The Costa del Sol property market is becoming more international, more diversified and, perhaps most importantly, less dependent on any single nationality.
The latest figures from the Colegio de Registradores de España underline just how important international demand has become to Málaga province — the best official proxy available for the wider Costa del Sol market.
In the first quarter of 2026, foreign buyers accounted for 34.30% of all registered home purchases in Málaga province. By Q2, that figure had risen to 37.01%.
In other words, comfortably more than one in every three homes sold in Málaga province is now being purchased by a foreign national.
Málaga also recorded 9,387 residential sales during Q2 2026, an increase of 7.7% quarter-on-quarter, reinforcing its position as one of Spain’s largest and most internationally significant residential markets.
But for The NLS, the most interesting story is not simply how many international buyers are purchasing property.
It is who those buyers are — and how rapidly the nationality mix is changing.
An Important Note About the Data
Registradores publishes a precise provincial figure for the overall proportion of foreign purchasers in Málaga. However, its quarterly nationality rankings are published at national level, rather than as a complete Costa del Sol nationality table.
The rankings below should therefore be understood as the principal foreign buyer markets influencing Spanish residential property during H1 2026, analysed through the lens of the Costa del Sol.
The local market has its own distinctive profile, with particularly strong British, Dutch, Belgian, Scandinavian, Polish, German, Irish and increasingly American demand.
The Foreign Buyer Ranking Entering H2 2026
Based on Registradores’ Q1 and Q2 figures, the leading foreign nationalities were:
| Rank | Nationality | Q1 2026 | Q2 2026 |
|---|---|---|---|
| 1 | United Kingdom | 6.82% | 6.99% |
| 2 | Netherlands | 6.56% | 6.94% |
| 3 | Germany | 6.09% | 6.11% |
| 4 | Morocco | 6.21% | 6.09% |
| 5 | Romania | 5.20% | 5.70% |
| 6 | Italy | 5.54% | 5.13% |
| 7 | France | 5.20% | 4.97% |
| 8 | Poland | 4.61% | 4.33% |
| 9 | Belgium | 4.28% | 3.69% |
| 10 | China | 2.69% | 3.02% |
| 11 | Ukraine | 3.08% | 2.94% |
| 12 | Sweden | 2.64% | 2.29% |
| 13 | Ireland | 1.60% | 1.82% |
| 14 | United States | 1.57% | 1.79% |
| 15 | Russia | 1.44% | 1.47% |
| 16 | Portugal | 1.08% | 1.30% |
| 17 | Hungary | 1.33% | 1.18% |
| 18 | Lithuania | 1.13% | Below Q2 published top group |
| 19 | Colombia | Below Q1 published top group | 1.33% |
| 20 | Other Northern European markets | Significant coastal presence | Not separately ranked |
Source: Colegio de Registradores de España, Estadística Registral Inmobiliaria, Q1 and Q2 2026.
Britain Remains No.1 — But the Market Has Changed
British buyers remain the largest foreign nationality in Spain, accounting for 6.99% of foreign purchases in Q2, up slightly from 6.82% in Q1.
But there is an important distinction between being the largest market and dominating it.
Historically, British demand stood significantly ahead of most other foreign buyer groups. Today, that gap has almost disappeared.
The Netherlands accounted for 6.94% of foreign purchases in Q2 — just 0.05 percentage points behind the UK.
Britain remains a foundational market for the Costa del Sol, particularly across Marbella, Mijas, Estepona, Benahavís, Manilva and Fuengirola.
However, the region is clearly less dependent on British demand than it once was.
For the Costa del Sol, that diversification creates a more resilient international marketplace, reducing exposure to economic, political or currency changes affecting any single country.
The Dutch Are Now Effectively Level With the British
One of the standout developments of H1 2026 is the continued rise of Dutch purchasers.
Their share increased from 6.56% in Q1 to 6.94% in Q2, leaving them almost level with British buyers nationally.
The trend is particularly relevant to the Costa del Sol.
Dutch buyers have become increasingly visible across Estepona, Marbella, Mijas, Benahavís, Casares and Fuengirola, while recent municipal analysis has highlighted particularly strong Dutch activity in parts of the coast.
For agents and developers, this represents a significant marketing opportunity.
English-language international marketing remains essential, but Dutch-language content, referral networks, portals and targeted campaigns are becoming increasingly valuable.
Germany Remains One of the Market’s Most Consistent Buyers
German demand remained remarkably stable during the first half of the year:
6.09% in Q1 and 6.11% in Q2.
Germany continues to represent one of Spain’s most dependable international source markets, driven by second homes, retirement, lifestyle migration and long-term residential demand.
The Costa del Sol competes with destinations including Mallorca, the Canary Islands and Costa Blanca for this buyer, making German visibility an important part of international property marketing.
Poland Is Now an Established Market
Polish purchasers represented 4.61% of foreign transactions in Q1 and 4.33% in Q2.
While those national figures place Poland below several traditional Western European markets, its significance on the Costa del Sol has become increasingly apparent.
Polish buyers are particularly visible within Marbella, Fuengirola and the coast’s modern new-build market.
The implication for agencies and developers is significant: Poland should increasingly be considered an established international source market rather than an emerging niche.
For properties in the approximately €400,000 to €1.5 million range, particularly modern apartments, villas and new developments, Polish-language distribution could become increasingly valuable.
Scandinavia Remains Disproportionately Important to the Costa del Sol
Swedish buyers represented 2.64% of foreign purchases nationally in Q1 and 2.29% in Q2.
But Spain-wide figures do not tell the full Costa del Sol story.
Recent local analysis of 2025 transactions found Swedish purchasers among the leading foreign nationalities in several key Costa del Sol municipalities, including Marbella, Benahavís, Fuengirola, Estepona and Mijas.
