For the first time, Valencia has overtaken Barcelona as the leading big-city rental market for foreigners in Spain, according to a new study by Idealista.
Valencia edges ahead of Barcelona
In the first quarter of 2025, Valencia province accounted for 17% of international rental demand, ahead of Barcelona’s 15.3%, Madrid’s 9.1%, and Seville’s 8.1%. Just two years ago, Barcelona was still the favourite, but since 2023 Valencia has been on a steady rise while Barcelona has slipped back. Compared to 2019, Valencia’s share of international demand has surged by 113.9%, outpacing Barcelona’s 77.9%.
Prices tilt the balance
The cost advantage is a key part of Valencia’s appeal. Renting a 70m² flat in the province now costs €945 on average, according to Idealista. That is steep compared to the regional average (€12.4/m²), but still far more competitive than Barcelona, where the same-sized flat costs €1,414. Combined with quality of life and coastal access, Valencia’s relative affordability is pulling in more tenants from abroad.
Who’s renting in Valencia?
The most active international tenants in Valencia are Americans (14% of the foreign market), followed by Germans (9%) and French (8%). US tenants dominate in most of Spain’s major markets, with the exception of Barcelona, where the French take the lead. Overall, Americans are now the single biggest nationality group among foreign renters in 22 of Spain’s 52 provinces.
Coastal favourites still dominate
While Valencia has surged ahead of Barcelona, the Balearic Islands remain Spain’s undisputed rental hotspot. Almost 30% of all foreign rental demand is concentrated there, followed by Alicante (27.4%) and Málaga (25.7%). In the Balearics, Germans account for nearly 40% of the international rental market, highlighting the islands’ long-standing popularity among northern Europeans.
The bigger picture
International tenants continue to favour coastal and tourist-friendly provinces. Even in the sales market, foreigners accounted for almost 44% of purchases in Alicante and 33% in Málaga during the same period, according to the College of Registrars. Demand is clearly clustering around lifestyle-driven locations, and now Valencia has joined the top tier by offering a strong mix of affordability, quality of life, and Mediterranean appeal.
