Moroccans Close Behind Brits as Second-Largest Foreign Buyers of Spanish Property in H2 2025

Foreign demand remains a major force in the Spanish property market

Foreign demand continues to shape the Spanish property market in surprising ways. According to data published by Spain’s General Council of Notaries, foreign buyers completed 66,629 transactions between July and December 2025, underlining that international demand is still central to housing activity even as volumes ease. In this period Moroccans ranked second among foreign buyers with 5,154 purchases, just 24 fewer than the British at 5,178.

This report matters for anyone tracking real estate Spain: it shows where buying patterns are shifting, which nationalities are active, and how prices differ sharply across buyer groups and regions. Our analysis teases out what those numbers mean for investors, second-home buyers, and buyers who live abroad or plan to move to Spain.

What the notaries’ data reveals: volumes, shares and the rise of Moroccan buyers

The headline figures are straightforward but revealing:

• 66,629 transactions by foreign buyers in the second half of 2025.
• A 4.4% decline in foreign-buyer transactions versus H2 2024.
• Foreign residents accounted for nearly two-thirds of those purchases and posted a 3.3% year-on-year increase.
• Non-resident buyers fell more sharply, down 15.1%.
• Overall foreign share of the housing market was 18.4%, down from 19.5% a year earlier.

Among nationalities, the ranking was tight at the top. British buyers remained at number one with 5,178 purchases, closely followed by Moroccan buyers at 5,154 purchases. Italians moved into third place, overtaking Germans, with Romanians rounding out the top five.

We find the Moroccan presence notable for several reasons. First, they are the leading group among foreign residents, representing 12.1% of resident foreign purchases. Second, their activity is concentrated in regions that receive less international publicity than the Costa del Sol or the Balearics: Murcia, Navarra, Aragón and Castilla-La-Mancha.

That concentration signals that foreign buying in Spain is not a single coastal story; it has inland and regional dynamics that matter to local markets and investors alike.

Resident versus non-resident buyers: different stories and different prices

The notaries’ breakdown between foreign residents and non-residents tells two different stories:

• Foreign residents are maintaining or increasing market activity. They accounted for almost two-thirds of transactions and recorded a 3.3% increase. Their average price was €1,963 per square metre.
• Non-resident buyers pulled back sharply, down 15.1%, and they remain the higher-spending group, paying an average of €3,242 per square metre.

From an investment standpoint, the divergence matters. Non-resident buyers often target premium coastal or island locations where price per square metre is higher. Their decline suggests that the immediate post-pandemic surge in overseas second-home purchases is moderating. Meanwhile, resident foreign buyers — often immigrants or long-term relocators — are supporting demand in broader parts of the country at lower price points.

We see this as a rebalancing rather than a collapse. The higher-value segment is cooling, while a steadier, price-sensitive resident segment keeps transactions moving.

Price contrasts: record averages and wide gaps between nationalities

Despite the dip in transaction numbers, prices paid by foreign buyers continued to rise. Key price figures from the notaries’ report:

• Average price paid by foreign buyers: €2,479 per square metre, a 5% annual increase and a record for the group.
• Non-resident buyers: €3,242 per square metre.
• Foreign residents: €1,963 per square metre.
• Moroccan buyers: €768 per square metre, the lowest average among nationalities reported.
• Swedish buyers: more than €3,600 per square metre, the highest of the listed nationalities.

The spread is stark: Moroccan purchases at €768/sqm are a fraction of what some northern European buyers pay. That suggests Moroccan buyers are purchasing in lower-price brackets or regions where square-metre values are lower. For investors, two points follow: yields and risk. Lower entry prices can boost gross rental yields in some inland or provincial markets, but they can also reflect weaker demand, slower resale paths, or higher concentration of local economic constraints.

We also note that foreigners as a group are still paying above average for Spanish buyers, which keeps competition active in certain markets even when overall volumes cool.

Regional patterns: where foreigners increased activity and where they pulled back

Not all regions follow the same pattern. The notaries’ figures show distinct regional shifts:

• Regions with strong Moroccan buying: Murcia, Navarra, Aragón, Castilla-La-Mancha.
• Italian resident buyers are prominent in the Canary Islands, Madrid and Valencia.
• Foreign purchases declined in some high-profile markets: Madrid, the Canary Islands and Andalusia.
• Purchases increased in less-discussed areas: Castilla-La-Mancha and Extremadura.

This split matters for investors and buyers choosing where to look. Traditional hotspots such as Madrid, the Canaries and Andalusia are dealing with less foreign inflow than a year before. That softening could be a window for domestic buyers or investors to find bargains, especially if sellers recalibrate expectations.

Conversely, the rise in regions like Castilla-La-Mancha and Extremadura shows that international demand is spreading into areas with lower price bases and different economic profiles. Those markets may offer higher entry yields but they also require a longer-term view on capital growth and rentability.

Why Moroccans are a significant cohort — and what that implies

Moroccans being the second-largest group of foreign buyers overall, and the leading group among resident foreign buyers, reflects both demographic and economic realities:

• Proximity and family ties make certain Spanish regions natural destinations for Moroccan residents and long-term relocators.
• Price sensitivity means Moroccans often buy in lower-price regions where €768/sqm is plausible.
• Residency status matters — many Moroccan buyers in Spain are long-term residents rather than non-resident investors seeking holiday homes.

For agents and developers, this means demand is not monolithic. Product suited to resident buyers — affordable family homes, smaller apartments with local amenities and links to work — will likely continue to attract Moroccan buyers. Investors looking for quick capital appreciation in tourist hotspots should treat the new data as a reminder that different buyer nationalities behave very differently.

Practical advice for buyers and investors: what to do with these trends

What should property buyers and investors take from these numbers?