Transaction trends: foreign demand and its structure
In the first half of 2025, interest from foreign buyers in Spanish real estate continued to grow. During this period, 71,155 transactions involving foreigners were registered, up 2% compared to the same period last year. This is the highest figure since the end of 2022, when transaction volumes also exceeded 70,000. Despite the increase in the number of deals, the share of foreigners in the total volume of purchases dropped to 19.3%. For comparison: in 2024, this figure was 20.3%, and in 2023—21.3%. Thus, the proportion of foreign buyers has reached its lowest point in the past three and a half years.
Residents from other countries accounted for 60.9% of all transactions (43,306 properties), which is 6.4% more than the previous year. At the same time, non-residents made up 39.1% of operations (27,849 properties), marking a 4.1% decrease. This difference in dynamics between the two groups of buyers became noticeable for the first time in the past six months. The increase in activity among foreigners living in Spain has offset the decline in deals among those without permanent residence in the country.
Buyer nationality: leaders and regional specifics
British citizens purchased the most real estate in Spain in the first half of the year—5,731 transactions, accounting for 8.1% of the total. They are followed by buyers from Morocco (5,654 transactions, 7.9%) and Germany (4,756, 6.7%). The top eight also include Italy, Romania, the Netherlands, France, and Belgium. All other nationalities completed fewer than 2,800 transactions each.
Among non-residents, the most active buyers were the British, Germans, Dutch, and Belgians. For example, UK citizens most often purchased property in Murcia (28.7% of all non-resident transactions) and Andalusia (15.5%). Germans were especially prominent in the Balearic Islands (50%), Extremadura (29.6%), and the Canary Islands (22%). The Dutch stood out in Murcia (15.2%) and the Valencian Community (14.9%), while Belgians were notable in Aragon (12.8%), Asturias (11.7%), and Valencia (10.5%).
Among foreign residents, Morocco leads in Murcia (38.7%), Navarre (37%), La Rioja (26.8%), Extremadura (23.5%), and Castilla-La Mancha (21.3%). Romanians most frequently bought property in Aragon (29.5%), Castilla-La Mancha (26.2%), and La Rioja (20.9%). Italians were especially active in the Canary Islands (22.5%), the Balearic Islands (15.4%), Madrid (12.2%), and Catalonia (12.1%). For British residents, Andalusia (12%) and Murcia (11.1%) stand out.
Prices: a new all-time high
The average price per square meter of property purchased by foreigners reached €2,417, up 7.6% from a year earlier. This is the third consecutive record high on record. The main driver of growth was non-resident transactions: for the first time, the average price in this category exceeded €3,100 per square meter, increasing by 8% over the year.
Residents from other countries paid an average of €1,912 per square meter, up 10.3% from last year, though this figure is still below the 2008 peak. Among the nationalities paying the highest prices were citizens of the USA (€3,465/m²), Switzerland (€3,457), Sweden (€3,421), Norway (€3,292), and Germany (€3,270). Prices above average were also recorded for buyers from Poland, France, the Netherlands, Belgium, Italy, Russia, Ireland, and the United Kingdom. The lowest average prices were registered among citizens of Morocco (€747/m²), Romania (€1,325), and Ecuador (€1,328).
Geography of Transactions: Regional Leaders and Trends
The Valencian Community once again led among regions with the highest number of transactions involving foreigners, with more than 20,000 deals closed. This region also heads the ranking among residents (9,515 transactions, 22%), followed by Catalonia (8,909; 20.6%), Andalusia (6,677; 15.4%), and Madrid (4,620; 10.7%). In the non-resident segment, Valencia accounted for 39.6% of all deals (11,025 properties), Andalusia for 24.2% (6,733), the Canary Islands for 9.6% (2,666), Catalonia for 8.4% (2,351), and Murcia for 7.6% (2,121). The Balearic Islands provided 6.6% of the transactions, Madrid 2%, and other regions less than 1%.
Almost all autonomous communities have recorded an increase in the number of transactions. The largest growth was seen in Asturias (30.8%) and Castilla y León (25.9%), followed by Galicia (14.3%), Castilla-La Mancha (11.7%), Extremadura (10.6%), Aragón (10.4%), and La Rioja (9.9%). Meanwhile, in Catalonia (7.1%), Andalusia (6%), Cantabria (5.5%), Murcia (3.1%), the Basque Country (2.4%), and Madrid (0.1%), the growth rates were more modest. In four regions — the Canary Islands (-7.7%), the Balearic Islands (-6.8%), Navarre (-3.7%), and Valencia (-3.6%) — the number of transactions with foreigners decreased, contrasting with the overall positive trend of the previous half-year.
