Dutch market

2024 Full Year

The Dutch market overview: The Dutch market for Spanish property in 2024

This report focuses on Dutch buyers in the Spanish property market over the full calendar year of 2024. Drawing on data from the Association of Spanish Notaries, it provides a detailed analysis of sales volumes, trends by residency status, foreign market share, expenditure patterns, and the key factors driving demand. The aim is to offer a clear and comprehensive overview of the Netherlands' contribution to foreign demand for Spanish real estate during this period, helping buyers, vendors, property professionals, and market observers understand the evolving role of Dutch nationals in the Spanish property landscape.

Sales performance

In 2024, a total of 7,436 property transactions in Spain involved Dutch buyers (Fig. 1). This represented a marginal year-on-year increase of 0.18%, continuing a stable trend in demand from this nationality. When compared to the ten-year average, this total was up by 0.87%, indicating that Dutch demand for Spanish property remains consistently strong and slightly above typical levels over the past decade.

Sales by residency status

Dutch buyers in the Spanish property market can be divided into two categories: foreign non-residents (FNRs), who bought 5,616 homes, and Dutch expats residing in Spain, who accounted for 1,820 purchases (Fig. 2).

• The non-resident segment experienced a year-on-year increase of 0.20%, and a 1.06% rise compared to its ten-year average, suggesting steady interest in holiday or investment properties by Dutch citizens.
• Purchases by Dutch expats showed a more modest annual increase of 0.12% and were 0.47% above the ten-year average, pointing to stable but slower growth among long-term residents.

To assess the market’s evolution over the past decade, an index (with base year = 100) was applied to track changes in total sales and by residency status (Fig. 3). By 2024:

• The overall sales index reached 416, meaning total Dutch purchases in Spain have more than quadrupled in the last ten years.
• The FNR index rose to 510, indicating that property purchases by Dutch non-residents increased more than fivefold compared to the base year.
• The expat index stood at 265, showing that activity among Dutch residents living in Spain grew by 165% over the same period.

These index values highlight a much faster rate of growth among FNRs than among expats. While both segments have shown substantial long-term growth, it is clear that the appeal of Spanish property as a non-resident investment or second-home opportunity has driven the bulk of the increase in Dutch demand.

An index is a method used to track relative changes over time, with a reference year given a value of 100. An index of 416 means the market has increased by 316% from the baseline. This allows us to quickly see how segments have performed relative to each other or a previous period.

Foreign market share (FMS)

Dutch buyers represented 0.054% of the total Spanish property market in 2024 (Fig. 4), a small but notable increase from 0.046% the previous year. Over the last decade, the market share of Dutch buyers has fluctuated between a low of 0.025% and the current high of 0.054%.

While the share remains modest in absolute terms, the trajectory suggests steadily rising Dutch involvement in the Spanish housing market, peaking in 2024.

Expenditure trends

In 2024, Dutch buyers paid an average of €2,382 per square metre for Spanish properties. This marks a slight year-on-year increase of 0.09%, consistent with the broader trend of stabilising prices. It also reflects the growing preference among Dutch buyers for homes in more attractive or in-demand areas, such as coastal destinations or urban hubs, where prices per square metre tend to be higher.

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 factors contributed to the stable to growing demand among Dutch buyers in 2024:

• Economic recovery and interest rate decline: The Dutch economy showed strong performance in 2024, reinforcing consumer confidence. Simultaneously, a fall in interest rates by the European Central Bank made financing property abroad—especially in markets like Spain—more affordable. This increased Dutch buyers’ purchasing power and appetite for overseas investment.
• Investment diversification: With the domestic housing market in the Netherlands showing signs of cooling, Dutch investors looked abroad for more lucrative opportunities. Spain’s comparatively affordable property prices and above-average price growth made it an attractive proposition, particularly in sought-after areas such as the Costa Blanca.
• Retirement and remote work trends: A growing number of Dutch citizens retiring to Spain or relocating temporarily due to remote working capabilities also fuelled demand. Spain’s relatively lower cost of living and established expatriate communities make it a favourable destination for long-term stays, both for lifestyle and financial reasons.

These demand drivers help explain the increased activity seen among both FNRs and resident Dutch expats throughout the year.

Conclusion

The Dutch segment of the Spanish property market continued its upward trajectory in 2024, with overall sales rising marginally and exceeding the ten-year average. Non-resident buyers were the primary engine of this growth, while resident expats also maintained a steady purchasing trend.

Over the past decade, sales to Dutch buyers have surged, reflected in an overall sales index increase of over 400%, with non-resident purchases growing even faster. Market share for Dutch buyers reached a ten-year high in 2024, and an increase in €/sqm spending suggests demand is extending to higher-value areas.

Looking ahead, continued economic stability in the Netherlands, supportive lending conditions, and lifestyle-driven factors such as remote work and retirement migration are likely to sustain Dutch interest in Spanish property. While the rate of growth may be moderate, the long-term outlook for this market remains positive.