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.
The mayor of Barcelona, Jaume Collboni, has proposed banning citizens of countries outside the European Union from buying second homes in the city, explaining that this is to combat speculative demand amid a protracted housing crisis. This primarily concerns buyers who purchase real estate not for permanent residence but as an investment asset. In February, Collboni himself said that if it were within his power, he would ban British, American, and other non-EU citizens from buying second homes in the Catalan capital.
At the moment, this is only a political initiative and not an adopted norm. At the same time, at the national level, the Spanish government announced in January 2025 its intention to significantly tighten the conditions for purchasing housing for non-residents from countries outside the EU, increasing the tax burden for them to 100% of the property value. This measure also remains a proposal and requires further legislative formalization.
Barcelona’s initiative is part of a broader policy by city authorities to cool the overheated housing market. Earlier, the city had already decided not to renew licenses for short-term tourist rentals, of which there are about 10,101 in Barcelona, after 2028. The authorities explain the tough stance by the fact that over the past ten years, the average rent in the city has increased by 68%, and the cost of purchasing housing by 38%.
According to official data from Idescat, at the beginning of 2025, 1,713,247 people lived in Barcelona, of whom 437,663 were foreigners, or 25.55% of the population. Accordingly, there were about 1.276 million Spanish citizens in the city. At the same time, if we look not at citizenship but at place of birth, according to the city report for 2024, 33.6% of Barcelona’s residents were born outside Spain, and those born directly in Barcelona accounted for only 46.1% of the population.
The largest diasporas in Barcelona by citizenship at the beginning of 2025 were Italian (50,754 people), Colombian (29,574), Pakistani (24,857), Chinese (22,333), Peruvian (22,105), Moroccan (19,300), and French (18,437). The city authorities separately noted that the statistics for Italian citizens also include many people born in Argentina with Italian passports.
The number of foreigners with a valid residence permit in Slovakia as of June 30, 2025, was 342,048, which is 14,676 more than a year earlier (+4.5%).
According to data from the Border and Foreign Police Department (UHCP) of the Slovak Ministry of the Interior, 287,014 of this number were third-country nationals and 55,034 were EU citizens.
Ukrainian citizens remain the largest group of foreigners in the country, with 201,116 people (about 59% of the total number of foreigners with valid residence permits).
The largest diasporas also include citizens of Serbia (16,240), the Czech Republic (12,441), Vietnam (11,179), Hungary (9,759), Russia (8,850), Romania (6,411), Poland (5,994), India (5,732), and Georgia (4,676).
The Cyprus Parliament is considering initiatives that could significantly tighten the rules on property purchases by third-country nationals and foreign-controlled companies, amid discussions about housing affordability and the risks of uncontrolled land sales.
In particular, the AKEL party has submitted two bills to the House of Representatives that would introduce measurable restrictions for buyers from countries outside the EU. It is proposed to allow third-country nationals to purchase only one residential property with a size restriction (up to 200 square meters), as well as one office (up to 300 square meters) and one store (up to 200 square meters). At the same time, companies with foreign interests, according to the initiative, should be completely deprived of the right to purchase housing.
Another set of proposals concerns strengthening control over ownership structures: it is envisaged that the ultimate beneficial owner of a transaction will be required to disclose their identity in order to prevent purchases through Cypriot or European companies that are effectively controlled by non-residents from third countries.
AKEL also proposes to ban real estate purchases in areas near critical infrastructure, including ports and airports, as well as in coastal and buffer zones, and to completely ban the sale of forest and agricultural land to foreign buyers from countries outside the EU.
The party says the initiatives aim to protect the right to housing for local households, reduce pressure on prices, and take security factors into account. Discussion of the bills is expected to begin in the relevant committee after the Epiphany holidays.
Who mainly buys real estate in Cyprus
According to the audit service, in 2024, 4,321 transactions out of 15,797 (27.4%) were made by buyers from countries outside the EU, with the report noting that the actual share may be higher due to purchases through companies registered in the EU or Cyprus.
Statistics presented in parliament by Interior Minister Constantinos Ioannou for the period from September 2024 to September 2025 show that the most active foreign buyers are British, Israeli, and Russian, with notable transactions by citizens of Greece, Lebanon, and Romania. In terms of regions, for example, the British led in Paphos (890 purchases), followed by Israelis (683) and Russians (327), while in Limassol, Russians (846) and Israelis (571) were the largest buyers.
Ukrainian citizens have also appeared in the rankings of the top 10 most active real estate buyers in Cyprus in different years.
