Mark Stücklin
The latest figures from Spain’s land registrars reveal that the foreign appetite for Spanish homes is not just holding steady—it’s hitting record highs.
In the second quarter of 2025 there were 24,122 home sales involving a foreign buyer inscribed in the Land Registry, up 11% year-on-year. Compared to the average level of sales in the preceding decade, that’s an increase of almost 46%.
Local demand in the same period amounted to 146,956 sales, up nearly 18% year-on-year and 35% above the ten-year average. This gave foreign buyers a market share of 14.1%—towards the upper end of the range seen in the past decade, which has varied from a low of 9.95% to a high of 14.94%.
Taking the first half of the year as a whole, there were 33,134 foreign-buyer sales—15% more than the same period last year and a remarkable 50% higher than the ten-year average. This makes H1 2025 the strongest start to a year for foreign demand ever recorded in the registrars’ data series.
Who’s buying—and who’s buying more
As usual, the British were the largest group of foreign buyers in Q2, chalking up 1,874 purchases. They were followed by the Germans with 1,590, and the Dutch with 1,558.
But the growth story belongs to the Netherlands. Dutch demand surged by 40% compared to Q2 last year, making them the fastest-growing major market. The Belgians also saw healthy growth, up 20%. Almost all the main foreign-buyer nationalities increased their activity—except for Russia, where purchases fell 19%.
What it means for the market
The enduring strength of foreign demand is notable given the broader economic and political backdrop. Rising interest rates in recent years, tighter fiscal policies, and patchy economic growth in parts of Europe might have been expected to cool demand. Instead, Spain’s combination of climate, lifestyle, and property values—relative to other mature markets—continues to draw in buyers from across the globe.
Foreign buyers have long been an important segment of the Spanish housing market, particularly in coastal regions and major cities. A market share of over 14% is not unusual in recent years, but hitting this level alongside record absolute sales volumes in the first half of the year shows the sector’s resilience and appeal.
Looking ahead, the challenge for policymakers and local markets will be balancing this international interest with domestic housing needs—especially in areas where foreign demand can add to upward pressure on prices. For now, though, the latest data suggest that foreign appetite for Spanish homes shows no sign of abating, and 2025 could set a new annual record if current trends continue.
