The Changing Profile of Foreign Buyers in Spain: What the Latest Data Tells Us in 2026
Foreign demand for Spanish property remains one of the defining forces in the country’s real estate market — but the picture in 2026 is more nuanced than the headline numbers suggest. The post-pandemic boom has matured, a political backlash has introduced new uncertainty, and the profile of who is buying, and why, is shifting in ways that matter for anyone considering a purchase this year.
Here is what the data actually shows.
The Overall Picture: Strong but Shifting
Total home sales in Spain reached 752,098 in 2025, up 5% on the year and around 30% above the ten-year average — a robust market by any measure. Foreign buyers remain a significant driver, representing around 20% of total transactions.
But within that headline figure, a meaningful split has emerged. Foreign non-resident buyers — those purchasing second homes on the coast, typically from northern Europe — fell by almost 10% year-on-year to 51,411 transactions in 2025, the lowest level in four years. At the same time, foreign resident buyers moved in the opposite direction, purchasing 75,570 homes, up just over 4% year-on-year, and now accounting for almost 60% of all foreign transactions.
In just the last decade there has been a noticeable shift in the overall market: in 2015, 51% of foreign buyers were non-resident second home owners; by 2025, that figure had dropped to 38%. The market is not shrinking — it is changing character.
The Political Context: Noise vs Reality
A key factor behind the non-resident decline is political. At the start of 2025, the Spanish government floated proposals including a 100% purchase tax on non-EU buyers and even an outright ban. None of those measures became law — but the rhetoric had real consequences.
Figures from the Spanish Notaries Association reveal a sharp decline in home purchases by non-resident buyers from outside the EU in 2025 — down 17% year-on-year, with most non-EU nationalities seeing double-digit falls. The only exceptions were the USA, down just 3%, and Venezuela, which actually increased.
It is worth keeping perspective: non-EU non-resident buyers account for just over 11% of the foreign market and barely 2% of the total Spanish housing market. Non-resident buyers spend an average of €3,465/m², compared to €1,804/m² for domestic buyers — making clear they are not competing for the same properties as Spanish nationals.
For international buyers considering Spain in 2026, the legal landscape requires careful navigation. Our guide to buying property in Spain covers the full process, including the tax implications for non-residents.
Who Is Still Buying — and Where
Despite the dip in non-resident volumes, prices paid by this group continue to reach record levels. Non-resident buyers exceeded €3,100/m² on average in 2025, up 8% from 2024. This is not a market in retreat — it is a market that has become more selective.
British buyers remain the leading nationality. German buyers have consolidated their position as the second largest group, with their influence heavily concentrated in the island regions — in the Balearic Islands they account for the majority of all non-resident purchases. American buyers continue their remarkable rise, now the leading buyer nationality in five autonomous communities, and among the most resilient performers despite the broader decline in non-EU buyers.
The Destinations That Continue to Attract International Buyers
The Costa Blanca remains the region with the most home purchases by international buyers, with more than 20,000 transactions in the first half of 2025. Among non-resident buyers, the Valencian Community accounted for 39.6% of the international property market. Andalusia came second with 24.2% of non-resident sales, followed by the Canary Islands, Catalonia, Murcia, and the Balearic Islands.
Within Andalusia, Marbella and the Costa del Sol have consolidated their position as the most sought-after destination for premium international buyers. Our network of property lawyers in Marbella and Málaga can guide you through every stage of the transaction.
The Balearic Islands remain among Europe’s most competitive markets for luxury property. Non-resident buyers here consistently pay the highest prices per square metre of any region in Spain. Our lawyers in Mallorca, Ibiza and Menorca specialise in international transactions and the particular legal complexities of island purchases.
Barcelona and Catalonia remain a strong draw for French, American and Latin American buyers. Our Barcelona property lawyers work with international clients across residential and investment transactions.
Madrid continues to grow in relevance for non-resident buyers, driven by its role as a business hub, cultural offer, and competitive prices relative to other European capitals. Our lawyers in Madrid cover the full range of residential and investment transactions.
What This Means If You Are Buying in 2026
The Spanish property market in 2026 is more complex than it was two years ago. Non-resident buyers face greater political scrutiny, prices in premium locations continue to rise, and the legal environment is evolving. Property prices are predicted to continue growing through 2026, with transaction volumes moderating from 2025 but remaining historically strong.
In this environment, having the right legal support from the outset is not optional. Before signing any reservation contract, your lawyer should verify the property’s legal status, check for outstanding debts or planning violations, confirm correct tax obligations for non-residents, and ensure the terms of the contract fully protect your interests.
Our guide to buying property in Spain covers every stage of the process in detail. When you are ready to find a lawyer, use our directory to connect directly with vetted, English-speaking solicitors in Marbella, Mallorca, Ibiza or Barcelona.
Sources: Spanish Ministry of Housing (MIVAU), General Council of Notaries, CaixaBank Research, 2025–2026.
