Spain continues to attract foreign property buyers. Notary data reveals that in H1, foreigners purchased 69,412 properties – 1.8% more than the previous year – making up one in five transfers carried out in that period (20.4%).
This growth reverses two consecutive semesters of decline, driven primarily by foreign residents, who made 40,389 purchases – a 4.2% increase from last year. In contrast, non-residents saw a 1.4% drop, totalling 29,023 transactions.
By nationality, the British remained the top buyers by volume, but increasing interest was noted from buyers from the USA, Portugal, Italy and Ukraine, who set record-high property acquisitions in Spain between January and June.
According to notary records dating back to 2016, citizens from eight countries across various continents set property purchase records in Spain between January and June. In Europe, Ireland, Italy, Poland, Portugal and Ukraine dominated, while the USA and Colombia stood out in the Americas, and Morocco led for Africa. The "others from outside the EU" category also reached its highest level.
Morocco stood out in terms of transaction volume, with its citizens purchasing 5,452 homes, representing 7.9% of all foreign-buyer transactions. Morocco ranked second overall, behind the United Kingdom (8.4%) and ahead of Germany (6.8%).
Italy follows with record-breaking purchases, acquiring 4,332 homes by June, trailed by Poland (3,105) and Ukraine (2,058). Transactions by Polish and Ukrainian buyers have surged by 70% in two years, coinciding with the onset of the war with Russia.
Home purchases by Americans fell below 2,000 in the first half of the year, with 1,363 transactions, driven partly by the favourable euro-dollar exchange rate. Similarly, the Irish (1,186), Colombians (1,073) and Portuguese (921) recorded fewer than 2,000 transactions. Meanwhile, the "other countries outside the EU" category accounted for over 7,700 sales.
Several nationalities that reached record property purchases in Spain also led year-on-year growth. Notaries highlight increased purchases by 14 nationalities in H1 2024 compared to 2023, with Poles (+28.5%), Ukrainians (+20.8%), Colombians (+19.8%), Americans (+12.7%), Irish (+12.4%), Chinese (+11.7%), and Moroccans (+11.3%) at the forefront. Conversely, sales declined for nine nationalities, most notably Russians (-24.2%), Norwegians (-17%), French (-15.5%), and Bulgarians (-10.8%). Significant drops were also seen among Belgians (-8.8%), Germans (-8%), Venezuelans (-8%) and British (-7.1%).
Eight autonomous regions record the best sales figures
Since late 2021, foreigners have consistently exceeded 60,000 property transactions per semester, buoyed by the lifting of pandemic restrictions. The figure for January–June 2024 marks the third-highest total since 2016, surpassed only by 2022 when over 70,000 sales were recorded in both semesters.
Eight autonomous regions achieved record half-yearly foreign transactions, led by the Valencian Community with 21,224 sales – the top choice for foreign buyers. This region accounts for over 30% of all foreign transactions. Since 2016, purchases by European and non-European buyers in Castellón, Valencia and Alicante have made up one in four total transactions.
Other autonomous regions also reached record sales in the first half of 2024, including Murcia with 3,840 transactions, Castile and León with over 1,280 and Galicia with 919, closely followed by the Basque Country (873). Asturias, La Rioja and Extremadura also reported strong figures.
Among the major residential markets favoured by foreigners, Madrid recorded 5,097 transactions, the second-highest since 2016, only surpassed by H1 2022. In Catalonia, there were 10,465 transactions, the third-highest in the series, following the two record periods of 2022. In the Balearic Islands, Canary Islands and Andalusia, the data were notable but did not match the peaks of two years ago, with Andalusia standing out at over 12,600 purchases.
Foreigners buy houses in Spain at maximum prices
Record average price
Alongside the nationalities and autonomous communities setting all-time transaction records, the average price paid for homes in Spain by foreigners is also at historic highs.
In the first half of the year, foreigners spent an average of €2,249 per m² on property purchases, marking an unprecedented figure, with a 7.4% year-on-year increase. This rise is driven by a sharp increase in the average price of homes bought by non-resident foreigners, which reached €2,895 per m² – setting a new record and up 11.4% from the previous year.
Foreign residents paid an average of €1,734 per m², 3.4% more than last year but still below the €1,900 per m² they paid in 2008. Meanwhile, national buyers spent €1,659 per m².
The highest prices per square metre were paid by buyers from Sweden (€43,330/m2), the USA (€3,247/m2), Germany (€3,114/m2), followed by those from Norway (€2,969/m2) and Switzerland (€2,966/m2). Buyers from Russia, Poland, Ireland, France, the Netherlands, Belgium, Italy and the United Kingdom also paid more than the average price paid by foreign buyers (€2,249/m2).
However, the lowest prices were paid by Moroccans (€738), Romanians (€1,158) and Bulgarians (€1,281).
The autonomous communities with record-high property prices
Most autonomous communities followed the national trend, with 11 regions setting new records for the price paid by foreigners for homes. The Balearic Islands (€4,492/m²), Madrid (€3,245/m²) and the Canary Islands (€2,534/m²) stood out, each seeing annual price increases of 14.2%, 4.1% and 6.6%, respectively.
Other notable markets where foreigners also paid record prices include Catalonia (€2,516/m²), Andalusia (€2,437/m²) and the Valencian Community (€1,779/m²), with year-on-year increases of 3.3%, 11% and 8.1%, respectively.
Another five autonomous regions reached price peaks between January and June. Cantabria, with an annual increase of 16.5%, recorded the highest rise across all regions, reaching €1,389/m². Murcia followed with €1,282/m², up 7.5%, while Galicia saw prices reach €1,028/m², a 5.5% increase.
Finally, Aragón (€881/m²) and Castile and León (€816/m²) also reached record prices, with annual increases of 9.7% and 4.4%, respectively.
Foreigners buy one in five homes in Spain at record prices
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