Foreign home purchases in Spain continue to rise. Notary data shows that in the first half of 2025, foreigners bought 71,155 properties, up 2% from the same period in 2024. This is the first time since late 2022 that transactions have exceeded 70,000 units.
Despite this growth, the share of foreigners in the overall property market fell to 19.3%, down from 20.3% in 2024 and 21.3% in 2023 – its lowest level in over three and a half years.
Breaking it down, foreign residents accounted for 60.9% of transactions (43,306 properties), up 6.4%, while non-residents made up 39.1% (27,849 transactions), down 4.1%.
“The dynamism among foreign residents contrasts with the slight decline among non-residents, marking a shift from the second half of 2024, when both groups experienced similar growth. In the first half of 2025, the increase in foreign property sales is largely driven by resident buyers, while non-resident transactions have fallen,” the General Council of Notaries emphasises.
The British remain in the lead
The British remain the leading nationality in property transactions in the first half of 2025, completing 5,731 sales (8.1% of the total), followed by Moroccans with 5,654 sales (7.9%) and Germans with 4,756 (6.7%).
Other notable nationalities include Italians (4,513), Romanians (4,480), the Dutch (4,166), the French (3,980) and Belgians (2,908), while the remaining nationalities recorded fewer than 2,800 sales each.
The distribution differs when considering non-resident buyers, where the majority of purchases are made by citizens from the United Kingdom, Germany, the Netherlands and Belgium.
Among non-resident buyers, Britons accounted for a significant share of transactions in Murcia (28.7%) and Andalusia (15.5%), while Germans led in the Balearic Islands (50%), Extremadura (29.6%) and the Canary Islands (22%). The Dutch were especially active in Murcia (15.2%) and the Valencian Community (14.9%), and Belgians in Aragon (12.8%), Asturias (11.7%) and the Valencian Community (10.5%).
For resident buyers, Moroccans recorded particularly high shares in Murcia (38.7%), Navarra (37%), La Rioja (26.8%), Extremadura (23.5%) and Castilla-La Mancha (21.3%). Romanians were most prominent in Aragon (29.5%), Castilla-La Mancha (26.2%), and La Rioja (20.9%).
Italians had a strong presence in the Canary Islands (22.5%), Balearic Islands (15.4%), Madrid (12.2%) and Catalonia (12.1%), while British residents were most active in Andalusia (12%) and Murcia (11.1%).
The average price breaks records again
Homes bought by foreigners in Spain during the first half of the year had an average price of €2,417/m², up 7.6% year-on-year, marking the highest average in the historical series and the third consecutive record.
This increase is largely driven by non-resident buyers, whose average price exceeded €3,100/m² for the first time, up 8% from last year. Resident foreigners paid an average of €1,912/m², a 10.3% increase year-on-year, still below the 2008 record.
By nationality, the highest average prices per square metre were paid by buyers from the USA (€3,465/m²), Switzerland (€3,457/m²), Sweden (€3,421/m²), Norway (€3,292/m²) and Germany (€3,270/m²).
Other nationalities paying above the foreign buyer average (€2,417/m²) included Poland, France, the Netherlands, Belgium, Italy, Russia, Ireland and the United Kingdom. The lowest prices were seen among buyers from Morocco (€747/m²), Romania (€1,325/m²) and Ecuador (€1,328/m²).
The Valencian Community leads the transactions
Notary data show that the Valencian Community led foreign home purchases in Spain, both by residents and non-residents, with over 20,000 transactions in the first half of the year.
Among foreign residents, the Valencian Community accounted for 9,515 transactions (22% of the total), followed by Catalonia (8,909; 20.6%), Andalusia (6,677; 15.4%) and Madrid (4,620; 10.7%).
For non-residents, the Valencian Community also topped the list with 11,025 transactions (39.6%), followed by Andalusia (6,733; 24.2%), the Canary Islands (2,666; 9.6%), Catalonia (2,351; 8.4%) and Murcia (2,121; 7.6%). The Balearic Islands accounted for 6.6% and Madrid for 2%, while the remaining autonomous communities each represented less than 1%.
Year-on-year, foreign sales increased in almost all regions, led by Asturias (30.8%) and Castilla y León (25.9%), followed by Galicia (14.3%), Castilla-La Mancha (11.7%), Extremadura (10.6%), Aragón (10.4%) and La Rioja (9.9%). More moderate growth was seen in Catalonia (7.1%), Andalusia (6%), Cantabria (5.5%), Murcia (3.1%), the Basque Country (2.4%) and Madrid (0.1%).
Four regions recorded a decline in foreign home purchases: the Canary Islands (-7.7%), the Balearic Islands (-6.8%), Navarre (-3.7%) and the Valencian Community (-3.6%), contrasting with the widespread increases observed in the previous half-year, the notaries note.
