Else Beekman
The Spanish real estate market is more popular than ever among foreign buyers. In 2024, nearly 93,000 properties were purchased by non-Spaniards. Hence, they were good for 14.6% of all real estate transactions in the country. According to data from Spain’s Registradores and Idealista, this is a record number.
Brits, Germans, and Moroccans were the top buyers. But where are they buying, and what trends stand out?
Absolute favourites Malaga and Alicante
When zooming in on the most popular regions, Idealista concludes that two provinces stand out: Alicante and Málaga. In Alicante, an impressive 43.8% of all property transactions involved a foreign buyer, amounting to 22,700 purchases. Málaga follows with over 11,400 transactions (32.4%).
Other coastal areas also see a strong foreign presence. In the Balearic Islands, for instance, 32.6% of all homes were bought by non-Spaniards. In Santa Cruz de Tenerife, in the Canary Islands, this figure stood at 33%.
Santa Cruz de Tenerife, in the western Canary Islands, stands out as one of the provinces of the Canary Islands with the highest proportion of foreign buyers, making up the second-largest share in Spain. Although the total number of transactions is lower—around 3,800—the interest from non-Spaniards remains significant. In the province of Las Palmas, which covers the eastern Canary Islands, foreign buyers accounted for 22.3% of all purchases, amounting to nearly 3,000 transactions.
Which nationalities are buying the most?
Brits remain the largest group of foreign buyers in Spain, with nearly 8,000 purchases in 2024. Germans follow with over 6,100 homes. However, some interesting shifts are occurring: Moroccans (5,200), Dutch (4,900), and Romanians (4,700) are increasing their property purchases. Irish bought 1,623 homes in Spain.
Another notable trend is the rise of Polish buyers, who made over 4,200 transactions, gaining a more significant presence in the market. Americans are also showing increased interest, with more than 1,550 purchases in 2024.
Growing interest from north American buyers
While European buyers dominate the Spanish property market, interest from North America is steadily increasing. In 2024, more than 1,550 homes were purchased by Americans, who are drawn to cities like Madrid and Barcelona as well as coastal areas like the Costa del Sol and the Balearic Islands.
Despite recent geopolitical uncertainties, the US dollar remains relatively strong against the euro, keeping Spanish real estate attractive for American buyers. However, fluctuations in global markets could impact purchasing power in the near future. Nevertheless, Spanish real estate remains relatively affordable, continuing to attract investors and retirees alike.
Canadians, though fewer in number, are also entering the market, with many leveraging Spain’s Golden Visa program, which grants residency to those investing at least €500,000 in property. However, this program is ending soon by the Spanish government, with it coming into effect next month. Popular locations for Canadian buyers include the Costa Blanca, Valencia, and Málaga.
Why do foreigners keep investing in Spanish real estate?
Spain’s appeal as a place to live and invest remains strong. The mild climate, attractive property prices compared to Northern and Western Europe, and the wide availability of homes in coastal areas make Spain a desirable destination. Additionally, the rise of remote working is playing a role: more Europeans are choosing to work from Spain and enjoy an improved quality of life.
Which regions benefit the most?
The Comunidad Valenciana is the undisputed leader in foreign property transactions, with 29,900 purchases, representing 32.2% of all foreign transactions in Spain. Other popular regions include Andalucia (17,435 purchases) and Catalonia (16,053).
Even in Madrid, traditionally less dependent on foreign buyers, more than 5,400 homes were purchased by non-Spaniards. While this accounts for only 7% of total sales, it highlights increasing interest in urban areas.
Also read: Foreign buyers continue to shape Spain’s housing market