In Spain, foreign property buyers have slowed down a bit, but they’re still the main drivers of the market – especially folks from the UK, Germany, and the Netherlands.
According to the Spanish property registry, foreigners purchased nearly 23,700 residential properties in the third quarter of 2025, which is 4% less than in the same period in 2024. The share of transactions involving non-residents fell to 13.6% from 14.9% a year earlier, but is still about 36% higher than the average for the last ten years.
Who is buying: top nations in the Spanish housing market
In the third quarter of 2025, the largest groups of foreign buyers were:
Among other important buyers in the third quarter, moderate growth was recorded from Romania and Morocco, while demand from France, Italy, Belgium, and Poland declined slightly. Interest from buyers in the US and Morocco remained close to last year’s level. Demand from the Russian Federation and China fell significantly, by approximately 34% and 23%, respectively.
The full picture for 2024
According to the summary data for 2024, foreigners bought about 93,000 residential properties in Spain, accounting for about 14.6% of all transactions on the market. This is one of the highest figures in the history of observations.
According to the results for 2024, the main national groups are as follows:
Thus, the top ten in terms of purchase volume is primarily made up of Europeans – British, Germans, Moroccans, Dutch, Romanians, Italians, French, and Poles, supplemented by buyers from China and Ukraine.
Regions that attract foreigners
The most popular regions among foreign buyers remain the Mediterranean coast and islands: the Valencian Community, Andalusia, Catalonia, the Balearic Islands, and the Canary Islands. They account for the vast majority of foreign purchases, and in some provinces, such as Alicante and Malaga, the share of foreigners in the total volume of transactions reaches 30-40%.
What does the correction in demand mean?
Experts view the slight decline in the number of transactions in the third quarter of 2025 as a technical correction after a record-breaking 2024 rather than a reversal of the trend.
The share of foreigners remains significantly higher than the pre-crisis average, and Spain continues to attract buyers with its combination of climate, relatively affordable prices, and developed infrastructure.
At the same time, the structure of demand is gradually changing: the positions of the British and Germans remain strong, but buyers from the Netherlands, Central and Eastern Europe, and North Africa are playing an increasingly prominent role. For the local market, this means that the high proportion of foreign buyers will remain, but with greater diversity in terms of nationalities and sources of capital.
Source: https://open4business.com.ua/hto-z-inozemcziv-lidyruye-z-pokupky-zhytla-v-ispaniyi-analiz/
The Georgian authorities are carrying out a large-scale reform of migration legislation, which provides for tighter control over the legality of foreigners’ residence, the creation of a database of violators and the introduction of mandatory work permits from 1 March 2026.
Since 1 October 2025, the relevant ministry has been keeping a special register of foreigners who are or have previously been in the country illegally. State authorities have been given the right to request extended biometric data (including fingerprints and palm prints) and to carry out checks in private premises – residential buildings and workplaces – if there is a suspicion of a violation of the residence regime.
Complaints about the refusal to issue a residence permit or a decision on deportation will not automatically suspend the execution of such decisions. The new monitoring procedures apply to the main categories of residence permits – for work, business, study and property ownership.
A separate type of residence permit is being introduced for IT specialists: applicants must have at least two years of documented relevant experience and an annual income of at least $25,000. Such residence permits are issued for three years with the possibility of extension up to 12 years.
From 1 March 2026, foreigners will generally require a valid work permit to work in the country. Experts recommend that foreign citizens and employers prepare a package of documents in advance – employment contracts, proof of income, certificates of no criminal record – and strictly comply with the conditions of already issued residence permits, as violations can lead to additional checks, fines, deportation and refusals to extend status.
According to data from the National Statistics Office of Georgia (Geostat), in 2024, foreigners made up about 6.6% of the country’s population, or about 250,000 people, while in 2014 there were only about 22,000 (0.6% of the population). Research by ISET-PI and other think tanks shows that in 2015–2024, the largest net immigration inflows came from citizens of Russia (about 97,000 people), Ukraine (about 27,000) and Azerbaijan (about 14,000), with significant groups also coming from Turkey, India and Belarus.
Analysts note that further tightening of the migration regime could lead to a partial outflow of relocants and their families to other jurisdictions with more predictable rules – primarily to EU countries with active programmes for IT and start-ups (Portugal, Spain, Germany, the Czech Republic), as well as to destinations already popular with people from Russia, Ukraine and Belarus: Serbia, Montenegro, Armenia, Kazakhstan and the UAE. According to consultants, the key factors when choosing a country for relocation are the transparency of residence permit and work permit procedures, the availability of housing and political stability.
