Spain’s real estate market continues to attract foreigners at record levels. In 2024, nearly 93,000 homes in Spain were purchased by foreigners, making up 14.6% of all home sales in the country. But who is buying these homes, and where are they investing? Let’s dive into the details of this booming trend.
Spain’s Housing Market: A Foreign Invasion?
According to the latest data from the Colegio de Registradores, the purchase of homes by foreigners in Spain reached an all-time high in 2024, with 92,958 transactions completed by non-Spaniards. This marks a 6.4% increase compared to 2022 and only slightly below the 14.98% peak of total foreign purchases recorded in 2023.
With a 9.2% overall rise in property sales nationwide, it’s clear that Spain remains a top choice for international buyers. While 505,145 sales were for second-hand homes (up 6.4%), the sale of new-build properties saw a significant 21.6% increase, with 131,764 transactions—suggesting that many foreigners are looking for modern homes or investment properties.
Where Are Foreigners Buying in Spain?
Foreign buyers are concentrated in specific regions, particularly those offering coastal lifestyles, warm climates, and strong expatriate communities. Here’s a breakdown of the most popular areas:
Top Autonomous Communities for Foreign Buyers
| Region | Foreign Sales (2024) | % of Total Sales in Region | % of Foreign Purchases in Spain |
|---|---|---|---|
| Comunidad Valenciana | 29,935 | 28.9% | 32.2% |
| Andalucía | 17,435 | 14.0% | 18.8% |
| Cataluña | 16,053 | 16.2% | 17.3% |
| Canarias | 6,796 | 27.2% | 7.3% |
| Murcia | 5,533 | 23.6% | 6.0% |
| Madrid | 5,435 | 7.0% | 5.8% |
| Baleares | 4,516 | 32.6% | 4.9% |
Why These Regions?
- Valencia, Andalucía, and Cataluña continue to lead as the most attractive destinations due to affordable housing, Mediterranean weather, and strong expat communities.
- The Canary Islands and Balearic Islands show the highest percentage of foreign buyers, proving that island life remains a major draw.
- Murcia, with 23.6% of all home sales going to foreigners, is emerging as a new hotspot due to lower property prices and proximity to the coast.
- Madrid, despite having only 7% of its sales from foreigners, still recorded over 5,400 purchases, indicating a steady demand for city life.
Alicante and Málaga: The Kings of Foreign Property Investment
If we zoom in further, we see that two provinces dominate the market:
| Province | Foreign Purchases (2024) | % of Total Sales in Province | % of Foreign Purchases in Spain |
|---|---|---|---|
| Alicante | 22,739 | 43.8% | 24.5% |
| Málaga | 11,404 | 32.4% | 12.3% |
Alicante: The Foreigner Capital
- Nearly 44% of all homes sold in Alicante in 2024 went to foreign buyers.
- This single province accounts for almost 25% of all foreign property purchases in Spain.
- Areas like Benidorm, Torrevieja, and Jávea are particularly popular among British, German, and Dutch buyers.
Málaga: The Jewel of the Costa del Sol
- With over 11,400 transactions, Málaga has the second-highest number of foreign purchases.
- The Costa del Sol continues to attract buyers from Britain, Germany, and Scandinavia who seek sun, golf, and luxury properties.
- Cities like Marbella, Estepona, and Fuengirola remain key hotspots.
Who’s Buying Homes in Spain?
Foreign buyers come from all over the world, but some nationalities are leading the charge.
| Nationality | Homes Purchased (2024) | % of Foreign Purchases |
|---|---|---|
| United Kingdom | 7,946 | 8.5% |
| Germany | 6,164 | 6.6% |
| Morocco | 5,245 | 5.6% |
| France | 4,968 | 5.3% |
| Netherlands | 4,923 | 5.3% |
| Romania | 4,710 | 5.1% |
| Italy | 4,693 | 5.0% |
| Belgium | 4,516 | 4.9% |
Key Trends Among Foreign Buyers
- The British still lead the pack, with nearly 8,000 homes purchased in 2024, proving that Brexit hasn’t dampened their love for Spain.
- Germans and Dutch buyers continue to increase, drawn to the Costa Blanca, Costa del Sol, and the Balearic Islands.
- Moroccan and Romanian buyers have shown a surge in interest, particularly in urban areas like Madrid and Barcelona.
- Polish and American buyers are rising, with over 4,200 and 1,500 transactions, respectively.
Why Are Foreigners Buying More Homes in Spain?
Several factors are driving this trend:
- A Strong Rental Market – Many foreigners buy properties as investments for short-term rentals, especially in tourist-heavy regions.
- Golden Visa Opportunities – Non-EU nationals can obtain residency in Spain by investing €500,000 in property, however this program ends on April 3rd 2025. For other Golden Visa alternatives, check this page.
- Cost of Living – Compared to Northern Europe and the US, Spain remains an affordable place to live.
- High Quality of Life – With excellent healthcare, great weather, and vibrant culture, Spain is an ideal retirement and second-home destination.
- Flexible Work Trends – The rise of remote work has allowed more people to relocate to sunny Spain while working for companies abroad.
Conclusion
Spain continues to solidify its status as one of the most attractive real estate markets for foreign buyers. With over 92,000 homes purchased in 2024, Alicante and Málaga remain top hotspots, while British, German, and Moroccan buyers lead the charge.
If you’re considering buying property in Spain, now might be the right time! Whether you’re looking for an investment opportunity, a holiday home, or a permanent move, Spain offers an unmatched combination of affordability, quality of life, and sunny weather.
