Else Beekman
The number of North Americans purchasing property in Spain has skyrocketed by an astonishing 255% since the pandemic. While they still account for a relatively small share of foreign buyers in Spain, their growing interest signals a shifting trend in the international real estate market.
According to data from the Colegio de Registradores, real estate transactions by North Americans increased from just 620 in 2020 to 2,199 in 2024.
Why are North Americans investing in Spain?
Several factors have contributed to this surge of Americans investing in real estate in Spain. Spain’s combination of security, political stability, and high quality of life makes it a prime destination for property buyers. The strength of the US dollar against the euro has further incentivised American investors, allowing them to acquire property at more competitive prices. Despite global economic uncertainties, Spanish property values have remained relatively stable, making the market a safe and appealing investment.
Beyond financial considerations, Spain’s high quality of life is a major draw. Its excellent healthcare system, relaxed Mediterranean lifestyle, and favourable climate appeal to many North American buyers. The country’s rich cultural heritage, vibrant social scene, and strategic location in Europe also contribute to its desirability. Finally, compared to major US cities like New York and San Francisco, Spanish real estate offers significantly better value for money, making property investment even more attractive.
While North American investment in Spanish real estate began accelerating in 2014, it was after the pandemic that purchases truly surged. Industry experts predict this trend will continue, with key hotspots for investment being Madrid, Barcelona, and Valencia.
Key destinations Madrid, Barcelona, and Valencia
Madrid, in particular, has seen increased interest from American buyers, driven by new direct flight routes and the presence of world-renowned business schools. Many high-net-worth Mexican families, for example, are purchasing luxury apartments for their children studying in these institutions. These transactions are often completed in cash and focus on high-end real estate.
Additionally, the Spanish capital is a great destination for luxury and ultra-luxury homes, new office projects and, above all, the new model of ‘branded residences’. “For years, Madrid and certain areas of Spain have been extremely attractive to international companies and investors and local buyers of different nationalities with high purchasing power,” said Rafael Santana, director of K&N Elite Madrid in Idealista. He adds that they are currently working with “clients from New York and Miami who see Madrid as a highly profitable area for real estate investment.”
In Valencia, American investors are at the forefront of the luxury housing market, especially through agencies like Engel & Völkers. The post-pandemic boom in tourism, combined with glowing international media coverage of Valencia’s lifestyle and affordability, has contributed to its appeal among North American buyers.
The role of Latin American buyers
A significant portion of American buyers are of Latin American descent, seeking better economic conditions and a higher quality of life. Many find Spain an attractive alternative to their home countries due to cultural similarities and advantageous residency opportunities.
Oscar Larrea, CEO of Evernest Spain, notes that his agency has observed a steady increase in American clients. “Many of these buyers are seeking a combination of security, stability and quality of life that may be less accessible in their home countries, due to economic or political factors”, he stated in The Objective. Similarly, Kevin Sears, president of the US-based National Association of Realtors (NAR), stated in Idealista: “Overall, the combination of the attractive Spanish lifestyle, favourable economic conditions and investment incentives make the Spanish residential real estate market increasingly attractive to US investors.”
Political and economic factors at play
Real estate experts believe that the Donald Trump presidency could accelerate the trend even further, as some buyers look to Spain as a hedge against political instability in the US. However, currency exchange rates and investment returns remain the primary motivations for North American investors. In addition to residential properties, many investors are also targeting the hospitality and logistics sectors.
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