The Chinese market for homes in Spain
Annual reports on the Spanish property market segment involving buyers from the People’s Republic of China, giving you a quick overview of the key trends each year and how Chinese demand compares with other major international markets for residential real estate in Spain.
2024 Full Year
Chinese demand for homes in Spain accelerated in 2024, with total purchases reaching 5,220, as shown in Fig. 1. That represents year-on-year growth of 19.0% and a level 28.4% above the ten-year average. In short, this was a strong year that consolidates China’s position amongst the larger buyer nationalities in the Spanish market.
Sales by residency status
Purchases by foreign non-residents (FNRs) totalled 569 in the year, up 20.0% year on year and 31.7% above the decade average. Meanwhile, expats living in Spain bought 4,651 homes, rising 18.9% year on year and 28.0% above the ten-year average. The expat segment continues to dominate overall Chinese demand, but the FNR segment outpaced it marginally in growth terms in 2024. These segment splits are illustrated in Fig. 2.
Foreign market share and positioning
China’s foreign market share (FMS) increased from 3.2% in 2023 to 3.8% in 2024. Over the last ten years, share has ranged between a high of 5.1% and a low of 2.8%. The latest reading puts China nearer the upper half of its historical range, signalling regained traction versus other active foreign markets. This is tracked in Fig. 3.
Prices paid
Average spend reached €2,020 per sqm, up 6.0% year on year. This aligns with the stronger volume picture and indicates ongoing willingness to pay for quality locations and assets.
Why demand strengthened in 2024
Golden visa appeal: Spain’s residency-by-investment programme at the €500,000 threshold likely featured in purchase decisions, offering Schengen mobility and a family-friendly pathway into the EU, as Chinese investors rushed to take advantage of the scheme before it closed at the start of 2025.
Market stability: Spain’s property market moved further into a mature expansion with stable institutions and lifestyle appeal. Against global uncertainty, Chinese buyers diversified internationally, with Spain benefitting from its combination of safety, climate, education options, and connectivity.
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.
