Foreign buyers continue to play a significant role in Spain’s housing market, despite record price increases and a gradually intensifying political debate over housing affordability, according to data from Spanish property registries.
In the first quarter of 2026, foreigners completed nearly 25,000 housing transactions, accounting for about 14% of all sales in the country. This figure marked the fourth-best result in the history of the data series. Meanwhile, the average price per square meter in Spain reached a new all-time high of EUR 2,429 per square meter.
Despite a slight year-over-year decline of 3.2% in the number of foreign transactions, international demand remains steady. The majority of foreign buyers are EU citizens, accounting for 58.3% of such transactions. The largest groups of buyers in the first quarter were citizens of the United Kingdom (6.8%), the Netherlands (6.6%), Morocco (6.2%), Germany (6.0%), and Italy (5.5%). Buyers from France, Romania, and Poland also account for a significant share.
Geographically, foreign demand remains concentrated in tourist and coastal regions. The highest share of transactions with foreigners was recorded in Alicante—44.6%, Málaga—34.3%, the Balearic Islands—28.9%, the Canary Islands (22.8%), and Murcia (21.7%). This confirms that foreigners primarily purchase housing in areas popular for leisure, rentals, and migration.
This growth in demand is occurring against the backdrop of a general rise in housing prices. The average price of real estate in Spain rose by 8.9% over the year. Resale homes increased in price by 9.6%, while new construction rose by 6.9%. The most expensive regions remain the Community of Madrid—EUR4,407 per square meter, the Balearic Islands—EUR4,173, the Basque Country—EUR3,474, and Catalonia—EUR2,852. Among cities, San Sebastián leads the way at EUR6,154 per square meter, followed by Madrid at EUR5,428 and Barcelona at EUR4,922.
Mortgage lending is also supporting demand. In the first quarter, the number of mortgages rose by 15.2% year-over-year, and about three-quarters of housing transactions were financed with a loan. This shows that the market relies not only on buyers with cash on hand but also on the availability of bank financing.
Over the longer term, foreign demand also remains high. In 2025, foreigners purchased nearly 97,300 houses and apartments in Spain, setting a new record. Their share of total transactions was 13.8%, compared to 14.6% in 2024 and 15% in 2023.
Ukrainian buyers are also a notable presence in the Spanish market. According to data from Spanish notaries, in the first half of 2025, Ukrainian citizens completed 2,165 real estate transactions in Spain, setting a historic record for themselves. Idealista notes that Ukrainians joined the group of nationalities that purchased housing in Spain more actively in 2025 than ever before.
Separate statistics on Ukrainians show that their interest in Spain is linked not only to investment but also to relocation, temporary refuge, and long-term residency.
The global rise in skim milk powder prices has stimulated demand for Ukrainian products and led to unusually strong dynamics in the domestic market, the industry analytical agency “Infagro” reported on Monday.
According to the agency, the export geography of skim milk powder (SMP) in February was unusual. Syria became the main buyer with a 30% share, followed by Malaysia (14%), Japan (13%), Georgia (7%), and Israel (6%). The remaining 29% of shipments went to other markets.
“This distribution seems unexpected, given that just six months ago, Syria was hardly considered by exporters. It is expected that in the near future, suppliers will begin to reorient themselves more actively toward the European market,” analysts noted.
Experts predict that, under favorable conditions, the EU quota of 7,500 tons could be utilized in the first half of the year. At the same time, traders are in no hurry to completely abandon alternative markets that have already proven their effectiveness.
In the whole milk powder (WMP) segment, export activity is currently limited, but the supply structure is clearly concentrated: Israel accounts for 57% of exports, and Poland for 43%, Infagro noted.
In Kyiv’s primary housing market in 2026, apartments with European-style layouts have effectively become the new standard of demand. According to an analytical study by the development company Intergal-Bud, their share of the demand structure is 60–70% depending on the segment, and in certain comfort+ and business-class projects, it already exceeds 75%.
