Mark Stücklin
German buyers remain a major force in the Spanish property market, but the latest figures suggest their share of the foreign-buyer pie is slipping back towards the lower end of its recent range.
According to the most recent data from the Spanish Land Registrars, German nationals bought 1,590 homes in Spain during Q2 2025 — up almost 5% year-on-year but still more than 24% above the average level of the past decade. In the first half of the year, they purchased around 3,216 homes, up 8% compared to the same period in 2024 and roughly 26% above their ten-year average.
Losing momentum against other markets
While these are healthy numbers in historical terms, they lag behind the pace of the wider foreign market. Total foreign demand grew by more than 11% in Q2 and 15% in the first half, meaning German market growth was outpaced by many other nationalities. As a result, Germany’s share of the foreign market in Q2 fell to 6.6% — close to its ten-year low and well below its peak of just over 9%.
Long-term trends still positive
Looking at the bigger picture, German demand has grown strongly over the past decade. An index set at 100 in 2015 now stands at 186, compared to 216 for the foreign market overall. This means German demand has risen by around 86% in that time, though other nationalities have grown faster.
For buyers, the relatively slower growth might mean less competition in certain German-favoured areas, potentially improving negotiating conditions. For sellers and agents, the message is that Germany is still a strong and valuable market — just not quite keeping pace with the fastest-growing foreign segments.
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