The Irish market for homes in Spain
Data and analysis of the Irish market for Spanish property in periodic reports highlighting key trends of interest to anyone looking to buy or sell property in areas of Spain where home buyers from the Republic of Ireland are active in the local real estate market.
This report page looks at the Irish market for property in Spain. Here, you’ll find periodic half-year and annual reports that delve into key trends and data related to Irish buyers in the Spanish property market. Whether you’re a property investor, an estate agent, or simply curious about international real estate trends, this page provides valuable insights into this niche yet important segment of the Spanish property market.
Our reports focus on answering critical questions, including:
- How many Spanish property sales involve buyers from Ireland?
- What is the year-on-year change in sales by Irish buyers?
- How do Irish buyers break down by residency type (expats vs. non-residents)?
- How much do Irish buyers spend on Spanish property?
- How does the Irish market compare to other important foreign markets for property in Spain?
While the Irish market for Spanish property is relatively small compared to larger foreign markets, it is notable for its concentration in specific regions. Despite its size, understanding this market is essential for anyone seeking a comprehensive view of the Spanish property landscape, particularly those involved with other international buyers such as Russians.
2024 H1
Irish buyers in the Spanish property market: H1 2024 snapshot
The first half of 2024 saw 1,186 Spanish property sales involving Irish buyers, reflecting the continued relevance of this market segment. This represents a 0.12% year-on-year increase (Fig. 1) and a 0.48% difference compared to the ten-year average, suggesting steady demand amidst changing global and local factors.
Residency Status of Irish Buyers
Irish buyers in H1 2024 were predominantly non-residents, with 864 purchases made for second homes or investments. Meanwhile, 322 transactions involved Irish expats living in Spain (Fig. 2).
- Non-resident buyers: Increased by 14.13% year-on-year, exceeding the ten-year average by 0.77%.
- Expats: Saw an 8.05% annual rise, aligned closely with the ten-year average at a 0.48% difference.
These figures indicate a strong presence of Irish buyers seeking investment opportunities or holiday homes, supported by expats residing permanently in Spain.
Ten-Year Sales Index
To contextualise these trends, the ten-year sales index (Fig. 3) reveals how this segment has evolved over time. The index uses a base value of 100, representing sales levels a decade ago. By H1 2024, the overall Irish buyer index reached 249.68, meaning total sales have more than doubled.
- Expats: Index rose to 219.05, indicating a 119% increase in purchases over ten years.
- Non-residents: Index surged to 263.41, reflecting a 163% increase over the same period.
These indices demonstrate significant growth in both buyer categories, with non-residents driving the expansion of the market segment.
Foreign Market Share and Spending Trends
Irish buyers accounted for 0.85% of the foreign market share in H1 2024 (Fig. 4), up from 0.77% the previous year. This modest increase indicates Ireland’s steady, albeit small, contribution to the broader foreign market for Spanish property.
Average spending among Irish buyers was €2,409 per square metre, reflecting an 11.32% increase year-on-year. Irish buyers spend 7% more than the average foreign buyer, and more than British and French buyers.
Comparison with Other Foreign Markets
Three additional charts provide a comparative perspective on this market segment:
- Sales volumes by nationality: Showcasing how Irish buyers rank in terms of total sales compared to other foreign markets.
- Year-on-year growth rates: Highlighting which nationalities saw the fastest growth, offering insights into market dynamics.
- Market share by nationality: Helping to understand the relative importance of different foreign markets in the Spanish property sector.
These comparisons place the Irish segment in context, illustrating how it performs alongside larger and emerging foreign buyer groups.
Key Drivers of Demand
Several factors have influenced the purchasing behaviour of Irish buyers in H1 2024:
- Remote work and lifestyle changes: The shift to remote work has enabled many Irish professionals to consider living in Spain, combining work with a Mediterranean lifestyle.
- Economic factors and savings: Post-COVID savings and favourable financing conditions have made property investments more accessible.
- Housing trends in Ireland: High property prices and supply shortages in Ireland have driven buyers to seek more affordable options abroad, with Spain offering attractive opportunities.
Conclusion
The Irish segment of the Spanish property market continues to demonstrate growth and resilience, with non-residents and expats contributing significantly to sales. While modest in size compared to other foreign markets, the segment reflects broader trends shaping the Spanish property landscape. As demand evolves, these insights provide a valuable lens through which to understand market dynamics and opportunities.
