The Swedish market for homes in Spain.
Data and analysis of the Swedish 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 Sweden are active in the local real estate market.
Welcome this report page analysing the Swedish demand for homes in Spain. Here, you’ll find detailed half-year and annual reports that explore the dynamics of Swedish buyers in the Spanish property market. Whether you’re a real estate professional, investor, or simply interested in understanding how Swedish interest influences the Spanish housing market, these insights provide invaluable context and data.
Our periodic reports are designed to answer key questions about this mid-sized but important foreign market, including:
- How many Spanish property transactions involve Swedish buyers?
- What is the year-on-year change in Swedish buyer activity?
- What is the breakdown of Swedish buyers by residency type (expats versus non-residents)?
- How much do Swedish buyers typically spend on properties in Spain?
- How does the Swedish market compare to other key foreign buyer markets in Spain?
As Sweden represents a mid-sized segment of foreign buyers in Spain, this research is especially valuable for anyone looking to navigate the complexities of the Spanish property market. Whether you’re a seller targeting Swedish clients or an investor assessing market trends, these reports offer clarity and actionable insights.
Stay tuned as we continuously update this page with fresh data and in-depth analysis to keep you informed about the evolving trends in the Swedish-Spanish property connection.
2024 Full Year
The Swedish market overview: Swedish demand for Spanish property in 2024
This report provides an overview of Swedish demand for Spanish property during the full year of 2024, using data primarily sourced from the Association of Spanish Notaries. It examines total sales, trends by residency status, expenditure patterns, and foreign market share. The report also places Swedish buyer activity in a broader international context and explores key economic and market factors affecting demand. Designed for property professionals, investors, and market observers, the analysis offers insights into how the Swedish market segment has evolved and where it may be heading.
Sales performance
In 2024, Swedish buyers were involved in 3,107 Spanish property transactions (Fig. 1), representing an annual increase of 2% compared to 2023. When measured against the ten-year average, however, this figure reflects a slight decline of 0.2%. These results indicate that while Swedish interest in Spanish property remained relatively stable on a year-on-year basis, there has been a modest contraction compared to the broader long-term trend.
Sales by residency status
Breaking down Swedish purchases by residency status paints a clearer picture (Fig. 2). Foreign non-residents (FNRs) accounted for 2,654 transactions, experiencing a 3% increase compared to 2023. However, compared to the ten-year average, FNR sales declined by 0.3%.
Meanwhile, Swedish expats living in Spain purchased 453 properties, equating to a 4% decrease year-on-year, and a 0.1% dip compared to the ten-year average.
Looking at the evolution over the last decade (Fig. 3):
- The overall Swedish market index has dropped from 100 to 79, meaning total sales fell by 21% over ten years.
- The FNR segment saw a sharper drop, with its index falling to 77 — a 23% decline.
- The expat segment has remained more resilient, with its index declining only marginally to 97, indicating a 3% drop.
An index value of 100 is used to represent the starting point — in this case, sales levels ten years ago. An index of 79 means a decrease of 21%, and similarly an index of 97 indicates a 3% fall. These figures show that Swedish residents in Spain have maintained their buying activity much better than their non-resident counterparts over the last decade.
Foreign market share (FMS)
The foreign market share (FMS) of Swedish buyers stood at 0.0224% in 2024, up slightly from 0.0222% in 2023 (Fig. 4). Over the past decade, Swedish buyers' market share peaked at 0.056% before falling to its current low level. This trend suggests that although Swedish demand remains present, it has diminished significantly from its peak, reflecting broader shifts within the international buyer landscape in Spain.
Expenditure trends
In 2024, Swedish buyers spent an average of €3,330 per square metre on Spanish property. This represents an increase of 10% year-on-year. This upward movement in average expenditure per square metre could suggest a trend towards higher-end purchases, the selection of more premium locations, or inflationary impacts on property prices.
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 appear to have supported Swedish demand for Spanish property in 2024:
- Favourable exchange rates: The Swedish krona strengthened against the euro compared to 2023, boosting Swedish buyers’ purchasing power and making Spanish properties comparatively more affordable.
- Declining interest rates: Reductions in European Central Bank rates during 2024 lowered mortgage costs across the Eurozone. This made property investment in Spain more attractive relative to domestic options in Sweden, where real estate costs and interest rates remained less favourable.
Additionally, strong tourism levels in Spain and a continued international preference for Spanish lifestyle amenities may have supported interest from Swedish second-home buyers and retirees.