As the company notes, the trend, which began as early as 2022, became firmly established in 2025–2026. While the share of demand for apartments with European-style layouts was about 38% in 2022 and 52% in 2024, it exceeded 60% in 2025 and continued to grow in the first quarter of 2026.
Changes to the “єОселя” state program, which took effect in February 2026, served as an additional growth factor. The new area standards stipulate 52.5 square meters for a family of 1–2 people plus 21 square meters for each additional family member, while the maximum housing area eligible under the program is significantly limited. If an apartment exceeds the established standard by more than 10%, the buyer effectively loses the opportunity to take advantage of preferential financing or is forced to cover the significant difference in cost on their own.
“Classic layouts with long hallways, large unproductive areas, and small, isolated kitchens are becoming economically unviable. Today, buyers value not the number of square meters, but the lifestyle the apartment offers. A spacious kitchen-living room, separate bedrooms, a minimum of hallways, and thoughtful zoning are no longer just a bonus but a basic requirement. “This is particularly noticeable among families who are buying a home to live in themselves, rather than as an investment,” the study quotes Elena Ryzhova, Commercial Director of Intergal-Bud.
According to the company’s data, among the largest category of first-time homebuyers—people under 40—one in two chooses one- or two-bedroom apartments with open-plan layouts ranging from 38 to 60 square meters. The primary motivation is purchasing a home for personal residence. Buyers over 40 are more likely to choose two-bedroom or ergonomically designed three-bedroom apartments ranging from 65 to 85 square meters, where privacy, separate functional zones, and comfort for the whole family remain key factors.
Intergal-Bud estimates that, for the same floor area, a European-style layout provides 15–20% more usable space compared to traditional layouts, and the space efficiency ratio exceeds 85% versus 65–70% in older housing stock. This also means lower costs for repairs, heating, and maintenance.
At the same time, supply is not yet keeping up with demand. According to the company’s analysts, only one in seven apartments in new buildings fully meets the criteria for a true Euro-style layout—a spacious kitchen-living room, separate bedrooms, no “dead” hallways, and logical functional zoning.
The company believes that apartments with excess square footage and outdated layouts have already fallen out of active demand, while compact and functional European-style layouts continue to sell quickly even in challenging market conditions.
According to Intergal-Bud’s estimates, in 2026–2027 the market may face a shortage of high-quality finished housing specifically in the segment of functional comfort-class apartments, which best align with the new demand structure. The company cites the updated terms of the “єОселя” program, the limited number of new projects, rising construction costs, and accumulated pent-up demand as the main market drivers.
“Intergal-Bud” is one of Ukraine’s largest real estate development companies, operating in the residential real estate market since 2003. The company is implementing projects in Kyiv, Lviv, Chernivtsi, Zhytomyr, Rivne, Uzhhorod, and other cities. The developer’s portfolio includes dozens of residential complexes, and its main focus remains on the construction of comfort-, comfort+, and business-class housing.
Turkey’s housing market is showing the first signs of a possible stabilization in foreign demand following a prolonged period of decline. According to Hurriyet Daily News, market participants expect a gradual recovery in activity among foreign buyers, although statistics remain weak for now. In March 2026, foreigners purchased 1,353 residential properties in Turkey, a 20% decrease from the previous year, and the share of transactions involving foreigners in total housing sales amounted to only 1.2%.
Expectations for a recovery in demand are linked not so much to a sharp turnaround that has already begun, but rather to the fact that the market appears to be approaching the bottom of the cycle. Over the past two years, foreign activity in Turkey has declined significantly amid changes in the price environment, currency fluctuations, adjustments to the rules regarding residence permits and citizenship through investment, as well as a general cooling of interest from some traditional buyers. At the same time, market participants themselves believe that after such a sharp decline, the sector may begin to return to a more stable level of demand.
For Ukrainian buyers, Turkey remains one of the most prominent foreign housing markets. Over the past few years, Ukrainian citizens have been among the most active foreign buyers of real estate in the country. This is confirmed by official TurkStat statistics: in January 2023, Ukrainians ranked fourth among foreign homebuyers in Turkey; in March 2024, they ranked third; and in December 2025, they were once again among the top three, following citizens of Russia and Iran.
