In the first half of 2026, foreign citizens purchased 51,627 residential properties in Spain, which is approximately 4% more than during the same period last year and marks the highest figure in the history of relevant statistics from Spanish registries.
The second quarter proved to be the most active: foreigners concluded more than 26,8 thousand transactions, and their share of all registered housing purchases reached 15.98%—a historic high, according to data from the Colegio de Registradores de España.
At the same time, the overall Spanish housing market, on the contrary, cooled off somewhat in the second quarter. The number of transactions fell by 5.7% compared to the previous quarter—to 167,934 thousand, with sales of new-construction properties dropping by 11.5% to 34,919 thousand. Thus, foreign demand strengthened against the backdrop of a decline in overall buyer activity.
British citizens remained the largest group of foreign buyers in the first half of the year. They purchased 3,567 properties, although the number of transactions fell by approximately 10% year-over-year.
Dutch citizens came in a close second—with 3,489 purchases, a 12% increase compared to the first half of 2025. The gap between the two largest groups was just 78 transactions. In the second quarter alone, British buyers closed 1,843 deals, while Dutch buyers closed 1,830.
Official statistics for the second quarter show that British buyers accounted for 6.99% of all foreign transactions, while Dutch citizens accounted for 6.94%. Germans came in third with a 6.11% share.
Germany retained its third place among the largest foreign markets, although demand from German buyers declined slightly over the first half of the year—by approximately 2%. At the same time, the number of purchases by Italian citizens rose by 11%, by Poles—also by 11%, by French citizens—by 3%, and by Irish citizens—by 6%. Belgian demand, on the other hand, fell by approximately 16%.
Thus, the structure of foreign demand in Spain is becoming increasingly diversified. Just ten years ago, British buyers were significantly ahead of other nationalities, whereas now the gap between the United Kingdom, the Netherlands, Germany, and the next group of European buyers has narrowed considerably. In the first quarter of 2026, for example, British and Dutch buyers accounted for 6.82% and 6.56%, respectively, of foreign purchases.
The most detailed official report from the Colegio de Registradores for the first quarter of 2026 shows that Ukrainians ranked 10th among foreign buyers, accounting for 3.08% of all foreign real estate transactions; Ukrainian citizens made approximately 765 purchases over the three-month period.
In terms of the number of transactions at the start of the year, Ukrainians trailed behind the British, Dutch, Moroccans, Germans, Italians, French, Romanians, Poles, and Belgians, but outpaced citizens of China, Sweden, Ireland, the U.S., and Russia.
By comparison, Chinese nationals accounted for 2.69% of foreign purchases, while Russians accounted for only 1.44%. Thus, the share of Ukrainians was more than twice that of Russians.
The full official report for the first half of the year, broken down by nationality, has not yet been presented in the registrars’ brief press release; therefore, the exact number of purchases made by Ukrainians over the six-month period should be interpreted with caution. If the share remains at around 3%, this could amount to approximately 1,500 transactions for January–June; however, this is an estimated figure and not a separately published official statistic.
In support of these statistics, Ukraine’s largest international real estate agency—HomiUm—notes a steady increase in demand for real estate in Spain and confirms the long-term investment potential of this market.
According to the company’s CEO, Artur Brazilevsky: “One in five of our agency’s clients buys real estate specifically in Spain.”
The opposite trend is observed among Russian citizens. In the first half of the year, Russians purchased fewer than 1,000 properties, and the number of transactions fell by more than 20% year-over-year.
In the second quarter, the share of foreign buyers reached 32.27% in the Balearic Islands and 31.03% in the Valencian Community. At the same time, the share of foreign buyers increased in all of the country’s autonomous communities.
In the first quarter, a high concentration of foreign demand was also observed in the Canary Islands—22.78% of transactions—and in the Region of Murcia—21.73%. In the province of Alicante, foreigners accounted for about 44.7% of home sales, and in Málaga, more than a third.
Overall, over the past 12 months, foreign citizens have purchased approximately 99,400 homes in Spain, meaning the market has come very close to the 100,000 mark for foreign transactions per year.
The growth in international demand is occurring alongside a sharp rise in real estate prices. The average registered price of housing in the second quarter reached a new all-time high of 2,487 euros per square meter, increasing by 2.4% quarter-over-quarter and by 9.2% year-over-year. The resale index showed even more significant year-over-year growth—16.7%.
