Foreign demand
Who Bought Where In The Second Half Of 2025?
Author: 
Mark Stücklin
Posted on
When it comes to foreign buyers of second-homes in Spain, the Dutch are now important players on the Mediterranean coast, the Germans still rule the islands, the Brits are hanging on, and Americans have spread out across Spain.
The Association of Spanish Notaries has recently published its latest report on foreign demand for property in Spain, including maps showing the top two foreign nationalities buying homes in each region, split between non-residents (typically second-home buyers) and foreign residents / expats living in Spain at the time of purchase (maps above).
The maps reveal how the geography of foreign demand keeps evolving — and in H2 2025 one trend stands out in particular: the rise of American buyers, who are now in the top two nationalities in six regions when it comes to non-resident buyers, putting them level with the French and well ahead of the British, who now only make the podium in four regions.
That’s quite a turnaround. A few years ago American buyers barely registered in the rankings outside a handful of luxury hotspots. Now they are becoming a meaningful force in Spain’s foreign second-home market, especially in higher-end destinations and lifestyle markets.
The Dutch, meanwhile, have quietly become one of the dominant nationalities in Spain’s non-resident market. According to the report, they account for 16pc of the foreign market in the Valencian Region, almost 16pc in Murcia, and nearly 14pc in Andalusia.
The Germans continue to dominate the islands, especially the Balearics where they make up more than half of all foreign non-resident purchases. They are also particularly important in the Canaries, Cantabria, Galicia, and Asturias.
The British, by contrast, continue their long slow retreat from the dominance they once enjoyed before Brexit. They remain highly relevant in Murcia and Andalusia, and still have a strong presence in the Valencian Region and the Balearics, but they no longer dominate Spain’s foreign market in the way they once did.
Just over a decade ago in H1 2016, British buyers were one of the top two foreign nationalities in fifteen of Spain’s seventeen regions. Today they are increasingly concentrated in a handful of traditional coastal strongholds.
Heads-up: the latest figures from the Spanish Notaries’ Association have just landed, giving us the full picture of foreign demand for Spanish property in 2025—and the headline is a market that held steady overall but shifted beneath the surface.
A total of 138,254 property purchases in Spain involved a foreign buyer in 2025, down just 0.6% compared to the previous year. In other words, foreign demand barely moved.
That stability looks more impressive when placed in context. Purchases involving foreign buyers remain around 22% above the ten-year average and almost 80% higher than five years ago—clear evidence of how much the international segment has expanded since the pandemic.
However, foreign demand lost some ground within the overall market. Spanish buyers increased their activity by 6.7% to 596,538 purchases, meaning the foreign market share slipped to 18.8%, down from 19.9% a year earlier. The foreign share remains well within the range seen over the last decade but clearly eased in 2025.
British still number one—but declining
By nationality, the UK remains the biggest foreign market, with 10,925 purchases, though British demand fell by 8.3% year-on-year. Germans remained in second place with 9,126 purchases, also down slightly.
Italy moved into third place with 8,948 purchases after growing 6.5%, while Dutch buyers continued their impressive expansion, rising 12.3% to 8,354 transactions. The Netherlands is now one of the fastest-growing segments of the foreign market.
French buyers, historically one of Spain’s largest groups, declined slightly to 7,654 purchases.
Further down the ranking, several markets had a difficult year. Belgian demand fell by 11%, Polish demand dropped nearly 9%, and Chinese buyers declined almost 10%. Russian demand continued its long contraction, plunging 22%.
On the positive side, Portuguese buyers surged 20%, while Americans increased purchases by 3.5% and Ukrainians by 2.3%.
Valencian Region dominates the map as usual
By region, the Valencian Community remained the undisputed centre of foreign demand with 39,338 purchases—almost 29% of the entire foreign market—despite a 5% year-on-year decline.
Andalusia came second with 25,947 purchases, and was one of the few large regions to grow, edging up 1.5%.
Catalonia also performed well, rising 4.3% to 22,465 purchases.
Elsewhere the picture was weaker. Madrid saw foreign purchases drop almost 9%, while both the Canary Islands and the Balearic Islands also recorded notable declines.
One small standout was Galicia, where foreign purchases jumped 12%, albeit from a relatively low base.
Momentum fading in the second half
Taken together, the latest figures suggest a foreign market that remains large and resilient but is clearly evolving. Demand is holding up overall, but growth is becoming more selective—both by nationality and by region.
However, the full-year numbers hide a weakening trend as the year progressed. Looking just at the second half of 2025, foreign purchases were down 4.4% year-on-year, with double-digit declines from several key markets including Belgium, the UK, Russia and China. Only a handful of countries—most notably Italy and the Netherlands—managed to record growth during this period.
In other words, the relatively solid annual result was flattered by a strong first half that offset a noticeably weaker second half. The momentum going into 2026 therefore appears to have been fading rather than strengthening.
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