The Russian market for homes in Spain
Data and analysis of the Russian 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 Russia are active in the local real estate market.
This report page provides half-year and annual reports on the Russian market for property in Spain. Here, you’ll find comprehensive insights into how Russian buyers participate in the Spanish real estate market, supported by detailed data and analysis. Whether you’re a property professional, investor, or simply curious about international trends in Spanish real estate, these reports will equip you with essential knowledge.
Our reports explore key aspects of the Russian market’s activity in Spain, offering answers to critical questions such as:
- How many Spanish property sales involve buyers from Russia?
- What is the year-on-year change in the volume of purchases by Russian buyers?
- How do Russian buyers break down by residency type (expats living in Spain vs. non-residents)?
- How much do Russian buyers typically spend on Spanish properties?
- How does the Russian market compare to other significant foreign property markets in Spain?
As a mid-sized player in the broader landscape of foreign interest in Spanish property, Russia’s influence provides valuable insights into the dynamics of the international property market. These reports are especially relevant for those dealing with Russian buyers or sellers, or anyone seeking to understand the Spanish property market’s global appeal.
Stay tuned for periodic updates packed with data-driven analysis and trends to guide your understanding of this important segment of the Spanish real estate market.
2024 Full Year
The Russian market overview: The Russian market for Spanish property in 2024
This report focuses on Russian 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 levels, and key market drivers. The aim is to give a clear and comprehensive overview of Russia’s role in foreign demand for Spanish real estate during this period, helping market participants understand shifting patterns and the broader context influencing Russian buyer activity.
Sales performance
In 2024, buyers from Russia purchased a total of 3,016 properties in Spain (Fig. 1), illustrating a marginal year-on-year decrease of less than 1%. When compared against the ten-year average, sales from this nationality were essentially flat, with a modest increase of 0.07%. This suggests that while Russian demand has remained relatively steady over a longer period, short-term pressures are slightly dampening overall activity.
The data reflects a stabilisation of Russian purchases within the broader context of foreign demand for Spanish property, with total sales maintaining a base level despite recent downward adjustments influenced by geopolitical and regulatory developments.
Sales by residency status
Breaking this market down by residency status reveals distinct trends (Fig. 2). Of the 3,016 total sales:
- Foreign non-residents (FNRs) accounted for 813 sales, a year-on-year decline of 30%, and 32% below the ten-year average.
- Expats resident in Spain purchased 2,203 homes, with a smaller annual decline of 13%, and notably, 37% above the ten-year average.
This divergence is further illustrated through a ten-year index of sales performance (Fig. 3):
- The total sales index for Russian buyers rose from 100 to 108, indicating an 8% overall increase over the past decade.
- The FNR segment index fell dramatically to 51, meaning current sales from this segment are just half of what they were a decade ago.
- Conversely, the expat buyer index climbed to 186, signalling that sales to this group almost doubled in the same timeframe.
For readers unfamiliar with index analysis: an index sets a base year (typically 10 years ago) as 100. Any number above 100 indicates growth; any number below shows contraction. In this case, the steep decline in FNR activity reflects a waning role of international Russian investors, while the growth among resident expats underlines a sustained demand from Russians with established ties to Spain.
Foreign market share (FMS)
In 2024, the foreign market share (FMS) held by Russian buyers was 0.022%, down from 0.027% the previous year (Fig. 4). This drop reflects the declining market presence of this nationality compared to other foreign buyers.
Over the past decade, Russian market share has peaked at 0.038% and fallen as low as 0.020%. The current figure, close to the historical low, highlights a prolonged shift away from earlier peaks in Russian demand — consistent with broader macroeconomic and political constraints affecting outbound investment from Russia in recent years.
Expenditure trends
The average price paid by Russian buyers in 2024 was €2,576 per square metre, representing a 0.12% increase compared to 2023. This moderate rise in price per sqm indicates relative price stability among Russian buyers, which may be due to an increasing prevalence of expat purchases — who tend to buy properties for own-use or relocation — rather than speculative or investment purposes.
This stability in per sqm expenditure stands in contrast to the significant drop in transactions by non-resident buyers, suggesting that the remaining Russian demand is more focused on lifestyle purchases than capital deployment.
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 external factors curtailed Russian demand for Spanish property significantly in 2024:
- Sanctions and capital controls: Widening Western sanctions on Russia, and intensified capital controls imposed by Russian authorities, presented substantial obstacles for transferring funds abroad. These constraints heavily impacted the ability of Russian non-residents to pursue property acquisitions in Spain.
- Geopolitical fallout: The ongoing conflict in Ukraine and Spain's adherence to EU policies prompted heightened regulatory scrutiny of Russian nationals. This created a more complex purchase process for Russian buyers, especially non-residents, resulting in a chilling effect on market participation.
