Over 1,000 transactions in 2024, a 22.5% jump from the previous year, mark a significant uptick in foreign interest in the Galician property market—outpacing even Madrid.
Foreign buyers have taken an increasingly keen interest in Galician real estate over the past year, with property sales to non-Spaniards exceeding 1,000 transactions in 2024—an annual increase of 22.5%, according to data released this week by the Notary’s Association.
This surge in interest, especially notable in the second half of the year, reveals a market on the move. The growth nearly doubled the 11.5% increase seen in the first half of 2024. In total, 1,040 purchases by foreign nationals were registered last year—191 more than in 2023—continuing an upward trend noted since 2016, save for brief dips during the COVID-struck first half of 2020 and the subdued second semester of 2023.
Small region, big jump
Galicia ranked sixth nationally among Spanish autonomous communities in growth of foreign property purchases last year, ahead of Madrid (21.9% growth), and just behind regions like Cantabria, Castilla y León, and Asturias. The region’s enduring appeal—think rugged coastlines, lush countryside, and historic charm—appears to be resonating more and more with overseas buyers hunting for a slice of authentic Spain.
Though Galicia still accounts for a relatively modest share of the national pie, its rapid growth reflects a broader decentralisation of foreign interest, with buyers increasingly looking beyond traditional hotspots like the Costa del Sol or the Balearics.
Across Spain, foreign buyers accounted for 19.5% of all property purchases in 2024, down slightly from 21.1% in 2023. Interestingly, non-residents—those living outside Spain—made up 41.9% of these transactions, representing an 8.2% increase on the prior semester.
Property prices: Galicia vs the rest
Galicia also remains one of the most affordable Spanish regions for property. The average price per square metre in foreign transactions was €1,059 in the second half of 2024—a 5% increase over the previous year. That figure pales compared to the national average of €2,362, which itself rose 8.6%.
Even more striking is the price premium paid by non-residents: foreigners buying from abroad paid an average of €3,063/m², well above what resident foreigners (€1,795/m²) or Spanish nationals (€1,713/m²) shelled out. Clearly, lifestyle or emotional appeal sometimes trumps the bottom line.
Who’s buying?
Looking at Spain as a whole, the most active foreign buyers by nationality in 2024 were the British (8.7%), Moroccans (7.3%), and Germans (6.7%). Non-European buyers were also well represented, comprising 12.2% of total acquisitions.
In terms of growth, a new wave of interest is emerging from Polish (+43.7%), Chinese (+26.5%), Ukrainian (+26.3%), Dutch (+26%), and Colombian (+23.4%) buyers, while traditional markets like Russia (-10.6%), France (-2%), the UK (-1.7%), and Belgium (-1.6%) saw slight declines.
As for Galicia, non-resident buyers were led by Americans and Portuguese, drawn perhaps by heritage links or the comparative tranquillity of the region. Among foreign residents buying locally, Portuguese and Romanian nationals took the lead.
With affordability, natural beauty, and a growing reputation as a peaceful alternative to Spain’s coastal hotspots, Galicia’s rising appeal among international property buyers seems far from accidental. The region might not be topping the charts—yet—but with momentum building, it’s definitely one to watch.
