Spain’s housing market continued to demonstrate resilience and international appeal during the first half of 2025. Despite a context of macroeconomic normalization and tighter financing conditions across Europe, foreign investors acquired over 71,000 residential units, representing a 2% year-on-year increase and nearly one in five home sales nationwide. This steady growth confirms that Spain remains one of the most attractive and liquid residential markets in Europe.

A clear distinction is emerging between resident and non-resident foreign buyers. Resident foreigners accounted for roughly 61% of transactions, up 6.4% year-on-year, reflecting a growing trend of long-term settlement among international buyers who view Spain not just as a holiday destination, but as a stable location for residence and investment. Meanwhile, non-resident acquisitions declined modestly by around 4%, a correction following several years of exceptionally strong growth.

The average price paid by foreign investors reached €2,417 per square metre, an increase of 7.6% compared to 2024. This rise highlights the sustained confidence in Spanish real estate as a value-preserving asset amid global uncertainty. Non-resident buyers continued to pay a premium, averaging €3,126/m², while resident foreigners paid €1,912/m² and domestic buyers €1,809/m². This premium reflects the higher purchasing power of international demand, often focused on premium locations and newly built developments.

From a regional perspective, the most significant price increases were observed in Madrid (+17.1%), La Rioja (+16.3%), the Canary Islands (+14.1%), Murcia (+12.2%), and Catalonia (+10.9%). These figures underscore the dual nature of foreign demand in Spain: on one hand, high-net-worth individuals acquiring properties in urban centres and economic hubs; on the other, sustained appetite for second homes and lifestyle-driven investments along the Mediterranean coast and island regions.

In terms of nationality, buyers from the United Kingdom (8.1%), Morocco (7.9%), and Germany (6.7%) remain the most active, while transactions involving investors from Portugal, the Netherlands, and the United States showed particularly dynamic growth during the first half of the year. The diversification of foreign demand, both geographically and demographically, reflects the consolidation of Spain as a global residential destination.

The underlying fundamentals of Spain’s residential market remain strong: limited new supply, rising construction costs, and the enduring appeal of the country’s climate, connectivity, and quality of life. Additionally, remote work and digital mobility continue to expand the base of international buyers seeking long-term relocation, while favourable tax regimes and visa programs for investors support the attractiveness of key regions.

Looking ahead, the market is expected to maintain a stable yet selective growth trajectory, with a shift toward higher-quality developments, sustainable construction, and projects oriented to international demand. Despite moderation in transaction volumes, price stability and institutional interest indicate that Spain’s residential sector has entered a phase of structural maturity. At CG Capital Europe, we are actively engaged in advising international funds, institutional investors, and developers seeking to identify and execute high-value opportunities across Spain’s residential and alternative real estate markets. Our extensive experience in structuring complex transactions, coupled with deep local insight and privileged access to global capital, positions us as a trusted partner for cross-border investors. CG Capital Europe combines financial expertise and real estate know-how to deliver long-term value in one of Europe’s most resilient and attractive housing markets

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