Association of Spanish Notaries

Foreign Demand For Property In Spain Remained Near Record Highs In 2024

Published

1 week ago

April 15, 2025

foreign-demand-for-property-in-spain-remained-near-record-highs-in-2024

Spain’s property market continued to attract strong international interest in 2024, with foreign buyers delivering one of the highest annual totals on record despite a small dip in market share.

The latest data just published by the Spanish notaries’ association shows that foreign buyers were involved in 139,102 property transactions last year, representing a 6% increase on 2023 and a 29% rise compared to the ten-year average.

It was the second-best year on record for foreign demand (behind only the post-pandemic bounce year of 2022), underlining Spain’s enduring appeal to international homebuyers. Annual sales according to the notaries are illustrated in the chart above.

Local demand grew at an even faster pace, with 559,279 properties purchased by Spanish nationals—up 14% year-on-year. As a result, the market share of foreign buyers slipped from 21.1% in 2023 to 19.9% in 2024. Even so, this remains close to the top of the historical range over the last decade, which has seen a minimum of 16.5% and a maximum of 21.1%.

British buyers stay ahead, while Eastern Europeans surge

British nationals retained their top spot among foreign buyers with 11,912 purchases, making up 8.6% of the foreign market. They were followed by Germans and Italians. Among the richer nationalities tracked, Norway and Switzerland recorded the lowest volumes in the second-home segment.

Polish and Ukrainian demand increased the most, while Russian purchases declined sharply (-18%, thanks to Putin’s war), followed by a drop in demand from French buyers who have their own problems at home.

Valencian Community and Andalusia dominate regional sales

The Valencian Community led the regional rankings with 41,422 sales—up 4% year-on-year—accounting for 30% of all foreign transactions. Andalusia came second with 25,573 sales and 18% of the market, representing a 5% annual increase.

Swedes and Americans lead in spending power

In terms of budgets, Swedish buyers paid the highest average price per square metre at €3,330, closely followed by Americans at €3,247. Both nationalities increased their spending by over 10% compared to the previous year. British buyers, by contrast, recorded the lowest budgets in the second-home and expat segments, though they were also up 10% year-on-year.

Compared to Land Registry figures

Notary figures align with data published by the Spanish Land Registrars’ Association in February, which also reported a 6% increase in foreign demand last year. However, the two sources diverge significantly on transaction volumes: the registrars reported 92,958 foreign purchases, while the notaries recorded 139,102—around 50% more. Why such a discrepancy? The two institutions count different stages of the transaction process and apply distinct methodologies, meaning both figures can be valid within their respective frameworks. That said, the notaries’ data is generally considered a more accurate reflection of actual sales completed within the period.

In any case, both datasets confirm that 2024 was an outstanding year for the foreign segment of the Spanish property market, with momentum appearing to build heading into 2025.

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Association of Spanish Notaries

Who Bought Where In 2024?

Published

1 week ago

April 17, 2025

Mark Stucklin

The latest figures from Spain’s notaries offer a revealing snapshot of where foreign buyers were purchasing property in 2024, broken down by nationality and region.

Two maps help visualise the story, each showing the top two foreign nationalities buying in each Spanish region—one for non-residents (on the left) and one for resident foreigners (on the right).

A tale of two markets: Residents vs. non-residents

The data is split between non-residents—foreigners buying property in Spain while living elsewhere—and residents, who already live in Spain when they purchase. These are fundamentally different markets: one focused on second homes and investments, the other on homes for everyday life.

The resident map tells a familiar story of immigration patterns. It’s dominated by Romanians and Moroccans, who form part of the largest immigrant groups in Spain and tend to buy property where they’ve settled. Romanians come out on top in much of the north and centre of the country, while Moroccans are number one in several southern and eastern regions.

However, there are notable exceptions. The British are still a force in the resident market, taking a podium position in Andalusia, Murcia, and the Balearics—regions with long-established British expat communities.

The holiday-home market: Who’s buying from abroad

The non-resident map, on the other hand, is a colourful mosaic of second-home preferences shaped by climate, connections, and tradition.

As expected, the British maintain strong positions, topping the table in Andalusia and Murcia, and coming second to the Germans in both the Balearics and the Canaries. But there’s been a notable shift in the Valencian region, where the Dutch and Belgians have pushed the British off the podium altogether—a surprising development given the historical dominance of UK buyers there.

The French remain influential close to the border, taking first or second place in Catalonia, Navarre, and Aragon, while the Germans are a strong second behind the French in the same regions and hold top spots in the Balearics and Canary Islands—two of Spain’s biggest tourist markets.

But the real headline is the rise of the Americans. Once barely visible in the data, US buyers now top the list in five regions and come second in another two, putting them on the podium in seven out of Spain’s seventeen regions. That puts them level with the French for total podium appearances, despite having the Atlantic Ocean and a time zone or two to cross.

They even share the podium in Madrid with the Chinese, suggesting that while Beijing and Washington may be locking horns in a trade war, their citizens can agree on one thing: property in the Spanish capital is worth the investment.

With US demand surging in recent years, it remains to be seen whether a potential Trump 2.0 presidency will accelerate or reverse that trend. Either way, Americans have clearly arrived on the scene—and they’re buying.

Subscribe to SPI Pro if you’re ready to dive deep into the numbers — or check out our Spanish property market reports if you prefer them served up on a plate.