Home » Market snapshot: German market in Q2 2026

Author: Mark StĂŒcklin
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German demand for Spanish property continued to grow in the second quarter, but once again failed to keep pace with the wider foreign market. As a result, German buyers’ share of foreign demand fell to its lowest level in this series.

German buyers were involved in 1,640 Spanish property purchases in Q2 2026, up 3.1% compared with the same period last year. That was the second consecutive year of Q2 growth following declines in 2023 and 2024.

However, total foreign demand grew much faster, rising 11.3% year-on-year to 26,836 purchases. So although more Germans were buying, their relative importance to the foreign market continued to decline.

German buyers accounted for 6.1% of all foreign purchases in Q2, down from 6.6% a year earlier and 9.1% at the recent peak in 2022. That is also the lowest German foreign market share (FMS) in the period covered by this data, going back to 2017.

The first-half figures were slightly weaker. German buyers acquired 3,149 homes in H1 2026, down 2.1% compared with 3,216 in the same period last year.

Above average, but losing relative momentum

In absolute terms, German demand remains reasonably healthy. Q2 sales were 16% above the ten-year average of 1,410 transactions and 35% higher than in Q2 2017.

But that growth looks modest beside the foreign market as a whole. Using Q2 2017 as an index of 100, German demand now stands at 135, whilst total foreign demand has climbed to 172.

The picture is therefore quite different from booming markets such as the Netherlands. German demand remains substantial and is still growing on a quarterly basis, but other foreign nationalities are expanding faster and gradually taking a bigger slice of the market.

The rolling trend points to a broadly stable market

Looking at the four-quarter rolling total, which smooths out fluctuations in individual quarters, German demand appears broadly stable but slightly weaker than a year ago. German buyers were involved in 6,292 Spanish property purchases in the four quarters to the end of Q2 2026, down 2.8% compared with the equivalent 12-month total a year earlier. That follows a 9.2% recovery in the previous 12-month period. The rolling total remains well below the post-pandemic peak of almost 8,000 reached in 2022, but comfortably above the levels seen before the pandemic.