Foreigners bought more homes in Spain in the second half of 2024 and paid record prices. This is one of the main conclusions from the latest data published by the General Council of Notaries.
Their figures show that foreigners carried out 69,690 transactions in the second half of last year, representing a 10.3% year-on-year increase and marking the third-highest half-yearly figure in the series. In terms of the overall market, these transactions accounted for 19.5% of all property sales between July and December, slightly below the 2023 average, when the figure exceeded 21%.
Foreign residents accounted for the majority of property transactions (58.1% of the total, with 40,489 units), showing an 11.8% year-on-year increase, while non-residents made up the remaining 41.9% (29,201 transactions).
According to the data, non-residents "saw a significant recovery, moving from a -1.4% decline in the previous semester to an 8.2% growth", while foreigners living in Spain "consolidated the recovery that began in early 2024, when a 4.2% increase had already been recorded after two consecutive negative semesters (-3% and -7%)". In fact, the volume of property transactions by foreign residents has reached historical highs.
Non-residents' prices exceed €3,000 per square metre for the first time
As for prices, the notary data shows a new record. On average, foreign buyers paid €2,362 per square metre for their homes in Spain in the second half of the year, an 8.6% increase compared to the same period in 2023. This is the highest figure in the notarial historical series and has been driven by the amount paid by non-residents, whose price has surpassed €3,000 per square metre for the first time.
Specifically, the average stood at €3,063, compared to €1,795 per square metre paid by residents and €1,713 per square metre paid by domestic buyers. In the latter two cases, these are not record levels.
According to the data, the countries of origin of foreign buyers who paid the highest prices were the United States (€3,390 per square metre), Sweden (€3,295 per square metre), and Germany (€3,224 per square metre). Citizens from Switzerland, Norway, Poland, the Netherlands, and Russia also paid above the average. In contrast, the lowest prices were observed among buyers from countries such as Romania (€1,205 per square metre) and Morocco (€753 per square metre).
The British remain the top buyers
The largest group of foreign buyers in the second half of last year was the British, who continue to lead the table with 6,048 transactions, accounting for 8.7% of the total, followed by Moroccans (7.3%, with 5,060 sales) and Germans (6.7%, with 4,650 units). Romanians and Italians also exceeded 4,000 transactions.
Compared to the previous year, foreign purchases increased significantly among Poles (43.7%), Chinese (26.5%), and Ukrainians (26.3%), followed by Dutch buyers (+26%) and Colombians (+23.4%). In contrast, the largest declines were seen among Russian (-10.6%), French (-2%), British (-1.7%), and Belgian (-1.6%) buyers, "reflecting a shift in the national composition of the foreign market," the notaries point out.
The most common buyers by region
In the second half of 2024, all autonomous communities (CCAA) recorded an increase in property purchases by foreigners, with the exception of the Canary Islands, where transactions fell by 3.9% year-on-year. On the other end of the spectrum, the highest increases were seen in Cantabria (33.5%), Castilla y León (28.7%), Asturias (28.6%), Extremadura (26.9%), Castilla-La Mancha (23%), Galicia (22.5%), and the Community of Madrid (21.9%).
Significant increases were also recorded in the Basque Country (14.7%), Aragón (13.4%), Catalonia (13.3%), La Rioja (12.3%), and Andalusia (9.9%), which resumed a positive trend after several negative semesters. In contrast, the rise was more moderate in Murcia (8.6%), Navarre (8.4%), the Valencian Community (6.8%), and the Balearic Islands (2.1%).
By nationality, the French led in Catalonia, Cantabria, Aragón, Castilla y León, and Navarre, while Americans were the main buyers in the Basque Country, La Rioja, Asturias, Galicia, and Castilla-La Mancha.
Among foreign residents, Romanians stood out as the main homebuyers, surpassing Moroccans. They were followed, albeit to a lesser extent, by Italians, Chinese, and Portuguese, who were particularly prominent in Aragón, Castilla-La Mancha, Castilla y León, Cantabria, Asturias, the Basque Country, and the Valencian Community.
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