In 2025, the Spanish real estate market surprised even the most seasoned analysts: legal entities purchased a record number of residential properties. According to notaries, companies closed over 76,000 transactions, marking an all-time high since records began in 2007. Nevertheless, the vast majority of apartments and houses are still bought by private individuals, who account for about 90% of all transactions.
At the same time, experts note that the share of legal entities in total transactions remains relatively modest. Even at this historic high, companies made up only 11% of the market, whereas in previous years their presence rarely exceeded 10%. The exception came between 2011 and 2013, when businesses managed to hold as much as 20% of the market—but private buyers soon regained their dominance.
Market dynamics
Looking at the absolute numbers, in 2024 private individuals conducted more than 624,000 transactions, while in the first eight months of 2025 they completed nearly 428,000. For comparison, companies acquired just under 50,000 properties over the same period. Year-end forecasts predict around 640,000 transactions by individuals and 74,000 by legal entities. Thus, the typical 90% to 10% ratio remains unchanged, despite increased activity from businesses.
Interestingly, if current trends continue, 2025 will be the second most successful year ever for private buyers, behind only 2007, when more than 720,000 transactions were recorded.
Buying trends
The differences between companies and private individuals are evident not only in the number of transactions, but also in the characteristics of the properties they purchase. In 2025, the average price per square meter for legal entities was €2,347, with the average size of properties bought being 136 square meters. By comparison, private individuals paid an average of €1,887 per square meter and typically chose homes of around 113 square meters.
The reasons for this difference lie in their purchase goals: while private buyers most often acquire property for themselves or their families, companies view real estate as an investment or a business asset. This also explains the higher price volatility for properties purchased by companies, as well as significant fluctuations in the size of properties bought.
The foreign factor
In recent years, Spain’s real estate market has seen a marked increase in activity from foreign buyers. In 2024, they accounted for 21% of all private transactions, and in 2025 their share remained virtually unchanged at 20%. Among legal entities, foreign companies represent just 3% of the market, a figure that has remained stable for several years.
Analysts note that the distribution of deals by nationality remains steady: the majority of buyers are Spanish, but foreigners consistently hold a fifth of the private market. Their presence among companies is minimal.
Geography of transactions
From January 2007 to August 2025, four regions—Andalucía, Valencia, Cataluña, and Madrid—accounted for more than 62% of all real estate transactions in the country. These autonomous communities lead in the number of deals both among individuals and companies, a trend linked to their economic and demographic significance.
Meanwhile, in regions such as Cantabria, Navarra, and La Rioja, the real estate market remains modest due to smaller populations and lower housing demand. As for recent trends, the highest share of company purchases was recorded in the Canary Islands (16%), Cataluña (15%), and the Balearic Islands (14%). In País Vasco, Asturias, and Navarra, this figure does not exceed 6%.
Prices and foreigners by region
The highest residential property prices for individuals have been observed in País Vasco and the Balearic Islands—€2,484 per square meter. The most affordable options are in Extremadura (€700) and Castilla-La Mancha (€856). For companies, the most expensive transactions take place in the Balearic Islands (€3,137 per square meter) and Madrid (€3,049), while the lowest prices are found in Extremadura (€1,033) and Murcia (€1,106).
When it comes to foreign buyers, in Spain’s inland and northern regions—Extremadura, Galicia, and Cantabria—almost all transactions are made by locals, with foreigners accounting for less than 5%. On the coast and in tourist areas, the situation is different: in the Balearic Islands, Canary Islands, Valencia, and Murcia, foreigners are involved in 27–38% of deals. In Cataluña and Andalucía, their share stands at 17%.
In case you didn’t know, the Consejo General del Notariado is the association of notaries in Spain. It analyzes and publishes real estate transaction statistics and monitors market transparency. The organization regularly releases reports used to assess the state of the housing market and forecast its trends. Its responsibilities include not only collecting data but also providing advice on real estate transactions for both individuals and businesses.
