Mark Stücklin
The most recent data on foreign non-resident (FNR) buyers only reinforces how nonsensical the government’s proposal remains.
I’ve just updated my report on this segment (non-EU, foreign non-resident buyers) with the 2024 figures from the notaries, and the picture is clear: no change in importance, if anything a slight decline. The market share of non-EU FNRs has slipped from 2.9% in 2023 to 2.7% in 2024. That’s hardly the profile of a market segment driving Spain’s housing crisis.
Dubious numbers from the start
When socialist Prime Minister Pedro Sánchez first floated the idea in January of taxing non-EU Foreign non-residents out of existence (and subsequently banning them altogether) the figures used to justify his proposals did not add up. He claimed that 27,000 non-EU FNRs bought property in Spain in 2023, implying they made up around 49% of the total FNR market of 54,917. But notary data – which the government itself relies on for other housing statistics – shows the true number was 18,648, equivalent to just under one third of the market. These are not small discrepancies; they are huge differences with no proof or justification offered by the government for figures that fly in the face of the evidence.
A political pitch, not a housing solution
Sánchez’s announcement has often been reported internationally as if a ban were already in place, but the reality is otherwise. This proposal seems as far from reality as always. The truth is this was never serious policy – it was a political pitch designed to shift blame for the housing access crisis away from the government’s own missteps, like the 2023 Housing Law, and onto a convenient scapegoat.
Who are these buyers, really?
The big groups in this segment – British, American, Swiss, Norwegian – are not competing with locals for affordable homes in Spanish cities. They are buying holiday properties on the coast. Groups such as Moroccans or Colombians are too small in number and geographically spread out to have any meaningful impact. So even if implemented, the policy would do nothing to make housing more affordable. Instead, it would damage local economies in regions like the Costa del Sol, Costa Blanca and Murcia, where foreign holiday-home buyers are vital.
Waiting for the next data drop
We’ll know more when the notaries release their H1 2025 figures in mid-October, but I don’t expect the story to change. If anything, the segment might shrink slightly as buyers get the message they are not welcome. Until then, the numbers make one thing clear: if you understand the data, you can’t possibly support this policy.
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