Thus, despite a decline in the total number of transactions in Spain, foreign demand continues to strengthen. At the same time, the market is becoming less dependent on traditional British and German buyers: the role of the Netherlands, Poland, and a number of other European countries is growing, while Ukrainians remain among the most prominent nationalities in the Spanish real estate market.
Brazilevsky, FOREIGNER, Homium, HOUSING, REAL ESTATE, SPAIN, UKRAINE
Foreign buyers account for about 60% of the demand for ultra-luxury housing in Spain, and prices in this segment have risen by approximately 30% over the past five years. Alongside traditional British and German buyers, the most notable activity is currently being driven by citizens of the Netherlands, Poland, and the United States, as well as affluent clients from the Gulf States. Ukrainians also remain among the most active foreign buyers of Spanish real estate.
These estimates are contained in data published in August by Hiscox on the Spanish ultra-luxury housing market. This primarily refers to properties valued at EUR3 million or more.
Most of the demand is concentrated in just a few regions. The Balearic Islands, the province of Málaga, Madrid, and Barcelona account for 83% of Spanish real estate listings priced at over EUR3 million.
A particularly high proportion of foreign buyers is observed in resort markets. In Benahavís, in the province of Málaga, foreign buyers account for about 84% of luxury real estate transactions, while in Andratx, on Mallorca, they account for about 79%. In Madrid, the situation is the opposite: in the capital itself, foreign buyers account for only about 14% of transactions in this segment, while in the prestigious suburb of Alcohendas, the figure is 17%. Thus, Madrid’s luxury market remains focused to a much greater extent on affluent Spanish buyers.
At the same time, non-resident foreigners pay some of the highest prices per square meter, as they focus on properties in the most prestigious neighborhoods. According to Hiscox’s assessment, international capital has been one of the factors driving the approximately 30% increase in prices for luxury real estate in Spain over the past five years.
The Hiscox study does not provide a detailed breakdown by nationality of buyers specifically for homes priced above EUR 3 million. However, the latest data from Spanish property registries reveal which foreign groups are currently the most active in the country’s market as a whole.
In the second quarter of 2026, foreigners purchased more than 26,800 residential properties in Spain, accounting for a record 15.98% of all registered transactions.
British citizens took first place with a 6.99% share of foreign purchases, virtually tying with Dutch citizens at 6.94%. They were followed by Germany (6.11%), Morocco (6.09%), Romania (5.70%), Italy (5.13%), France (4.97%), and Poland (4.33%).
In the first half of the year, British buyers purchased approximately 3,570 properties, while buyers from the Netherlands purchased about 3,490. Dutch demand grew by approximately 12% year-over-year, while Polish demand rose by about 11%.
In the luxury market itself, the structure of demand is shifting even more noticeably. In June, Reuters noted a sharp influx of affluent buyers from Poland, the U.S., and the Gulf states to Madrid and the Costa del Sol. Meanwhile, British and German buyers remain traditionally strong groups of foreign property owners along the Spanish coast.
Polish demand has grown particularly rapidly in recent years. The share of Poles among all foreign buyers increased from approximately 1.6% in 2019 to 4% in 2025. In the Santa Clara luxury complex in Marbella, which was completed last year, about 70% of the 102 homes were sold to Polish clients. Polish buyers also make up the majority of clients for the 64-story residential skyscraper currently under construction in Benidorm.
At the same time, American investment is growing rapidly. According to the real estate agency Gilmar, the share of U.S. clients in its transactions rose from 0.5% in 2024 to 6.2% in 2025, with Americans having already surpassed Britons as the agency’s top foreign buyers on the Costa del Sol. Across Spain as a whole, U.S. buyers also stand out for the high value of the homes they purchase.
Ukrainians are also among the most prominent foreign real estate buyers in Spain, although their purchases are not exclusively concentrated in the luxury segment.
In the first quarter of 2026, Ukrainian citizens accounted for 3.08% of all foreign home purchases, ranking tenth among nationalities. This corresponds to approximately 760–765 transactions over three months. In the second quarter, the share of Ukrainians was about 2.94%, placing them 11th among foreign buyers. In the first half of the year, Ukrainians purchased approximately 1,500 residential properties. This last figure is an estimate, as Spanish registrars did not publish the absolute number of Ukrainian transactions for the half-year separately.
For comparison, in the second quarter, Ukrainian buyers ranked just behind China, which accounted for 3.02%. At the same time, Ukraine remained ahead of a number of traditional markets for foreign buyers.
