Foreign Purchasers and Market Insights (2024)

Despite recent government initiatives aimed at restricting property purchases by some non-resident foreigners, Spain continues to attract significant international investment.

According to the latest figures from the Spanish Ministry of Housing, nearly 8% of all properties sold in Spain during 2024 were purchased by non-resident foreigners.

In total, Spain recorded approximately 715,429 property sales in 2024, marking a 12% rise compared to the previous year. Out of these, non-resident foreigners accounted for 56,139 transactions—about 7.84% of the total—reflecting an increase of 1,200 properties or 2.2% more compared to 2023.

While the Housing Ministry does not differentiate between EU and non-EU non-resident buyers, this distinction is crucial, given recent governmental measures aimed specifically at restricting non-EU buyers without a clear link to Spain. Nevertheless, data shared by industry expert Mark Stücklin from Spanish Property Insight indicates that non-EU non-resident buyers represented roughly 32% of all non-resident foreign buyers in the first half of 2024. Extrapolating these figures suggests approximately 18,000 non-EU buyers throughout the entire year, equating to around 3% of Spain’s overall property market—a consistent figure with the previous year.

Interestingly, while non-resident foreign purchases saw a modest increase of 2.2%, property acquisitions by residents in Spain (both Spanish nationals and resident foreigners) surged by 13%, reaching 654,905 transactions in 2024. In total, foreigners—resident and non-resident alike—purchased over 128,600 properties, accounting for 18% of all sales, representing a 4.5% rise from the year before.

Notably, the proportion of non-resident foreign buyers slightly decreased by 0.75% compared to 2023, highlighting subtle shifts within the market dynamics.

Top Locations for Non-Resident Buyers

The preferred locations for non-resident foreign property buyers remain consistent, with Málaga and Alicante provinces topping the list. Together, these two provinces accounted for 53.5% of all purchases by non-residents, specifically:

Alicante: 19,556 properties (34.8%)
Málaga: 10,512 properties (18.7%)

Other popular areas include the Canary Islands (4,916 transactions) and the Balearic Islands (3,934 transactions). Major urban hubs such as Madrid and Barcelona attracted fewer non-resident foreign buyers, registering 1,229 and 1,874 property sales respectively.

Emerging Trends and Nationalities

While traditional European buyers such as British, Dutch, Belgian, and Swedish nationals remain prominent—often purchasing holiday homes—newer nationalities are entering the market. Poles, Czechs, and notably Latin American buyers are increasingly drawn to Spain, especially Madrid, described by experts as the “epicentre of luxury real estate” and now favored over destinations like Miami due to geopolitical shifts and changing preferences.

SGM Abogados: Your Trusted Partner in Spanish Property

At SGM Abogados, we specialise in guiding international clients through Spain’s evolving property landscape. Whether you are an EU or non-EU resident interested in buying property in Spain, our expert legal advice ensures your investment process is smooth, secure, and compliant with all current regulations.