This segment of buyers focuses on prime tourist locations and high-yield investments. CaixaBank's latest report makes this clear: these buyers are willing to pay, on average, 70% more per square meter than locals, cementing Spain's reputation as a prime destination for luxury real estate investment.
To put this in perspective, 8% of all homes sold in Spain last year were to non-resident foreigners. These are the buyers the government is trying to keep out, as local residents are finding it increasingly difficult to access housing. However, despite the elimination of the Golden Visa and proposals to raise taxes on non-EU buyers who do not plan to settle in Spain, demand from international investors remains strong.
On a quarterly basis, around 14,500 homes were sold to this group, totaling more than 58,000 properties between early 2024 and 2025. This represents a 40% increase over pre-pandemic levels and a staggering 338% jump compared to 2006, when the Spanish real estate market was already booming.
The first quarter of 2025 saw a further rebound after the decline recorded since 2022, reinforcing Spain's attractiveness as an investment hub for wealthy foreigners. Its market share remains stable at 8%, almost one in ten homes sold.
According to CaixaBank Research, Spain's attractiveness is based on its economic stability, the perception of security, excellent connectivity, and relatively competitive real estate prices compared to other European markets. The result? Increased pressure on certain regions, particularly those with strong tourism or high rental yields.
Just look at the numbers: In Alicante, 35% of home sales were made to non-resident foreigners. Malaga accounts for 28%, the Balearic Islands 25%, and Santa Cruz de Tenerife 22%. All of these are high-demand, high-growth areas, with year-on-year price increases exceeding 12% in Malaga, the Balearic Islands, and Tenerife. In Alicante, prices rose 10.3%, compared to the national average of 9%, according to the Ministry of Transport.
There is also a notable shift in regional preferences: Huelva, Ourense, and Lugo are attracting more foreign buyers, while traditional tourist hotspots such as Girona, Tarragona, Almería, and Granada are experiencing less activity.
The government acknowledges the impact of speculative investment. At the beginning of 2023, Prime Minister Pedro Sánchez highlighted that approximately 27,000 homes were purchased by non-resident foreigners, primarily for speculation and profit, not for residence. With the latest count of 58,000, the issuance has more than doubled. To put this into context: Sareb will transfer 40,000 homes to the new public entity, Sánchez has pledged to activate 183,000 affordable homes, and 126,000 new building permits were issued by 2024.
To address the situation, the government has proposed a new tax for non-EU buyers, although EU citizens are exempt due to European regulations. The tax reform is still in parliamentary proceedings, with opposition from coalition partners such as Sumar and Podemos, who criticize the incentives offered to landlords to lower rents.
In short: the Spanish real estate market remains very attractive to foreign investors, especially in the luxury segment, while local buyers continue to face significant barriers to home ownership.
Diversified Profile and Market Trends.
In terms of nationality, the United Kingdom continues to lead the list of foreign buyers in Spain, although its share has fallen from 21.8% to 14.8% between the periods 2010-2019 and 2020-2024. This decline occurs despite the fact that sales have remained stable, at around 7,400 homes per year. The report attributes this adjustment to the impact of Brexit, the depreciation of the pound, and the poor British economic performance following the pandemic. At the same time, markets such as Germany, Belgium, and the Netherlands have increased their presence, consolidating their position as relevant players. Germany stands out, approaching the British market with around 7,000 purchases per year, mainly in the archipelagos.
Growth and Diversification of Demand
Polish buyers have shown the greatest growth in share, increasing from 0.7% to 4.7%. The report highlights the growing diversification of the foreign buyer profile, reflected in the rise in interest from Ukraine, Romania, Ireland, and Portugal. Factors such as European mobility, digitalization, and the perception of Spain as a safe country, especially after the war in Ukraine, explain this phenomenon and the surge in buyers from Eastern Europe, including Poles.
Outside Europe, a significant increase in interest from American buyers has been observed, driven by the strong growth in tourism from the US after the pandemic. Americans are now leading foreign demand in regions such as the Basque Country, La Rioja, Asturias, Galicia, and Castilla-La Mancha. There is also a greater presence of Latin American buyers, especially from Argentina, Colombia, and Venezuela. Although their share remains low, they now represent nearly 1% of transactions, double that of the previous decade.
Spain, a leader in the luxury segment
The analysis indicates that 10% of purchases correspond to foreign residents in Spain, with a profile similar to that of Spain in terms of location and price. However, non-residents invest considerably more: they pay more than €3,000 per square meter, compared to the average of €1,700 for residents and Spanish residents. This confirms Spain's position as one of the most attractive destinations for luxury real estate investment in Europe. This is recognized by CaixaBank Research and international firms, such as Barnes, which rank Madrid, Barcelona, and Marbella among the most attractive cities globally for high-net-worth individuals (UHNWIs).
Key factors such as connectivity, infrastructure, and quality of life continue to be decisive for this demand segment; aspects supported by public investment and the strength of the Spanish social fabric.
Finally, it is worth noting the recent elimination of the Golden Visa, which allowed residents to obtain residency through the purchase of high-value homes. According to Minister Isabel Rodríguez, this measure seeks to facilitate access to housing for the local population in stressed markets, where supply is insufficient and prices remain high.