As early as the first half of 2025, Ukrainians set a record for themselves by purchasing 2,165 properties. At that time, the number of transactions by Ukrainian citizens increased by 4.5% year-over-year. The average price of housing purchased by Ukrainians was approximately EUR1,832 per square meter, which is significantly lower than the levels paid by American, German, or Scandinavian buyers and indicates that a significant portion of Ukrainian demand is concentrated not in the ultra-luxury segment, but in the standard and mid-range segments.
From a regional perspective, Ukrainians are particularly prominent in the Valencian Community, where they accounted for 5.92% of all home purchases by foreigners as of the end of 2025.
It is noteworthy that Spain’s cancellation of the Golden Visa program as of April 3, 2025, had virtually no impact on the situation in the high-end price segment.
According to Hiscox’s estimates, transactions related to obtaining a residence permit through investment accounted for only about 0.5% of the total number of deals. A typical buyer of real estate worth several million euros chooses Spain primarily for its quality of life, climate, safety, infrastructure, and the opportunity to diversify their capital—rather than to obtain a residence permit.
Reuters also confirms this trend: geopolitical instability has become an additional driver of demand. For some Polish and Ukrainian families, a home on the Costa del Sol is viewed as a safe haven far from Europe’s eastern border; American buyers are seeking an alternative place to live and invest their capital; and clients from the Gulf states are beginning to view Spain as a potential alternative to Dubai.
As a result, Spain’s luxury real estate market is becoming increasingly international.
The Security Service of Ukraine dismantled an international drug smuggling ring operating out of Southern Europe and seized the largest shipment of cocaine since the start of the full-scale war, valued at approximately 70 million hryvnia. As part of a special operation in the Kyiv, Dnipropetrovsk, and Lviv regions, ten suspected members of an international drug syndicate were detained simultaneously, the SBU reported on August 12.
According to the security service, the group was involved in the distribution of wholesale shipments of cocaine, ecstasy, and other psychotropic substances imported from abroad. The SBU estimates the monthly revenue from these illegal activities at 15–20 million hryvnias.
Investigators believe a Kyiv resident was the organizer of the group’s activities in Ukraine. According to law enforcement, he recruited people to distribute drugs in various regions of the country.
During the first series of searches, SBU officers discovered approximately 2 kg of cocaine and other prohibited substances. Subsequently, more than 8 kg of cocaine and other potent substances were found in hiding places. The SBU estimated the total value of the seized substances at approximately 70 million hryvnias.
Thus, this amounts to approximately 10 kg of cocaine, not including the other seized substances. The SBU describes this shipment as the largest the agency has uncovered in Ukraine since the start of the full-scale war.
The ten detainees have been notified of charges under Part 3 of Article 307 of the Criminal Code of Ukraine—the illegal production, acquisition, storage, transportation, or sale of narcotic drugs and psychotropic substances committed by an organized group. They are currently in custody. The investigation has also established the possible involvement of three Ukrainian citizens currently in Spain in organizing the trafficking route. The issue of their extradition to Ukraine is currently being resolved.
The operation was carried out by SBU officers under the procedural supervision of the Dnipro District Prosecutor’s Office in Kyiv.
The SBU operation comes amid high cocaine supply in Europe. According to the 2026 European Drug Report, cocaine remains the second most prevalent illicit drug in Europe after cannabis. Approximately 4.3 million Europeans aged 15–64 have used it in the past year.
The EUDA notes that large shipments of cocaine continue to flow into Europe primarily from South America, with international criminal networks actively exploiting global commercial and maritime cargo flows. Large quantities of the drug are regularly seized at European ports.
Spain and the Western Balkans are a key component of the European system for combating international drug trafficking, primarily due to the activities of major organized crime groups in the region.
Europol notes that certain criminal networks linked to Montenegro are involved in organizing large-scale cocaine shipments from South America to European markets and have connections both within the EU and in Latin America.
In April 2026, Europol reported the arrest in Montenegro of one of the leading members of the so-called “Balkan Cartel.” Montenegrin law enforcement authorities charged a group of suspects in connection with the illicit trafficking of approximately 2,700 metric tons of cocaine between October 2024 and April 2026. The drugs had previously been seized during several operations in EU countries and South America.
