Second-home sales to foreigners in Spain grew by 2% in 2024

Demand for second homes in Spain from foreign buyers continues to flourish, reinforcing the country’s image as a safe and desirable destination for residential investment. In a global climate marked by inflation and geopolitical uncertainty, the Spanish market recorded a total of 51,800 property sales in 2024 to nationalities traditionally linked to second-home ownership, according to data from Sonneil Research.

“This is a particularly significant figure and one that deserves attention,” explains Alfredo Millá, CEO of Sonneil. “It’s important to distinguish between the general statistics on foreign buyers published by institutions such as the Registrars’ Association or the Notaries’ Association, which include all nationalities, including those purchasing for economic or employment reasons, and the data specific to second-home seekers. The latter group has shown more modest figures, both in 2024 and the previous year.”

Although this figure represents a modest increase of 2.7% compared to 2023, it confirms the upward trend seen over the past three years. Before 2022, the record stood at 40,600 sales in 2018. Following the pause brought about by the pandemic, the market saw a sharp rebound in 2022, with 53,900 transactions. Since then, activity has stabilised at around 50,000 sales annually. Notably, 80% of purchases by foreign buyers involve resale properties, highlighting the ongoing dominance of the second-hand market over new-build developments.

“It’s not a cause for concern, but we do need to separate the wheat from the chaff,” notes Alfredo Millá. “The international market remains healthy, although it has levelled off since the end of the pandemic. In contrast, the domestic market continues to grow at a rate of 9%.”

“With the steady rise in property prices, the shortage of new-build developments, and the macroeconomic conditions in source countries – such as the EU, whose GDP grew by just 0.7% in 2024 – the outlook for the second-home market is not quite as positive as the broader growth seen in Spain’s real estate sector,” he adds.

Alicante and Málaga: key hubs for international buyers

With 42% of property transactions carried out by foreign buyers, totalling 21,751, Alicante firmly leads the rankings. The Costa Blanca remains the top choice for those in search of a second home in the sun. Málaga follows closely, also registering strong demand, with 10,261 transactions and 29% of sales involving international purchasers.

In relative terms, Santa Cruz de Tenerife and the Balearic Islands also stand out, each recording 32% of transactions to foreign buyers, albeit with a lower overall volume.

Second homes: who and where in 2024?

Although the United Kingdom remains the leading country of origin for foreign property buyers in Spain, accounting for 8.55% of all Spanish transactions, its share has declined significantly over recent decades. Back in 2008, British buyers represented nearly 38% of the total market.

In their place, new nationalities have emerged. Notably, the Netherlands recorded a 12.59% year-on-year increase in purchases, while Poland saw a remarkable surge of 35.59%. This growth is seen as part of a generational shift and the rise of new European markets with increased purchasing power and evolving motivations for buying abroad.

Conversely, countries traditionally strong in the second-home segment – such as France, Norway, Sweden and Denmark – experienced notable declines in 2024.

• United Kingdom: -3.03%
• France: -13.24%
• Russia: -16.92%
• Germany: -2.66%
• Belgium: -1.33%
• Scandinavia (especially Sweden): -25.43%

In the case of the Nordic countries, the weakness of their currencies against the euro has been a key factor, significantly increasing the cost of purchasing property in Spain.