Who’s buying property in Spain in 2025? Brits still lead, Moroccans rise fast

Spain’s property market is evolving – and so are the buyers. While the British still top the list of foreign homeowners, a new wave of Moroccan and German buyers is reshaping the map. The trend is clear: fewer speculators, more long-term residents calling Spain home.

Foreign buyers still love Spain – but the profile is shifting

According to new data from the General Council of Notaries, foreign demand for Spanish homes remains strong. More than 71,000 properties were bought by foreigners in the first half of 2025 – a slight rise of 2 per cent year-on-year.

Leading the way are the British, followed closely by Moroccans and Germans, who continue to show huge interest in Spain’s real estate market.

But behind these numbers lies a shift. The share of foreign buyers in overall property sales has actually fallen to 19.3 per cent, down from 20.3 per cent last year. For the first time ever, foreign residents – those who live and work in Spain – now make up the majority, accounting for 61 per cent of purchases.

Non-residents, meanwhile, dropped to 39 per cent, partly due to the end of the “Golden Visa” scheme and the government’s tighter stance on speculative investment through less favourable tax rules.

Brits still on top, Moroccans climbing fast

With 5,731 homes purchased in just six months, the British remain Spain’s biggest group of foreign buyers, even after Brexit. They are followed closely by Moroccans (5,654) and Germans (4,756), with Italians, Romanians, Dutch, French, and Belgians making up the rest of the top ranks.

Buyers from outside the EU now represent 12% of all transactions, signalling Spain’s growing appeal beyond Europe.

Among foreign residents, the top four are Moroccans, Romanians, Italians, and Brits – with Moroccans particularly active in less touristy regions such as Murcia (38.7 per cent), Navarra (37 per cent), and La Rioja (26.8 per cent).

Non-residents, on the other hand, are still drawn to Spain’s holiday hotspots. The Balearic Islands, Andalusia, and the Valencian Community remain their favourite playgrounds, driven by the eternal trio of sun, sea, and lifestyle.

The Valencian Community remains the foreign buyer’s favourite

With over 20,000 transactions in the first half of 2025, the Valencian Community is once again the most popular region for foreign buyers, whether they live there permanently or just seek a sunny retreat. It outpaces Catalonia, Andalusia, and Madrid, confirming its reputation as Spain’s sweet spot for affordability and lifestyle.

Interestingly, some regions that were once overlooked are now seeing a boom. Asturias has jumped 30.8 per cent in foreign sales, while Castile and León rose 25.9 per cent, proof that buyers are increasingly drawn to Spain’s greener, quieter, and cheaper north.

Meanwhile, the Canary Islands and Balearics, long the darlings of the overseas market, are losing steam. Their soaring prices and overtourism have turned many buyers towards new frontiers.

Americans pay the highest price per square metre

Foreign appetite for Spanish property isn’t slowing down – and neither are the prices. The average price paid by foreign buyers has reached a record €2,417 per square metre, up 7.6% from last year.

Non-residents spend the most, averaging €3,126/m², compared to €1,912/m² for resident foreigners and €1,809/m² for Spaniards themselves.

At the top of the list are the Americans, paying a hefty €3,465 per square metre on average, cementing their reputation as the big spenders of the Spanish market.

At the other end, Moroccan and Romanian buyers focus on more affordable areas, spending around €747/m² and €1,325/m² respectively – a clear sign of a more diverse, socially mixed property landscape emerging across Spain.

Spain’s property market is no longer just about holiday homes and quick profits. It’s becoming a place where more foreigners are choosing to live, work, and put down roots – and that may be the biggest transformation of all.

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