The total solar eclipse on August 12, 2026, became one of the biggest tourism events of the year for Spain and Iceland, causing a sharp increase in short-term rental bookings in cities located within the totality zone.
According to a study by the analytics platform AirDNA, published on July 29, 2026, demand for short-term rentals in Zaragoza, Spain, for dates around the eclipse rose by 123% compared to the same period last year. In Logroño, the increase reached 109%; in Burgos, 65%; in Valladolid, 64%; and in León, 63%. In Kópavogur, Iceland, the figure rose by 48%, and in Reykjavík, by 44%.
The path of totality will pass through Greenland, western Iceland, northern Spain, and a small section of northeastern Portugal. In most other European countries, the eclipse will be partial. Spain will be one of the prime viewing locations, as the total eclipse phase will cross the country from west to east and continue over the Balearic Islands.
The strongest impact on rental prices is expected in Iceland. The western and southern regions of the country, which fall within the path of totality, account for about 60.6% of the national supply of short-term rentals.
At the same time, the country’s entire market consists of only about 8,300 available properties. Given the limited supply, even a short-term influx of tourists could significantly increase the average cost of accommodation nationwide.
AirDNA expects that Iceland will see the most significant increase in the average daily rental rate. Additional demand is being driven not only by foreign tourists but also by residents, as a total solar eclipse has not been observed in Iceland for over half a century.
Interest is also extending to related events. A week before the eclipse, more than 90% of tickets for a four-day themed festival in Iceland had already sold out.
In Spain, approximately 86,300 short-term rental properties fall within the path of totality, representing 22.6% of the country’s total supply, which AirDNA estimates at roughly 382,400 listings.
Thus, in the Spanish eclipse zone alone, there are more than 16 times as many properties available as in Iceland’s entire short-term rental market. This allows Spain to accommodate significantly more tourists and keeps price increases in check, despite high demand.
Among the destinations expected to be in highest demand are Bilbao, León, Burgos, Zaragoza, Valencia, and Palma de Mallorca. Madrid and Barcelona are outside the path of totality, although a partial eclipse will be visible there as well.
Spain also has a more extensive network of air connections and a significantly larger supply of hotels and rental properties. Therefore, analysts consider it a more suitable option for travelers who book their trip immediately before the event.
However, the cost of specific accommodations can change rapidly. Property owners and management companies use dynamic pricing, automatically raising rates as demand increases and the number of available options decreases.
To assess the potential impact, AirDNA used data on the total solar eclipse in North America in April 2024. At that time, the occupancy rate for short-term rental properties in the total eclipse zone reached 88%, and the average daily rate increased by 18.4%. These figures are not a direct forecast for Europe, but they demonstrate the impact of a rare astronomical event on local rental markets.
The official primary source of data on the short-term rental market is the AirDNA study dated July 29, 2026. The eclipse path has been confirmed by the European Space Agency and NASA.
The booking rate for vacation rentals along Spain’s coast for August 2026 reached 85.5%, which is 1 percentage point higher than the figure for the same period last year, according to a study by the Rentalia platform published on July 29. The study is based on an analysis of availability calendars for apartments and vacation homes located no more than 15 km from Spanish beaches. In August 2025, the share of booked properties stood at 84.5%.
The highest occupancy rate was recorded in Mallorca, where 99% of vacation rentals were booked for the last month of summer. Next are the Asturian coast at 95.6%, Menorca at 94.6%, Lanzarote at 93.5%, and the province of Alicante at 92.2%.
In Murcia, the booking rate reached 89.1%; in Cantabria, 88.3%; in Cádiz, 87.5%; on the Costa del Sol in the province of Málaga, 86.8%; and in Almería, 86.5%. In Fuerteventura, the figure matches the national average at 85.5%, and on the Costa Brava, it stands at 85%.
The greatest number of available last-minute booking options remains on the coast of the province of Huelva, where 44.7% of accommodations are occupied. Relatively low occupancy rates were also recorded in Tenerife (72.4%), the province of Valencia (72.6%), the Costa Dorada in Tarragona (76.7%), and the Barcelona coast (77.9%).
Almudena Ucha, director of Rentalia, attributes the rise in demand for northern regions of Spain to the intense summer heat. Occupancy rates for vacation rentals in Asturias rose by 4.7 percentage points over the year, and in Cantabria by 4 points, as tourists are increasingly opting for cooler destinations. Among properties with air conditioning, 86.7% were booked for August, and among those with a pool, 85% were booked. The booking rate for rural homes in Spain’s inland regions was even higher, reaching 87.6%.