Norway, Denmark and Finland also maintain longstanding connections with the region.
This is an important reminder that national rankings should not be used in isolation when developing a Costa del Sol marketing strategy.
Locally, Scandinavian demand carries considerably greater weight.
Ireland Continues to Grow
Irish purchasers increased their share from 1.60% in Q1 to 1.82% in Q2.
Ireland shares several characteristics with the traditional British market: strong flight connectivity, English-speaking buyers, familiarity with southern Spain and significant demand for holiday homes, relocation and retirement.
This makes Ireland a particularly accessible growth market for Costa del Sol agencies already operating international English-language campaigns.
American Buyers Are Becoming Increasingly Important
The United States remains relatively small in terms of transaction numbers, but it is becoming one of the most strategically interesting international markets.
American purchases increased from 1.57% of foreign transactions in Q1 to 1.79% in Q2.
The importance of American demand extends beyond transaction volume.
US buyers are increasingly associated with the upper end of Spain’s residential market, making them particularly relevant to destinations such as Marbella, Benahavís and premium areas of Estepona.
For luxury agencies, the opportunity is therefore not simply an increase in American buyers.
It is the potential growth of higher-value international transactions.
Different Nationalities Are Creating Different Markets
One of the dangers of international property statistics is treating all foreign buyers as though they behave in the same way.
They do not.
Moroccan buyers represented 6.09% of foreign purchases nationally in Q2, placing them alongside the UK’s, Netherlands’ and Germany’s largest buyer groups. However, a greater proportion of this demand is connected to permanent residence, employment and family ties.
Similarly, Italian, Romanian, Chinese, Ukrainian and Latin American demand can have very different motivations and geographic patterns.
A resident buyer purchasing an apartment in Málaga city represents a very different market from an American purchasing a €3 million villa in Marbella or a Polish buyer purchasing a €750,000 new-build property in Estepona.
Understanding nationality alone is therefore no longer enough.
Agents increasingly need to understand what international buyers purchase, where they purchase, their budgets, whether they are resident or non-resident and which marketing channels influence them.
37.01%: The Number That Defines the Costa del Sol Market
Perhaps the most important statistic from Q2 is not attached to any individual nationality.
It is 37.01%.
That was the proportion of Málaga province residential purchases made by foreign buyers during Q2 2026.
Only Alicante recorded a higher proportion, at 46.43%.
Málaga stood ahead of several of Spain’s other major international property destinations:
- Balearic Islands — 32.27%
- Santa Cruz de Tenerife — 32.25%
- Las Palmas — 26.55%
- Girona — 25.48%
- Murcia — 23.71%
- Almería — 20.96%
Nationally, foreign buyers accounted for 15.98% of purchases in Q2, representing more than 26,800 transactions.
Málaga’s proportion was therefore more than twice the Spanish average.
International demand is no longer simply an additional component of the Costa del Sol property market.
It is one of its defining characteristics.
The NLS Analysis: A Truly Global Property Market
The most significant conclusion from H1 2026 is not that Britain remains number one.
It is that being number one matters less than it once did.
The four largest foreign nationalities nationally in Q2 were remarkably close:
United Kingdom — 6.99%
Netherlands — 6.94%
Germany — 6.11%
Morocco — 6.09%
Behind them sits an increasingly broad international buyer base spanning Romania, Italy, France, Poland, Belgium, China, Ukraine, Sweden, Ireland, the United States and beyond.
For the Costa del Sol, this diversification has major implications.
Less Dependence on One Country
A market supported by numerous international buyer groups is less exposed to economic weakness, political changes or currency fluctuations within any individual country.
Growth from Dutch, Polish, American and other buyers provides additional layers of demand alongside the Costa del Sol’s traditional British and Scandinavian markets.
Multilingual Distribution Matters More
English remains essential — but international property marketing is becoming increasingly multilingual.
For agencies and developers, exposure across Dutch, German, French, Polish and Scandinavian markets, alongside targeted campaigns for American and other high-value buyers, is becoming increasingly relevant.
International Agent Collaboration Becomes More Valuable
When purchasers originate from dozens of countries, it becomes increasingly difficult for one agency to reach every relevant buyer independently.
That strengthens the value of cooperation between listing agents, buyer agents, international brokers, developers, relocation specialists and referral partners.
It also strengthens the case for technology and networks capable of distributing property inventory efficiently across a much wider professional audience.
The NLS Conclusion
The first half of 2026 confirms something fundamental about the evolution of the Costa del Sol.
This is no longer simply a Spanish property market with a large number of foreign buyers.
It is increasingly an international residential marketplace located in Spain.
Foreign purchasers accounted for 34.30% of Málaga transactions in Q1, rising to 37.01% in Q2.
At the same time, the nationality mix continues to diversify.
Britain remains important. The Netherlands is almost level nationally. Germany remains remarkably consistent. Poland has established itself as a significant market. Scandinavia continues to carry disproportionate weight on the Costa del Sol. Ireland is growing, while the United States is emerging as one of the most interesting sources of higher-value international demand.
For agents and developers, this changes the question.
The question is no longer simply:
“How do we market Costa del Sol property to foreign buyers?”
It is:
“How do we make every Costa del Sol property visible to the right buyer, in the right country, through the right agent?”
That is the market the Costa del Sol is becoming — and it is precisely the kind of market in which greater collaboration, better data and international listing distribution become increasingly important.
Sources: Colegio de Registradores de España, Estadística Registral Inmobiliaria — Primer y Segundo Trimestre 2026; additional Costa del Sol municipal and international buyer analysis from Alfredo Bloy-Dawson, Reuters and The Spanish Eye.
