Foreign demand for Spanish property cooled during the first half of 2026, with international buyers completing 62,327 home purchases, a 13% year-on-year decline, according to new data from Spain’s General Council of Notaries.
Despite the fall in transaction volumes, foreign buyers remain a significant force in the Spanish housing market, accounting for 18.3% of all residential property purchases during the first six months of the year. This was slightly below the 19.2% share recorded during the same period in 2025.
Non-Resident Purchases See the Sharpest Decline
The slowdown affected both foreign residents and non-residents, although the latter experienced the larger decline.
Foreign residents accounted for 63.2% of international purchases, with transactions falling 9.7% year-on-year. Non-resident buyers represented the remaining 36.8%, with purchases dropping by a more substantial 18%.
At regional level, foreign purchases declined across 15 of Spain’s 17 autonomous communities. The only increases were recorded in Castilla-La Mancha (+4.4%) and Extremadura (+3.3%).
The largest falls were seen in Cantabria (-20.5%), the Canary Islands (-20.3%) and Madrid (-19.7%). Both the Balearic Islands and the Valencian Community recorded declines of 15.4%.
Fewer Transactions, But Higher Prices
While transaction numbers fell, the amount international buyers are paying continued to climb.
The average price paid by foreign buyers increased 9.4% year-on-year to €2,644 per square metre.
Non-resident foreign buyers paid considerably more, averaging €3,493/m², an increase of 11.8%. Foreign residents paid an average of €2,102/m², up 9.8%, while Spanish buyers paid an average of €1,971/m², up 8.7%.
Prices paid by international buyers increased in 15 of Spain’s 17 autonomous communities, with some of the strongest rises recorded in Cantabria (+23%), Asturias (+22.3%), Extremadura (+16.4%) and the Valencian Community (+15.6%).
Who Is Buying Property in Spain?
Moroccan buyers became the largest foreign buyer group during the first half of 2026, completing 4,960 transactions, equivalent to 8% of all foreign purchases.
They were followed by buyers from the United Kingdom with 4,541 purchases, Italy with 4,109, Romania with 3,974 and Germany with 3,907.
Together, these five nationalities accounted for 34.6% of all foreign property transactions in Spain.
However, the highest average prices came from other markets. Buyers from the United States paid an average €3,948/m², followed by Sweden at €3,839/m² and Germany at €3,763/m².
What Does This Mean for Spain’s Property Market?
The figures point to a changing international market rather than a disappearance of foreign demand.
Foreign buyers are completing fewer transactions than a year ago, particularly among non-residents, yet they continue to represent almost one in five Spanish home purchases. At the same time, the prices they are willing to pay are continuing to rise.
For agents operating in Spain’s international and coastal markets, this suggests that foreign demand remains highly relevant, but buyers are becoming more selective in an increasingly expensive market.
Source: Portal Estadístico del Notariado / Centro de Información Estadística del Notariado (CIEN), first-half 2026 data.
