Spain’s property market continues to demonstrate remarkable resilience and international appeal. The latest Q1 2026 figures confirm that overseas demand remains one of the key forces driving activity across the country’s residential sector.
Despite rising prices, tighter financing conditions across Europe, and broader global economic uncertainty, international buyers are still purchasing Spanish property at historically strong levels.
According to data released by the Consejo General del Notariado and the Colegio de Registradores de España, foreign nationals accounted for almost 14% of all residential property purchases during the first quarter of 2026. While British buyers continue to lead the market, the composition of international demand is evolving rapidly, with Dutch, Moroccan, Polish, Italian, and American buyers becoming increasingly influential.
This evolution is particularly significant in destinations such as Marbella, the Costa del Sol, Alicante, the Balearic Islands, Tenerife, and Murcia, where international buyers now represent a substantial share of total property activity.
The Top 20 Foreign Buyers in Spain – Q1 2026
The following rankings are based on the percentage share of foreign residential property purchases completed during the first quarter of 2026.
| Rank | Nationality | Market Share |
|---|---|---|
| 1 | United Kingdom | 6.82% |
| 2 | Netherlands | 6.56% |
| 3 | Morocco | 6.21% |
| 4 | Germany | 6.09% |
| 5 | Italy | 5.54% |
| 6 | France | 5.20% |
| 7 | Romania | 5.20% |
| 8 | Poland | 4.61% |
| 9 | Belgium | 4.28% |
| 10 | Ukraine | 3.08% |
| 11 | China | 2.69% |
| 12 | Sweden | 2.68% |
| 13 | Russia | 2.51% |
| 14 | United States | 2.00% |
| 15 | Ireland | 1.84% |
| 16 | Norway | 1.72% |
| 17 | Switzerland | 1.63% |
| 18 | Portugal | 1.52% |
| 19 | Bulgaria | 1.41% |
| 20 | Denmark | 1.32% |
These figures clearly illustrate how diversified Spain’s international property market has become. While traditional Northern European demand remains highly influential, newer buyer groups are steadily reshaping the market.
British Buyers Still Lead — But the Market Is Diversifying
British nationals retained the number one position in Q1 2026, accounting for 6.82% of all foreign property transactions in Spain.
However, the dominance once enjoyed by UK buyers has gradually softened in recent years. Brexit-related residency complications, tax considerations, and evolving travel regulations have altered buyer behaviour across parts of the market.
Even so, British demand remains exceptionally strong in:
- Costa del Sol
- Costa Blanca
- Murcia
- Alicante
- Almería
Many British buyers continue to seek retirement properties, holiday homes, and lifestyle relocations driven by Spain’s climate, healthcare system, connectivity, and overall quality of life.
Dutch Buyers Become One of the Fastest-Growing Segments
One of the standout trends in Q1 2026 is the rapid rise of Dutch buyers, who climbed into second position with 6.56% of foreign purchases.
The Netherlands has emerged as one of the strongest growth markets for Spanish real estate, particularly across:
- Marbella
- Estepona
- Málaga province
- Alicante
- Ibiza
Several structural trends are driving this demand:
Remote Working Flexibility
Many Dutch professionals now operate remotely or semi-remotely, allowing them to spend extended periods living in Spain.
Lifestyle Migration
Northern European buyers increasingly prioritise climate, wellness, and lifestyle quality, especially during the winter months.
Strong Purchasing Power
Dutch buyers often enter the market with substantial equity and strong financing capacity, making them highly competitive in both premium resale and new-build sectors.
This trend is especially visible across luxury developments and modern residential communities on the Costa del Sol.
Moroccan Buyers Continue Their Rapid Expansion
Moroccan nationals ranked third in Q1 2026 with 6.21% of foreign purchases — one of the most significant structural changes currently taking place within Spain’s housing market.
Unlike many lifestyle-driven international buyers, Moroccan demand is often linked to:
- Permanent relocation
- Family reunification
- Employment opportunities
- Long-term residency
Moroccan buyers are particularly active across:
- Andalusia
- Catalonia
- Valencia region
- Murcia
Their growing presence reflects both demographic trends and the increasing importance of resident foreign communities within Spain’s property sector.
Germany Remains a Stable Core Market
German buyers continue to represent one of the most financially stable and consistent buyer groups in Spain.
With 6.09% of purchases in Q1 2026, German nationals remain highly active in:
- Mallorca
- The Balearic Islands
- Costa Blanca
- The Canary Islands
German buyers typically focus on:
- High-quality construction
- Sustainable homes
- Luxury villas
- Long-term investment properties
Unlike speculative investors, many German purchasers acquire property with a long-term ownership perspective, contributing to stability in premium coastal markets.
