International Real Estate Boom: Foreign Buyers Acquired Over 139,000 Properties in Spain

Spain remains one of the top destinations for international real estate investors. In 2024, foreign nationals purchased a total of 139,102 residential properties, marking the second-highest figure in the historical series recorded by the General Council of Notaries, just behind the record-breaking year of 2022.

Foreign Real Estate Investment in Spain Continues to Rise

According to the latest data, property purchases by foreigners grew by 5.8% year-over-year, placing this figure just 3.1% below the historical peak. This increase comes amid a long-term upward trend in prices, with property values rising over 45% since 2016.

Of the total purchases, 80,878 were made by foreign residents living in Spain, while 58,224 transactions were completed by non-residents. Notably, non-EU buyers, despite a proposed 100% tax on property purchases by the Spanish government, maintained stable figures with 15,486 homes purchased, nearly identical to 2023.

Where Are Foreigners Buying Property in Spain? Top Autonomous Communities

Coastal regions continue to dominate international demand. The Valencian Community leads with 41,422 transactions (29.8% of all foreign purchases), followed by Andalusia, with 25,573 deals (18.4%), and Catalonia, capturing 15.5%. Meanwhile, Madrid, despite being a major economic hub, accounts for only 7.6% of foreign property sales.

Interestingly, there has been a notable shift toward less traditional regions. Extremadura saw the highest growth rate in foreign transactions, increasing by 24.7%, while northern areas such as Castile and León, Asturias, Cantabria, the Basque Country, and Galicia experienced gains between 17% and 24%, signaling an expansion in foreign interest beyond the usual tourist hotspots.

Conversely, in popular tourist destinations, transactions by foreign nationals have either plateaued or declined. The Canary Islands saw an 8% drop, while Balearic Islands remained stable and Valencia posted a modest 3.8% increase.

Who Is Buying Property in Spain? Key Foreign Buyer Profiles

British nationals continue to lead foreign home purchases in Spain, with over 11,900 transactions in 2024. Moroccans came in second with more than 10,500 purchases, followed by Germans (9,360) and Romanians (8,658).

However, emerging markets are gaining traction. Polish buyers posted the highest growth, with acquisitions up by more than 35%, while purchases by Ukrainians (+23.5%), Colombians (+21.6%), and Chinese nationals (+19%) also saw significant increases. Meanwhile, Russian buyers decreased their activity by over 18%, though their numbers remain consistent with historical averages.

What Types of Properties Are Foreigners Buying?

The average price of homes purchased by foreigners rose by 8.6% in 2024, reaching a total appreciation of 45.75% since 2016. Buyer profiles differ significantly depending on nationality: Moroccan buyers tend to purchase more affordable properties, averaging €753/m², whereas German and American investors pay premium prices—over €3,200 and €3,400 per square meter, respectively.

 Conclusion: Spain Remains a Top-Tier Destination for International Property Investment

Spain continues to offer the perfect mix of economic stability, regional diversity, and quality of life, making it a strategic market for global real estate investors. The 2024 trends confirm that international demand remains strong, with new nationalities gaining ground and lesser-known regions emerging as investment hotspots.

Thinking of investing in the Spanish property market? Now is the perfect time to seize the opportunities this dynamic market has to offer.