These factors help explain the disproportionate drop in sales by foreign non-resident Russians versus the more resilient expat segment.
Conclusion
The 2024 Spanish property market experienced a moderate pullback in demand from Russian buyers, with overall sales showing a minimal year-on-year decline, and only marginally above the decade average. This stability masks deeper segmentation within the Russian market:
- Non-resident buyer activity contracted significantly, continuing a ten-year downward trend.
- In contrast, resident Russian expats demonstrated strong and growing demand, likely reflecting lifestyle-driven motivations rather than investment or capital diversification.
Given persistent geopolitical tensions and ongoing financial controls, demand from non-resident Russian buyers is likely to remain constrained in the near future. However, the expat segment may continue to provide a foundation of support, underpinned by personal and professional ties to life in Spain.
While Russia’s relative contribution to Spain’s foreign property market has diminished, sales to Russian expats suggest that demand has not disappeared — it has simply evolved. Market participants should account for these shifting dynamics when assessing longer-term opportunities connected to this demographic.
2024 H1
Russian buyers in the Spanish property market: H1 2024 snapshot
Russian buyers have long been a key segment of the Spanish real estate market, though their activity has fluctuated over the years due to economic and political factors. This snapshot provides an overview of their involvement during the first half of 2024, focusing on key trends and developments.
Total sales and trends
During H1 2024, property sales involving Russian buyers reached 1,556 transactions, reflecting a year-on-year decline of 24.2% compared to the same period in 2023 (Fig. 1). Despite this significant drop, the total sales figure exceeded the ten-year average by 0.39%, indicating resilience amidst broader challenges.
Buyer residency status
A breakdown of buyer residency status (Fig. 2) reveals that:
- 414 transactions were made by non-resident Russians, representing purchases of second homes or investment properties.
- 1,142 transactions involved expats—Russians living in Spain, purchasing primary residences or additional properties.
The year-on-year change was more pronounced for non-residents, with a decline of 38.5%, compared to a 17.3% reduction among expats. These figures diverged from their respective ten-year averages, with non-resident purchases falling below the historical norm by 31.6%, while expat purchases were 39% above average.
Ten-year sales index
To illustrate long-term trends, a ten-year sales index (Fig. 3) is used, where the baseline value of 100 represents the starting point. By H1 2024:
- The overall sales index rose slightly to 105.85, showing modest growth in total Russian buyer activity over the decade.
- The expat sales index surged to 180.41, indicating significant growth in purchases by Russians living in Spain.
- The non-resident sales index dropped sharply to 49.46, reflecting a marked decline in activity from this group.
For readers unfamiliar with indices, they provide a way to track relative changes over time, with the starting value of 100 serving as a reference point. A value above 100 indicates growth, while a value below 100 signifies a decrease.
Foreign market share
The foreign market share (FMS) of Russian buyers was 1.12% in H1 2024, down from 1.50% during the same period in 2023 (Fig. 4). This decline highlights a diminishing role for Russians in the overall foreign buyer segment of the Spanish property market.
Spending trends
In terms of expenditure, Russian buyers spent an average of €2,576 per square metre, a modest year-on-year increase of 0.12%. While this suggests stable spending power among Russian buyers, broader economic and geopolitical factors continue to influence their ability to invest.
Comparative performance
To provide a broader context, three additional charts will be presented, comparing the Russian market’s performance to other foreign buyer markets. These charts will highlight:
- Total sales by country to show the size of different foreign markets.
- Year-on-year changes to identify which markets are growing or shrinking the most.
- Market share by nationality to illustrate the importance of various foreign markets within Spain.
Factors influencing Russian demand
The following factors shaped the demand for Spanish property among Russian buyers during H1 2024:
- Economic sanctions and financial restrictions: Ongoing sanctions have limited Russian buyers’ ability to transfer funds internationally, affecting their capacity to purchase property in Spain.
- Exchange rate fluctuations: The weakening of the Russian rouble against the euro has reduced purchasing power, making Spanish properties more expensive in rouble terms.
- Political and economic uncertainty: Domestic instability in Russia has deterred buyers seeking stability, though some investors still look to diversify assets abroad.
- Residency programmes: The Spanish Golden Visa remains attractive but has limited appeal due to sanctions and capital controls.
- Capital controls and emigration: Restrictions on transferring money out of Russia and rising emigration among wealthier individuals have influenced demand, though translating intent into purchases remains a challenge.
- Local real estate dynamics: Price increases in areas popular with Russian buyers, such as Marbella, have created barriers for middle-class purchasers.
