In 2025, the Spanish housing market reached its highest level since 2007: according to data from the Spanish Ministry of Housing and Urban Agenda, 752,098 home sales were completed in the country, which is 5% more than in 2024.
Foreign demand remains one of the key drivers of this growth. According to preliminary data from Spanish registrars, foreigners bought almost 97,300 houses and apartments in Spain in 2025, which was a new high and accounted for 13.8% of all transactions in the housing market. At the same time, according to notarial statistics for the first half of 2025, foreigners accounted for 71,155 transactions, or 19.3% of the total number of home sales during this period. Notaries separately note that the growth in 2025 was mainly driven by foreign residents, while purchases by non-residents declined slightly.
The main groups of foreign buyers in Spain are now primarily Europeans and people from countries with high migration to Spain itself. According to registrars’ data for the fourth quarter of 2025, the largest shares among foreign buyers were British (8.57%), German (6.67%), Dutch (5.91%), Moroccans (5.30%), French (5.28%), Romanians (5.17%), and Italians (4.76%). Notarial statistics for the first half of 2025 also show the UK leading the way with 5,731 transactions, followed by Morocco with 5,654 and Germany with 4,756.
Ukrainians also occupy a prominent place in this structure. According to data based on Spanish notarial statistics, in January-June 2025, Ukrainian citizens made 2,165 home purchases in Spain, which was a record for the entire series of observations. In the official Notariado review, Ukraine is also named among the countries that showed growth in the first half of 2025: the number of purchases by Ukrainians increased by 5% year-on-year. The average price paid by Ukrainian buyers was around EUR 1,832 per square meter.
Russians, on the contrary, are losing weight in the Spanish market. According to notaries, in the first half of 2025, home purchases by Russian citizens decreased by 17.4% compared to the same period in 2024, and Russians are no longer among the largest foreign groups in terms of the number of transactions. At the same time, Russians are still among the buyers with above-average purchase prices for foreigners.
Geographically, foreign demand is most noticeable on the coast and islands. According to registrars, the share of foreign buyers is particularly high in the Balearic Islands (32.8%), the Valencian Community (29.6%), the Canary Islands (24.5%), Murcia (22.8%), Catalonia (16.5%), and Andalusia (14%). Notaries also highlight Alicante, the Balearic Islands, Malaga, and Santa Cruz de Tenerife as the main areas of concentration for transactions with foreigners.
Thus, the Spanish housing market is currently being fuelled by two foreign flows: non-resident buyers, especially from Northern and Western Europe, and migrants who already live and work in Spain. According to notarial statistics, it is the second group that will be the main factor in maintaining record demand for housing in 2025.
