge in home purchases in Spain. In 2024, 636,909 property sales were recorded, marking a 9.2% year-on-year increase. These transactions were divided into 505,145 sales of existing homes, which saw a 6.4% increase from the previous year, and 131,764 sales of new homes, which rose by 21.6%.

Of these, foreign buyers acquired nearly 93,000 properties, reflecting a 6.4% increase compared to 2022, according to data compiled by idealista/news from the quarterly reports published by the College of Registrars. This represents 14.6% of the total number of transactions, the second-highest share in the Registrars' historical series, following 2023 (14.98%). The overall sales volume also surpassed the previous record set in 2022, when over 88,800 homes were sold.

By region, the Valencian Community leads the real estate market for foreign buyers, with more than 29,900 transactions, accounting for almost a third of all foreign purchases in Spain (32.2%). Nearly 29% of all sales in this Mediterranean region involved a foreign citizen.

Following closely behind are other popular destinations for foreigners, such as Andalusia, with 17,435 sales, representing 18.8% of total foreign purchases in Spain. Foreign buyers made up more than 14% of all home sales in Andalusia. Next is Catalonia, which recorded 16,053 transactions, making up 17.3% of foreign property purchases in the country.

In addition to these three Mediterranean regions, the Balearic Islands and other areas also report noteworthy figures. In the Balearic Islands, 32.6% of total sales were made by foreign buyers, although the total number of transactions is lower, at just over 4,500. The region's strong tourist appeal continues to be a key driver of the real estate market. Similarly, the Canary Islands (27.2%) recorded nearly 6,800 foreign transactions, matching the Valencian Community, where foreign buyer activity is high. Another notable region is the Region of Murcia, where 23% of all transactions involved foreign buyers, with over 5,500 sales.

Although the Community of Madrid accounted for only 7% of sales by foreigners – far behind the other regions mentioned – it still recorded more than 5,400 transactions, surpassing the Balearic Islands and coming very close to Murcia.

Alicante and Málaga, the two provinces preferred by foreigners

Zooming in on the provincial level, Alicante stands out above all, with more than 22,700 transactions carried out by foreign buyers. These figures represent 43.8% of the total number of sales in the province, the highest foreign buyer share in any Spanish region, and almost 25% of all foreign property purchases in Spain, surpassing the previously mentioned Balearic Islands (32.6%).

In Málaga, foreign activity in home purchases has also risen, with more than 11,400 properties bought, representing 32.4% of all sales on the Costa del Sol and 12% of all foreign purchases in Spain.

In other key provinces, such as Barcelona and Valencia, foreign buyers account for over 10% of total property sales, with notable transaction volumes of more than 9,100 and 5,350 purchases, respectively.

Another province that stands out for its high level of foreign interest is Santa Cruz de Tenerife. Foreign buyers account for 33% of the total sales in the western Canary Islands, the second highest share in Spain, although they represent a more modest 3,800 transactions. In the neighbouring province of Las Palmas, the foreign share reaches 22.3% of total sales, with close to 3,000 transactions.

Girona, located along the Costa Brava, also sees a significant proportion of foreign buyers, with more than 27% of total sales, equating to over 3,600 properties purchased.

British and Germans continue to buy more houses, while Moroccans and Romanians are growing

Among the main nationalities that have purchased the most properties in Spain in 2024, the British and Germans have once again stood out, with nearly 8,000 and over 6,100 sales, respectively. These figures are almost identical to those from the previous year.

Meanwhile, buyers from Morocco (5,200), the Netherlands (4,900) and Romania (4,700) are just some examples of foreign nationals who have increased their activity over the past year, along with Italians (4,700). In contrast, French buyers have fallen below 5,000 transactions.

Notably, there has been a significant rise in the number of Polish buyers, exceeding 4,200 transactions, while Chinese (3,000), Ukrainian (2,900) and Russian (2,270) buyers have maintained a steady trend. Lastly, American buyers stand out, with more than 1,550 sales made in Spain in 2024.