American Property Purchases in Spain Jump 14.3% — And the Costa del Sol Could Be One of the Biggest Winners

U.S. buyers remain a relatively small part of Spain’s foreign property market, but their numbers are rising fast — and they are spending more per square metre than any other major foreign nationality.

MARBELLA, Spain — A significant shift is emerging within Spain’s international property market, and it is one Costa del Sol estate agents may want to watch closely.

During the first half of 2025, purchases of Spanish property by American buyers increased by 14.3% year-on-year, according to data from Spain’s Consejo General del Notariado.

By comparison, total purchases by foreign buyers increased by approximately 2% over the same period.

That means U.S. demand grew at more than seven times the rate of the wider foreign-buyer market.

But the growth in transaction numbers tells only half the story.

American buyers are also purchasing at the very top end of Spain’s international market.

Americans Paid €3,465 per Square Metre

According to the same notarial data, U.S. buyers paid an average of:

€3,465 per square metre

That was the highest average price paid by any major foreign nationality included in the report.

For comparison, the average across all foreign buyers was €2,417/m².

That puts American buyers approximately 43% above the overall foreign-buyer average.

The five highest averages were:

The figures do not suggest Americans are simply paying more for identical properties.

Instead, they indicate that U.S. buyers are disproportionately participating in more expensive locations and higher-value segments of the Spanish market.

And that is where the Costa del Sol becomes particularly interesting.

Why This Matters for Marbella, Benahavís and Estepona

Americans still account for a relatively modest share of Spain’s overall foreign property transactions.

But Marbella is not an average Spanish property market.

Neither is Benahavís — and increasingly, neither is Estepona.

These locations are heavily exposed to international buyers with significant purchasing power, meaning a nationality does not necessarily need enormous transaction volumes to have a meaningful impact.

It needs to generate high-value transactions.

This makes the combination of rapidly increasing U.S. demand and exceptionally high average spending particularly relevant to the premium Costa del Sol.

The Trend Is Continuing

More recent indicators suggest international demand remains a major force in Spain.

According to the Colegio de Registradores, foreign buyers represented almost 16% of Spanish residential purchases in Q2 2026, even as total housing transactions declined 5.7% quarter-on-quarter.

American buyers have also become increasingly visible within the luxury segment.

Reuters reported in 2026 that Americans had grown to around 2% of foreign purchases in Spain, approximately triple their share six years earlier.

Agency-level data show an even more dramatic shift.

At Spanish real estate agency Gilmar, U.S. investment reportedly increased from just 0.5% of the firm’s transactions in 2024 to 6.2% in 2025.

Within Gilmar’s Costa del Sol business, Americans became the agency’s leading foreign buyer group, overtaking British buyers among its own clients.

This does not mean Americans have overtaken British buyers across the Costa del Sol as a whole.

But it demonstrates how quickly the buyer profile can change within specific parts of the premium market.

Why Are More Americans Looking at Spain?

There is no single explanation.

Lifestyle remains an obvious attraction, alongside relative value, climate and the possibility of establishing a European base.

But another factor is increasingly entering the conversation: optionality.

For some high-net-worth buyers, Spanish property offers geographic and asset diversification alongside lifestyle benefits.

A Marbella property does not necessarily represent a permanent move away from the United States.

It can instead provide a second home, a European base, an asset denominated in euros, a place for extended family or somewhere to spend several months of the year.

For internationally mobile buyers, that flexibility has value.

Why the Costa del Sol Fits the American Buyer

The Costa del Sol combines the lifestyle of a Mediterranean destination with much of the infrastructure required for permanent international living.

International schools, private healthcare, golf courses, marinas, luxury hotels, gated communities, established international communities and Málaga Airport all contribute to its appeal.

Then there is Marbella itself.

An American buyer with a €2 million, €3 million or €5 million budget may not simply compare Marbella with other Spanish cities.

They could be comparing it with Miami, Palm Beach, Los Angeles, the Hamptons, Mallorca, the Algarve or the French Riviera.

Viewed through that lens, Marbella competes within a much broader international luxury-property market.

Americans Aren’t Looking for “Cheap Spain”

For years, a significant part of Spain’s international property marketing focused on affordability.

The latest U.S. buyer data point towards a different proposition.

At an average €3,465/m², American purchasers were paying more per square metre than any other major nationality identified in the notarial figures.

This suggests a significant part of the market is prioritising:

Quality. Location. Architecture. Privacy. Security. Views. Amenities. New construction. Turnkey homes. Professionally managed developments.

Those priorities align closely with the direction in which Marbella, Benahavís and the wider western Costa del Sol have been developing.

Marbella Agents Need to Think Beyond Translation

Reaching this market involves more than translating a property listing into English.

American buyers arrive from a very different real estate environment.

They may think in square feet rather than square metres. They may expect buyer representation, structured comparable-property information, transparent listing data and an agent capable of searching the wider market rather than only their own inventory.

The Spanish buying process can also require considerable explanation.

Reservation contracts, notaries, community fees, IBI, transfer taxes, currency exposure and residency considerations can all be unfamiliar.

The agencies capable of explaining the process clearly do more than sell property.

They remove uncertainty.

For an international buyer purchasing thousands of kilometres from home, that can be enormously valuable.

The MLS Question

There is another reason the rise of American buyers could become significant for Spain’s property industry.

Americans come from a market built around the Multiple Listing Service (MLS).

They are accustomed to agents sharing inventory, buyer representation, structured property information and collaboration between agencies.

Spain remains considerably more fragmented.

Listings can be duplicated across portals. Property information can differ between agencies. Availability is not always clear. Prices may not update simultaneously. Commission structures vary.

For an American buyer accustomed to an MLS environment, navigating that fragmentation can be challenging.

As the number of U.S. buyers increases, the demand for more transparent, collaborative and data-driven property infrastructure could increase with it.

NLS Analysis: Follow the Capital, Not Just the Buyer Count

For The NLS, three figures summarise the American opportunity:

+14.3%

Growth in U.S. purchases during H1 2025.

€3,465/m²

The highest average price paid among the major foreign nationalities identified by Spanish notaries.

+43%

Approximately how much more per square metre Americans paid than the average foreign purchaser.

Together, these figures are more significant than America’s relatively modest share of total foreign transactions.

They describe a buyer market that is growing quickly, purchasing expensive property and becoming increasingly relevant to precisely the segment in which Marbella and Benahavís compete.

For Costa del Sol agencies, the opportunity is not simply to generate more American leads.

It is to create a buying experience international purchasers understand: better data, stronger collaboration, clear buyer representation, reliable property information and greater international distribution.

NLS Conclusion: America Doesn’t Need to Become No.1

British, Dutch, German, Scandinavian, Belgian, Polish, Irish and other European buyers will continue to play an enormous role in the Costa del Sol.

The American market represents something different.

It does not need to become Spain’s largest foreign buyer group to become strategically important.

Because volume is not the only measure that matters.

U.S. purchases: +14.3% YoY.

Average price: €3,465/m².

Premium over the average foreign buyer: approximately 43%.

The Americans are not yet buying the most Spanish homes.

But they are increasingly buying at the top of the market — and their numbers are growing.

For Marbella, Benahavís and the premium Costa del Sol, that could make the United States one of the most important international markets to watch over the coming years.

Sources: Consejo General del Notariado; Colegio de Registradores de España; Reuters.