Italy, France, Romania, and Poland Increase Activity
Southern and Eastern European buyers also expanded their market presence during the first quarter of 2026.
Italian Buyers
Italian demand reached 5.54%, driven largely by investment activity and lifestyle relocation.
French Buyers
French nationals represented 5.20% of purchases, particularly in Barcelona, Valencia, and northern coastal regions.
Romanian Buyers
Romanian demand remained strong at 5.20%, supported by Spain’s large Romanian resident population.
Polish Buyers
Polish buyers increased sharply to 4.61%, becoming one of the fastest-growing international segments in the Spanish market.
Key drivers behind Polish demand include:
- Rising household wealth
- Increased outbound investment
- Growing appetite for second homes
- Mediterranean lifestyle migration
American Buyers Remain Small in Volume — But Significant in Value
Although American buyers accounted for just 2% of foreign transactions, their influence on Spain’s luxury property market continues to grow.
US buyers are particularly concentrated in:
- Marbella
- Madrid
- Barcelona
- Ibiza
- Mallorca
American purchasers are typically attracted by:
- Relative affordability compared to major US cities
- Lifestyle advantages
- Residency and mobility opportunities
- Luxury hospitality infrastructure
- International schooling
Importantly, American buyers often pay among the highest average prices per square metre, especially within ultra-prime coastal developments.
The Provinces Leading International Demand
Several Spanish provinces continue to dominate international property activity.
Alicante
Alicante remains Spain’s largest foreign buyer hotspot, supported by:
- Strong infrastructure
- International airport connectivity
- Competitive pricing
- Established expatriate communities
Málaga and the Costa del Sol
Málaga province continues to rank among Europe’s premier luxury property destinations.
Locations such as Marbella, Benahavís, Estepona, and Sotogrande remain highly attractive to affluent buyers from across Europe, the Middle East, and North America.
Balearic Islands
Mallorca and Ibiza continue to experience exceptional demand despite elevated prices and limited supply.
Tenerife and the Canary Islands
The Canary Islands are also benefiting from year-round climate appeal and growing remote-work migration trends.
Rising Prices and Supply Constraints
One of the defining characteristics of Spain’s 2026 property market is the growing imbalance between demand and available supply.
While international demand remains robust, inventory shortages are becoming increasingly severe in many prime coastal markets.
This is contributing to:
- Accelerating property prices
- Competitive bidding environments
- Reduced resale inventory
- Increased off-plan development activity
In locations such as Marbella and Ibiza, premium properties continue to appreciate strongly due to limited land availability and planning restrictions.
Developers are responding with new luxury projects, although construction timelines and regulatory processes remain key constraints.
Luxury Real Estate Continues to Outperform
The upper end of Spain’s housing market continues to show exceptional resilience.
High-net-worth international buyers remain highly active despite ongoing global economic uncertainty. Luxury villas, branded residences, and contemporary new-build developments continue attracting strong international interest.
The Costa del Sol, in particular, has evolved into one of Europe’s leading luxury residential destinations, increasingly competing with markets such as the French Riviera, Dubai, and select regions of Portugal.
Marbella remains central to this growth story, driven by:
- International wealth migration
- Entrepreneur relocation
- Family office investment
- Lifestyle-driven mobility
- Long-term capital preservation strategies
The NLS Conclusion
The Q1 2026 data confirms what many professionals across the industry are already witnessing on the ground: Spain’s property market is becoming more international, more competitive, and increasingly supply constrained.
Foreign demand is no longer dominated by a single nationality. Instead, the market is evolving into a highly diversified global buyer ecosystem, with Dutch, Moroccan, Polish, Italian, and American purchasers now playing a far greater role alongside traditional Northern European demand.
For the Costa del Sol — and Marbella in particular — this trend has major long-term implications.
The combination of limited prime inventory, sustained international wealth migration, infrastructure investment, and lifestyle appeal continues to strengthen the region’s position as one of Europe’s most desirable real estate destinations.
At NLS, we believe the market is entering a more mature phase where quality assets, prime locations, and trusted local representation will matter more than ever. Buyers are becoming increasingly sophisticated, and demand is shifting toward modern, energy-efficient, lifestyle-oriented properties in established premium locations.
As international capital continues flowing into Spain throughout 2026, the markets best positioned for long-term growth are likely to be those capable of balancing exclusivity, infrastructure, lifestyle, and scarcity.
For developers, investors, agencies, and property owners alike, the message remains clear:
International demand for Spanish real estate is not slowing down — it is evolving.
