French demand for property in Spain slipped further down the rankings in 2025, falling behind the Dutch for the first time on record. Once one of the dominant buyer groups, the French now account for a steadily shrinking share of the foreign market.

For decades buyers from France were among the most important foreign purchasers of homes in Spain. Traditionally they ranked second only to buyers from the United Kingdom, forming one of the pillars of foreign demand.

That is no longer the case. In 2025 French buyers slipped to fourth place, overtaken by the Netherlands for the first time ever, according to the latest data from the Spanish Land Registrars’ Associatioin. The top positions are now held by the British, followed by buyers from Germany and the Dutch, with the French trailing behind.

French buyers acquired around 4,985 homes in Spain in 2025, a marginal year-on-year decline of just under 1%. While that might seem relatively stable in isolation, it masks a deeper shift: foreign demand overall grew by about 4.9% in the same period. In other words, French demand is losing ground relative to the rest of the international market.

The longer-term trend is even clearer. Since 2015, purchases by French buyers have grown modestly—reflected in a sales index of 121 compared to 208 for the foreign market as a whole. Their share of all foreign purchases has steadily declined, falling to around 5.1% in 2025, down from almost 8.8% at its peak.

From rich neighbours to relative parity

Historically, French buyers were drawn to Spain for a simple reason: it was cheaper. For decades the French crossed the border to buy second homes in places like Catalonia, where property offered better value than comparable homes in southern France.

But that economic logic has weakened.

In recent years Spain’s economy—particularly its housing market—has been comparatively dynamic, while France has struggled with sluggish growth and mounting structural challenges. The result is that French households no longer enjoy the same purchasing advantage they once had when buying property south of the border.

In some parts of Spain the price gap has narrowed dramatically, and in certain desirable areas the balance has even flipped. Spain is no longer simply the cheaper neighbour.

A different kind of French buyer emerging

That does not mean French demand will disappear altogether. What may emerge instead is a shift in the type of French buyer.

Rather than holiday-home purchasers, a growing number of French citizens appear to be relocating to Spain, particularly to cities such as Barcelona. Lifestyle appeal, climate, and professional opportunities are increasingly attracting French residents looking for a change of scenery.

However, this relocation trend is unlikely to compensate for the gradual decline in second-home demand. The traditional cross-border holiday-home market that once sustained strong French buying activity is simply not what it used to be.

For now, the numbers tell a clear story: French buyers remain an important presence in Spain’s property market, but their relative influence is slowly fading as new nationalities—especially the Dutch—move ahead in the rankings.