American market

2024 Full Year

Sales performance

In 2024, American buyers were responsible for a total of 2,795 property purchases in Spain (Fig. 1). This represents an annual increase of less than 1%, a modest 0.16% growth year-on-year. When benchmarked against the ten-year average, this figure is 0.93% higher, indicating that demand from the USA remains stable and slightly above historical levels. Although the annual growth was relatively flat, the long-term trend continues to point upward, underlining the consistent interest of U.S. buyers in the Spanish property market.

Sales by residency status

A deeper look at market segmentation shows the relative split between foreign non-residents (FNRs) and expatriate Americans living in Spain.

• Foreign non-residents accounted for 1,521 transactions in 2024, representing a year-on-year increase of 0.15% and posting a 1.18% gain compared to the ten-year average.
• American expatriates residing in Spain purchased 1,274 properties, which also reflects a slight 0.16% year-on-year increase, and a 0.70% rise over the ten-year average.

This breakdown is illustrated in Fig. 2.

Looking at the ten-year index of sales (Fig. 3), we see that overall U.S. buyer activity rose from a base of 100 to 316, suggesting more than a threefold increase in total transactions over the decade.

• The FNR index grew to 369, outpacing the broader American segment and revealing that growth among non-resident buyers was particularly strong.
• In comparison, the expatriate buyer index increased to nearly 270, indicating solid, but comparatively slower, long-term growth.

An index is a statistical measure that tracks data over time relative to a base value, which in this case is 100 for the base year. An index of 316, for example, means that the number of sales has more than tripled since the base year. That the FNR index has grown faster than the expat index suggests that demand among non-resident Americans—typically investors or second-home buyers—has become a key driver of overall growth in this market.

Foreign market share (FMS)

U.S. buyers accounted for 0.020% of total foreign demand in 2024, up from 0.018% the previous year (Fig. 4). This shows a slight gain in market share, highlighting steady demand from the American market.

Over the past ten years, the American share of the foreign market has fluctuated between a low of 0.009% and the recent high in 2024 of 0.020%. Growth to the current peak underscores increased buyer interest, which could be linked to evolving investment priorities, currency movements, or changing immigration pathways such as the post-Golden Visa landscape.

Expenditure trends

Average expenditure by American buyers came in at €3,247 per square metre in 2024. This marked an increase of 0.11% compared to the previous year. Though the annual growth in unit expenditure is modest, it reflects sustained appetite for mid-to-high-value properties. This aligns with reports of a shift toward purchasing more prestigious properties, often located in prime coastal or urban areas.

Relative performance

The final three charts presented in this report compare key metrics across nationalities:

• Total sales volume by nationality
• Year-on-year change in sales by nationality
• Foreign market share for all nationalities

These visualisations provide comparative context, helping to assess the UK’s performance in relation to other important foreign markets in Spain. Readers can use these charts to gauge how British demand measures up against other nationalities in terms of strength, direction, and market share.

Market drivers

Several key factors shaped American demand in 2024:

• Favourable exchange rates: A strengthening U.S. dollar against the euro enhanced purchasing power for American buyers. In 2024, improved exchange conditions lowered the effective cost of Spanish property, helping to drive a reported 13% increase in transactions during the first half of the year.
• Investment potential: With average house prices in Spain up 8.7% year-on-year and rental yields remaining attractive, American investors looked to Spain as a potentially more lucrative real estate market. This is particularly in contrast to rising urban property prices in major U.S. metros.
• Post-Golden Visa transition: Despite Spain discontinuing its Golden Visa scheme in 2024, the American market defied expectations. High-value purchases—averaging €3,390 per square metre in some segments—continued, suggesting that access to residency was not the primary driver for this group. Rather, confidence in Spain’s market fundamentals and long-term potential appears to be sustaining demand.

Conclusion

2024 was another year of steady growth for American demand in the Spanish property market. Total sales increased slightly, both year-on-year and relative to the long-term average. The growth was largely balanced between foreign non-residents and expatriates, with the former showing slightly stronger gains over the last decade. Market share peaked at its highest point in ten years, reinforcing the increasing relevance of U.S. buyers within the broader foreign market.

Purchasing patterns indicate a strong focus on value, with an average spend per square metre suggesting ongoing interest in high-quality properties. Key factors such as currency advantages, solid returns, and real estate diversification continue to make Spain an attractive market for American investors and second-home seekers alike.

Looking ahead, unless significant changes in exchange rates, visa policies, or macroeconomic conditions occur, the American segment is likely to maintain its current trajectory of moderate but sustained growth.