Foreign buyers still driving growth in Spain’s property market in 2024

Spain’s real estate sector witnessed another strong year in 2024, with foreign buyers playing a key role in both volume and price dynamics. Nearly one in five property transactions involved a foreign purchaser — showcasing the country’s continuing appeal.

1. Foreigners bought over 93,000 homes — 14.6% of all deals

In 2024, total home sales in Spain reached more than 636,900 (+9.2% year-on-year). Of these, nearly 93,000 transactions (14.6%) were conducted by foreign buyers — a slight increase (+6.4%) from 2023 and second-highest on record .

2. Preferred regions: Valencia, Andalusia, Balearic & Canary Islands

Foreign buyers favored the Valencian Community, making nearly 30,000 purchases (32% of foreign volume), followed by Andalusia (~17,400 sales, ~18.8%), Catalonia (~16,000 sales, 17.3%). The Balearic Islands and Canary Islands also saw strong proportions at 32.6% and 27.2% respectively .

3. Alicante and Málaga top the list of provinces

In Alicante, foreigners accounted for 43.8% of total sales, with over 22,700 transactions, comprising nearly one-quarter of all foreign purchases in Spain. Málaga also attracted strong demand: 32.4% of its home sales went to foreign buyers (~11,400 homes) .

4. Who are the buyers? Changing nationalities

While Britons and Germans remain among the most active (British buyers executed almost 12,000 purchases – ~8.6% share; Germans over 6,100) , newer nationalities are rising sharply:

Moroccan buyers: over 5,200 transactions (~5.7%) Polish buyers surged (~35–36% year-on-year growth) Significant increases among Dutch, Romanian, Italian, and Ukrainian buyers .

5. Price per square metre: foreign buyers pay premiums

In the second half of 2024, average property price per m² for foreign buyers was €2,362, topping €3,000/m² for non-resident buyers — a historic first. High-paying nationalities included Americans (€3,390/m²), Swedes, Germans, and Norwegians .

6. Duty and demographics: resident vs. non‑resident buyers

Purchase motivations differ:

Non-resident buyers (holiday/vacation homes) comprised ~44% of total foreign transactions and consistently paid higher prices per m² (~€2,895) . Resident foreigners, often buying for work or education, contributed ~56% of foreign volume and created record numbers with ~40,000 homes in H1 2024 (+4.2%) .

7. Policy changes: no more Golden Visa program

Following rising house prices and affordability concerns, Spain abolished the Golden Visa property scheme in April 2025, which had granted residency in exchange for real estate investments over €500,000. In 2024 alone, only 10.8% of foreign transactions in Spain exceeded €500K, concentrated in regions like Baleares, Madrid, Andalucía and Catalonia.

The foreign buyer market in Spain remains strong and evolving. While the UK and Germany continue to hold volume share, rising demand from countries like Morocco, Poland, the Netherlands, and the USA reflects demographic shifts. Coastal and tourist-friendly regions remain favorites. With pricing dynamics and legislative changes (such as ending the Golden Visa), the market is adapting—but Spain continues to be a top choice for international property buyers.

Want insights on how these trends impact specific regions like Málaga, Valencia, or Marbella? Or learn how to optimize investment strategy based on buyer types (resident vs non‑resident)? Just ask!