Data source: a study by Rentalia, a vacation rental platform on Idealista
The Italian government’s call to restrict the application of Schengen rules to Spain following a mass migrant surge from Morocco into the Spanish city of Ceuta has received support from some European politicians but has drawn sharp criticism from Madrid and raised questions about the legal feasibility of such a move.
According to Spain’s Ministry of the Interior, approximately 50,000 people may have entered Ceuta beginning on the morning of July 30. The head of the local government, Juan Jesús Vivas, estimated the number of arrivals at 60,000. About half of them subsequently returned to Morocco voluntarily. According to various estimates, between 34 and 41 people died while attempting to cross the border.
Spain deployed military personnel and additional police units to Ceuta. Prime Minister Pedro Sánchez called the mass border crossing a violation of the country’s territorial sovereignty and announced that the return of individuals who had entered Spanish territory illegally would be expedited. Madrid stated that it is coordinating with Moroccan authorities.
Italian Prime Minister Giorgia Meloni stated that Rome is prepared to take extraordinary measures to protect its borders, including considering “suspending the Schengen Area with Spain.”
Italian Foreign Minister Antonio Tajani and Transport Minister Matteo Salvini also called for the reinstatement of border controls with Spain. Tajani linked the events in Ceuta to Madrid’s decision to legalize the status of hundreds of thousands of migrants who had previously been in the country without proper status.
Finnish Interior Minister Mari Rantanen supported the Italian initiative, stating that Spain had allegedly failed to fulfill its obligation to protect the Schengen Area’s external border. Danish Prime Minister Mette Frederiksen called for consideration of possible restrictions but did not announce a specific decision by her government.
Swedish Prime Minister Ulf Kristersson stated only that Stockholm is prepared to take the necessary measures if events in Ceuta begin to affect security or the migration situation in Sweden. This is not the same as supporting Spain’s exclusion from the Schengen Area.
As of the evening of July 31, there is no reliable official confirmation that Austria has specifically supported the exclusion or suspension of Spain’s Schengen membership. Therefore, reports of a coordinated position among all four countries cannot be fully confirmed.
At the same time, France has ordered stricter border checks with Spain. Such measures are legally permissible as a temporary reinstatement of internal border controls but do not imply Spain’s withdrawal from or exclusion from the Schengen Area.
Spanish Foreign Minister José Manuel Albares summoned the Italian ambassador in Madrid and called Tajani’s statements unacceptable.
“This statement is inappropriate coming from the foreign minister of a partner country and friend from whom we expect European solidarity, not partisan demagoguery,” Albares said.
Spanish authorities attribute the crisis to a false interpretation, spread by smugglers, of a Supreme Court ruling that restricted the immediate return of migrants detained at sea near Ceuta and Melilla.
Critics of the Italian initiative also point out that exploiting the migration tragedy for domestic political gain could fuel xenophobic sentiments and replace the necessary discussion on external border security with political statements that are impossible to implement in their proposed form.
Can Spain Be Excluded from the Schengen Area?
Current EU legislation does not provide for a separate procedure that would allow a single state or group of states to simply “exclude” another country from the Schengen Area.
The Schengen Borders Code allows member states to temporarily reintroduce border controls at their internal borders in the event of a serious threat to public order or internal security. The state must notify the European Commission and other Schengen members of this decision. Such controls must be a measure of last resort, temporary, and proportionate.
If serious and persistent deficiencies in the protection of the external border threaten the functioning of the entire Schengen Area, the Council of the EU, upon a proposal from the European Commission, may recommend that one or more countries reinstate internal border controls. The initial duration of such a decision is up to six months, and the total duration generally may not exceed two years. This does not constitute an exclusion of the state from the Schengen Area.
The special status of Ceuta and Melilla must be considered separately. Spain is already required to check the documents of passengers traveling by sea or air from these cities to mainland Spain or other Schengen Area countries. Therefore, entering Ceuta illegally does not, in and of itself, allow for uncontrolled movement throughout Europe.
Consequently, Italy, France, or other countries may temporarily intensify checks on passengers arriving from Spain. However, there is no legal procedure for unilaterally excluding Spain from the Schengen Area.
Calls for such a step are currently primarily political in nature and have not been formalized as an official proposal by the European Commission or a decision by the Council of the EU.