Broader trends in the Spanish property market in 2024, such as the expansion of logistics and commercial sectors and high levels of foreign interest, have reinforced the perception of Spain as a secure and attractive destination for property investment.
Conclusion
In 2024, Swedish demand for Spanish property remained steady year-on-year, with a slight growth in sales compared to 2023 and stable foreign market share. However, in the broader context of a ten-year period, the Swedish segment has contracted, particularly among non-resident buyers.
Resilient expat demand shows that Swedish residents living in Spain continue to support the market, and rising average expenditure indicates a potential move towards more premium properties.
Favourable currency movements and lower European interest rates were key market drivers, enhancing Swedish buyers’ purchasing power and appetite for Spanish property. Going forward, the combination of attractive purchasing conditions and enduring lifestyle appeal suggests that Swedish demand is likely to remain a consistent, if modest, component of the Spanish property market.
2024 H1
Swedish buyers in the Spanish property market: H1 2024 snapshot
The first half of 2024 has offered a nuanced picture of Swedish demand for Spanish properties, highlighting both stability and ongoing challenges. This article provides a detailed analysis of key trends and developments within this segment, supported by data visualised in accompanying charts.
Total sales and historical context
Swedish buyers accounted for 1,638 property transactions in Spain during H1 2024. This figure represents a marginal year-on-year increase of 0.6% (Fig. 1), suggesting steady demand despite broader economic headwinds. However, sales remained 2.7% below the ten-year average, reflecting a slight decline in long-term activity levels.
Residency status breakdown
Breaking down the figures further, 1,390 Swedish buyers were non-residents, purchasing properties as second homes or investments, while 248 were expats living in Spain (Fig. 2). Non-resident purchases grew by 0.65% compared to H1 2023 but lagged the ten-year average by 22.4%. Conversely, purchases by expats grew by 0.4% year-on-year, but like the non-resident segment, remained 2.7% below the ten-year average.
Swedish sales index
To provide further historical context, a ten-year sales index illustrates the trajectory of Swedish purchases (Fig. 3). This index benchmarks H1 2014 at 100 and tracks subsequent changes. The overall sales index for Swedish buyers dropped to 89.7, reflecting a long-term decline in total transactions.
The non-resident index fell more significantly, to 86.8, indicating a sharper drop in purchases from this group. In contrast, the expat index rose to 109.7, highlighting a modest increase in activity among Swedes living in Spain over the decade. For readers unfamiliar with indices, these figures show how activity has evolved relative to the baseline year: values above 100 indicate growth, while values below 100 signal decline.
Market share and spending patterns
Swedish buyers’ share of the total foreign property market in Spain stood at 1.18% in H1 2024, slightly down from 1.19% in the same period in 2023 (Fig. 4). Meanwhile, the average spending per square metre reached €3,330, a robust 9.7% increase year-on-year. This growth may reflect Swedish buyers’ preference for higher-value properties despite economic challenges.
Comparing Swedish demand with other markets
To contextualise Sweden’s performance, additional charts compare its demand with other foreign markets. These visualisations highlight which nationalities are driving growth, changes in year-on-year activity, and the overall market share distribution among foreign buyers. This comparison underscores Sweden’s position as a mid-sized player within Spain’s diverse foreign buyer landscape.
Economic drivers influencing demand
Several economic factors shaped Swedish demand for Spanish properties in H1 2024:
- Economic challenges and recovery prospects: Sweden’s economy faced a mild recession in 2023, with growth remaining subdued at 0.2% in 2024. High inflation, tighter financial conditions, and weak external demand all played a role. However, signs of stabilisation and expected GDP growth in 2025-2026 could support future demand.
- Currency volatility: The Swedish Krona has experienced volatility, with its weakness partly driven by the Riksbank’s negative interest rate policy. While this made overseas purchases more expensive, expectations of a strengthening Krona by late 2024 may encourage renewed interest.
- Mixed sentiment: Rising unemployment and low consumer confidence posed challenges, but falling inflation and interest rates have sparked cautious optimism among Swedish consumers. The interconnectedness of Sweden’s economy with Germany, which remains weak, has also influenced sentiment.
Conclusion
In summary, H1 2024 reflects a stabilisation in Swedish demand for Spanish properties, underpinned by moderate growth among expats and sustained interest from non-residents. However, long-term challenges, including economic uncertainty and currency volatility at home, continue to temper activity levels.
