A detailed breakdown of 2025: who buys, where, what and at what price. Based on Property Registry, notary and industry data.
Foreigners bought a record 97,500 properties in 2025 — the highest figure ever recorded by the Property Registrars. Yet their market share fell to 13.82% from the 14.98% peak in 2023: a second year of a slight percentage dip alongside absolute growth.
Key shifts of the year: the Golden Visa was cancelled (3 April 2025), the non-resident segment declined and the number of resident foreigners grew. The proposed "up to 100%" tax on non-EU non-residents never became law.
Most foreigners pay cash; in the premium coastal segment, up to 75–85%. Non-residents pay roughly 75% more per m² than Spaniards.
The British remain the market leaders, though their share is slowly declining. They are followed by Germans, Dutch and Moroccans. The main story of the year is the split between resident foreigners (growing) and non-residents (falling).
The geography is heavily concentrated on the Mediterranean arc and the islands. Alicante is the clear leader: nearly half of all purchases there are made by foreigners. Big cities (Madrid, Barcelona) attract Americans, Chinese and Latin Americans.
Foreigners mostly buy resale homes (about 78–79%) and predominantly apartments. Non-residents choose the coast and islands with sea views and rental potential; the urban segment means central Madrid and Barcelona.
Foreigners pay record amounts. Swedes, Germans and Americans pay the most. Non-residents pay roughly 75% more per square metre than Spaniards. For the first time, purchases above €500,000 exceeded 12%.
The market is shifting from the "second home" model to "primary or half-year residence". Over 42% of buyers live in the property more than 4 months a year.
Most foreigners pay cash. In the premium coastal segment, up to 75–85% of deals involve no bank financing. Foreigners take out only about 6.6% of all mortgages in the country.
Organic Law 1/2025 cancelled the "golden visa" via property purchases of €500,000+. Existing holders keep their rights. Over 14,576 visas were issued in total (main beneficiaries: China, Russia, Iran). The cancellation is linked to a measurable drop in the non-resident segment; Madrid and the islands fell the most.
Announced in January 2025, the bill was tabled on 22 May 2025. By spring 2026 it had never been debated in Congress or voted on, and it was quietly dropped from the 2026 package. Lawyers point to likely unconstitutionality and conflict with EU law. It would have applied only to resale homes for non-EU buyers; new-builds were excluded.