This trend shows that even against the backdrop of a general decline in foreign demand, Ukrainians maintained a significant presence in the Turkish market. For Ukrainian buyers, Turkey traditionally combines several attractive factors: a relatively wide selection of housing, a purchase process that is straightforward for foreigners, a high volume of supply in resort areas and major cities, as well as the opportunity to use real estate as a means of residence, recreation, or capital preservation.
Demand for short trips within one to two hours of the metropolis is steadily growing: 69% of Ukrainians need this type of recreation, Artur Lupashko, founder of Ribas Hotels Group, told Interfax-Ukraine.
“According to a survey of regular guests of Ribas Hotels, 69% of Ukrainians want to recharge their batteries without having to travel long distances. It is this demand that has generated interest in short suburban vacations,” he said.
According to Lupashko, most popular tourist destinations require significant travel time, which makes one- or two-day trips ineffective. In line with the latest trends, the most popular are complexes focused on short suburban vacations.
Overall, the demand for short-term vacations among city dwellers has a positive impact on the financial performance of such hotels. In particular, in January 2026, compared to January 2025, occupancy rates in Odessa hotels increased by 7%, and revenues by 25-28%.
In the Kyiv region, in the new cottage town of Mandra Petrichor (Makariv district), demand is increasing occupancy on weekdays and leading to 100% room reservations on weekends. That is why, after the opening of the first phase of Mandra Petrichor, where 20 A-frame cottages are available for booking, the launch of the second phase is planned for 2026. In general, the project envisages three conceptually different phases, focused on different types of recreation — for couples, families with children, and groups of friends.
Ribas Hotels Group is an international full-cycle management company and hotel business ecosystem founded in 2014 in Odesa. It brings together the entire process — from site selection, design, and construction to management, franchising, and investment. Ribas Hotels Group is the only hotel group that independently covers all stages of hotel project creation and development.
The company’s portfolio includes 56 projects under construction, launch, or management, including in Ukraine, Poland, Turkey, and Bali. The company develops 3-, 4-, and 5-star city and resort hotels under the Ribas Hotels, Ribas Rooms, WOL home + hotel, and Mandra Moments brands. The operator’s total room capacity is over a thousand rooms.
An unprecedented drop in demand for whiskey, cognac, and tequila has led to the formation of large stocks of unsold alcohol among the world’s leading producers, writes the Financial Times.
This is forcing them to mothball production facilities and cut prices to reduce warehouse stocks.
The combined unsold inventory of the world’s five leading alcohol producers — Diageo, Pernod Ricard, Campari, Brown-Forman, and Remy Cointreau — is about $22 billion, the highest in more than a decade, according to FT calculations based on the companies’ financial reports.
In the case of French cognac producer Remy Cointreau, inventories amount to €1.8 billion, which is almost double its annual revenue and close to the company’s market capitalization.
The accumulation of unsold product inventories by spirits producers increases their debt burden and threatens to lead to a price war, the newspaper notes.
“The growth in inventories is unprecedented,” says Bernstein analyst Trevor Stirling. According to him, unsold alcohol inventories at companies that disclose this information currently exceed the levels seen during the financial crisis.
Inventories began to accumulate after companies responded to a surge in alcohol consumption during the COVID-19 pandemic by sharply increasing production.
“In 2021 and 2022, everyone lost their sense of proportion and decided that such demand would continue forever,” Stirling says.
However, the rapid rise in inflation brought the industry back down to earth. The global decline in disposable income over the past few years has weakened demand for spirits, prompting many companies in the sector to report deteriorating financial performance, staff reshuffles, and shareholder outflows.
Investors are debating the extent to which the decline may be due to deeper societal changes. Some believe that the decline in alcohol consumption is primarily due to the rapid spread of weight loss drugs such as Wegovy and Ozempic, as well as a general increase in people’s awareness of health issues.
