Spain’s residential property market closed the fourth quarter of 2025 with 178,270 transactions, marking a year-on-year increase of 3.31%, according to the latest data from the College of Property Registrars analysed by Sonneil.
Behind this overall growth, however, foreign demand is showing clear signs of rebalancing. International buyers now account for 13.52% of all transactions in Spain — and among them, Dutch purchasers have emerged as the standout performers.
The Dutch consolidate second place
Dutch buyers have become the second most active foreign nationality in Spain’s housing market, overtaking Germans and ranking just behind the British.
With 1,632 transactions in the fourth quarter alone, buyers from the Netherlands represented 6.77% of all foreign purchases. More significantly, they were the only major nationality to record growth both quarter-on-quarter (+15.22%) and year-on-year (+10.50%).
At a time when several traditionally strong international markets are slowing, the Dutch presence continues to strengthen.
A market that is reshuffling, not changing leaders
“The foreign market is reshuffling, but it is not changing leaders,” explains Alfredo Millá, CEO of Sonneil.
“British buyers remain the leading nationality in Spain. What is relevant in the current context is how historically solid markets, such as the Dutch, are gaining relative weight compared to other traditional buyers, showing very stable and well-defined demand.”
Although British buyers still top the ranking, their activity remains at historically moderate levels, with a year-on-year decline of 10.74%, influenced by structural factors such as Brexit and exchange rate movements, despite a slight improvement compared to the previous quarter.
France and Germany have also posted moderate declines, reflecting a period of adjustment after several years of elevated activity in Spain’s property market.
Corrections among emerging markets
The slowdown is more pronounced among some emerging buyer nationalities.
Polish demand fell by 11.85% quarter-on-quarter and 13.07% year-on-year, while Russian buyers continue their sustained retreat from the Spanish market, with transactions dropping by more than 32% compared to a year earlier — extending a downward trend that has been underway for several years.
Alicante and Málaga remain the pillars of foreign demand
From a geographical perspective, Alicante and Málaga once again consolidate their positions as the core of international demand in Spain.
Alicante leads the ranking with 5,672 foreign purchases in the quarter, meaning that 42.91% of all homes sold in the province were acquired by international buyers.
Málaga recorded 2,831 foreign transactions, with overseas buyers accounting for 31.11% of total sales.
Together, these two provinces concentrated more than 35% of all foreign home purchases in Spain during the quarter, reinforcing their strategic importance within the second-home and lifestyle-driven segments.
Madrid and Barcelona: two different speeds
The provincial breakdown also highlights a clear contrast between Spain’s two largest urban markets.
Barcelona showed resilience, with year-on-year growth of 2.01% and a slight increase in the share of foreign buyers.
Madrid, by contrast, recorded an 8.48% drop in total sales and maintains a relatively limited international share, at 6.43%, confirming its lower dependence on foreign demand compared to coastal and second-home destinations.
A more selective and strategic international buyer
Overall, Spain’s housing market continues to post solid transaction volumes, but foreign buyers are now acting with greater selectivity.
“It is not a matter of one market replacing another, but of consolidation and rebalancing,” Millá concludes. “Traditionally strong nationalities continue to lead, while others — such as the Dutch — are strengthening their presence through highly planned decisions, focused on established destinations and driven by a clear long-term vision.”
As Spain’s international property market adjusts after several years of intense activity, Dutch buyers stand out not only for their growing share, but for their resilience in an increasingly selective global landscape.
