Foreign Buyers Set a New High: Nearly 97,500 Homes Sold in Spain in 2025

Foreign demand for property Spain hits a new peak — but the picture is mixed

Foreign demand for property Spain climbed to a new high in 2025, with foreign buyers involved in nearly 97,500 transactions. That is an eye-catching absolute figure and one that will shape the market for years. At the same time, the share of foreign purchases as a proportion of all sales fell slightly, a subtle change that matters to both buyers and investors.

The data comes from the College of Registrars' yearbook and shows a market where volume and value are rising, while composition is shifting. In this report we break down where foreigners bought, who they are, what types of homes they preferred, how prices moved, and what all of this means for anyone looking to buy or invest in Spanish real estate.

A record in numbers — the headline figures

The headline figures are straightforward and should influence investment decisions in coastal and urban markets.

• Foreign buyers purchased almost 97,500 properties in 2025, equivalent to 13.8% of total sales nationwide.
• That proportion is down by almost 0.8 percentage points compared with 2024 and more than one percentage point below the 2023 peak when foreigners accounted for almost 15% of transactions.
• Despite the small percentage decline, the absolute number rose because overall sales increased — foreigners bought more homes in 2025 than in any previous year.

My read of these figures is that foreign demand remains a structural pillar of Spain's housing market. The market is growing, and foreign demand is growing in absolute terms, but it is no longer increasing its share of the pie as rapidly as during the post-pandemic surge.

Where foreigners concentrated their purchases: coastal dominance and regional contrasts

Foreign buyers dominate in specific provinces, particularly on the Mediterranean and island coasts. That geographical concentration affects pricing, rental prospects, and planning risk.

• Alicante: 43.29% of all sales were to foreign buyers — the highest rate in the country.
• Málaga: 32.80%.
• Santa Cruz de Tenerife: 30.04%.
• Balearic Islands: 29.86%.
• Girona: 25%.
• Las Palmas: 21.72%.
• Murcia: 21.42%.

Provinces above the national average of 13.8% include Almería (17.47%), Tarragona (15.86%) and Barcelona (14.21%). By contrast, Valencia registered 12.23%, Madrid 6.9%, and Seville 2.5%. Only Salamanca, Jaén and Badajoz recorded foreign participation under 2%.

What this tells us for investors: hotspots remain coastal and island locations where demand from abroad can both support higher price growth and produce seasonal rental income. But that concentration also increases exposure to regulatory changes—especially short-term rental restrictions which are most stringent in holiday-heavy areas.

Who is buying — nationalities, regional preferences and shifts

Nationality data adds nuance. The British remain the largest single group by volume, but their share is slipping as other nationalities become more active.

• British: 7,665 purchases — 7.97% of foreign transactions.
• Germans: 6,273 (6.52%).
• Dutch: 6,071 (6.3%).
• Moroccans: 5,524 (5.74%).
• Romanians: 5,042 (5.24%).
• French: 4,918 (5.11%).

The registrars also map nationality to geography: British buyers were the largest foreign group in Andalusia, Murcia and the Valencian Community; Germans were dominant in the Balearic Islands; French in Catalonia; Italians in the Canary Islands; and Chinese in the Madrid region.

Those patterns matter. If you're marketing a property in the Balearics, your pool of likely buyers is heavier on German demand; on the Costa Blanca you will see strong British interest. That has implications for language, marketing channels, and the documents buyers ask for during due diligence.

Property types, size and the new-build versus second-hand split

Foreign buyers show a clear preference for second-hand homes and smaller surface areas, consistent with demand for second residences rather than main-family homes.

• New-build purchases by foreigners: 21.54% of their transactions, slightly lower than the 21.76% share for Spaniards.
• Nationalities most likely to buy second-hand homes: French (86.42%), Bulgarians (85.34%), Moroccans (85.28%).
• Nationalities most likely to buy new-builds: Polish (39.84%), Belgian (34.49%), Dutch (32.91%).

The registrars note that Spaniards tend to buy larger properties, while foreign buyers prefer smaller surface areas. That aligns with a large share of purchases being second homes, vacation properties or investment flats aimed at short-term lets.

For investors this has practical consequences: smaller units near the coast can be easier to rent year-round and command higher per-square-metre yields, but they also face tight regulation and seasonal volatility.

Price trajectory and the luxury segment: averages and high-end demand

Prices continued to climb in 2025 and the highest-priced regions carried the national average up.

• Average price per square metre nationally: €2,284/m2.
• Top regional rates: Community of Madrid €4,091/m2, Balearic Islands €3,988/m2, Basque Country €3,295/m2, Catalonia €2,709/m2.
• Average price per home nationally: €214,581 — a record high.

High-end transactions jumped as well. For the first time the proportion of foreign purchases above €500,000 exceeded 12%. Regional breakdown for those sales:

• Balearic Islands: 41.79% of foreign purchases were over €500,000.
• Madrid: 24.4%.
• Andalusia: 19.22%.
• Catalonia: 13.15%.

Of all foreign buyers of homes costing more than €500,000, 53% were from EU countries and 47% from non-EU countries.

Why this matters: luxury and upper-mid market demand lifts the tail of price distributions in coastal and capital markets. Investors targeting higher-ticket properties must factor in higher transaction taxes, greater scrutiny from banks, and more selective tenant pools if they plan to rent.

Practical takeaways for buyers and investors

We translate the figures into specific actions and decision points.

• Location and product type match strategy. If you want capital appreciation and strong holiday rental demand, look at coastal provinces where foreigners account for a large share of sales. If you want stable year-round tenants and lower regulatory risk, consider Madrid or certain inland provincial capitals.
• Price benchmarks.