Mark StücklinBelgian demand for Spanish property has bounced back this year, with the latest figures showing a solid recovery after a dip in 2024.
Growth after last year’s slowdown
In Q2 2025, Belgian nationals bought around 1,200 homes in Spain — up 20% compared to the same quarter last year. This represents a clear turnaround after activity fell back in 2024. Even so, the volume remains only 32% above the ten-year average, suggesting growth is more measured than some of the faster-expanding markets.
Over the first half of 2025, Belgians acquired roughly 2,430 homes, up 11% year-on-year and around 27% higher than their long-run average. That puts Belgium’s recovery broadly in line with the wider foreign market, which expanded by 11% in the same period.
Market share remains stable
Belgium’s share of all foreign purchases in Q2 stood at 5.0%, almost identical to recent years but below its peak of 6.5% back in 2015. On a longer view, Belgian demand has grown by two-thirds since 2015, with its index now at 167, compared to 216 for the foreign market overall. In other words, Belgian demand is growing, but not as fast as the broader foreign segment.
The overall picture is one of stability: Belgium remains a consistent mid-ranking market for Spain, delivering steady business even if it is not setting the pace of growth.
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