Foreign buyers pay up to 75% more for homes in Spain – new data shows

Foreign non-resident buyers in Spain are paying significantly more for property than both locals and resident expats, according to new data from the Consejo General del Notariado. The figures, based on notarial records from late 2025, reveal a growing price divide that is reshaping the market. With international demand still strong in key areas, the trend matters now because it highlights increasing pressure on affordability, particularly in Spain’s most sought-after locations.

The numbers behind the foreign buyer premium

The latest data shows a clear difference in how much various groups are paying for property in Spain.

• Non-resident foreign buyers: €3,242 per m²
• Foreign residents in Spain: €1,963 per m²
• Spanish buyers: €1,839 per m²

This means non-resident buyers are paying up to 75% more per square metre than Spanish nationals.

Overall, foreign buyers paid an average of €2,479 per m², representing a 5% increase year-on-year.

At the same time, the number of foreign purchases has slightly declined, dropping 4.4%, although they still account for 18.4% of all property transactions in Spain.

Two very different types of buyers shaping one market

The figures highlight a key distinction within the international market itself.

Non-resident buyers, typically purchasing second homes, holiday properties or investments, are driving demand at the higher end of the market. Their purchasing decisions are less tied to local wages, allowing them to compete at significantly higher price levels.

In contrast, foreign residents living in Spain behave much more like Spanish buyers, with purchasing patterns aligned to long-term living and local affordability.

This creates a dual market dynamic: one driven by lifestyle and investment, and another shaped by residential needs.

What it means if you live, buy or sell in Spain

For those active in the Spanish property market, the implications are increasingly clear.

• Local buyers may face stronger competition in prime areas where international demand is concentrated
• Sellers in desirable locations may benefit from higher offers, particularly from non-resident buyers
• Investors may continue to see value in areas with sustained foreign interest
• New residents should be aware that prices can vary widely depending on the level of international demand

Understanding who is driving demand in a specific area is becoming just as important as the property itself.

What is driving the price difference

The gap is largely explained by the type of properties being purchased and the motivations behind those purchases.

Non-resident foreign buyers tend to focus on premium real estate – including coastal homes, second residences and investment properties – where prices are already significantly higher. These buyers are often less dependent on local mortgage conditions or Spanish wage levels, allowing them to compete at higher price points.

In contrast, Spanish buyers and foreign residents are more likely to purchase primary homes, which keeps their spending aligned with local market conditions. As a result, the price difference is not just about nationality, but about purchasing behaviour, location, and the type of property being targeted.

Demand is shifting, not disappearing

Although the number of foreign purchases has dipped slightly, the overall influence of international buyers remains strong.

In fact, foreign residents recorded the highest price growth at 9.4% year-on-year, suggesting continued demand from buyers relocating to Spain rather than simply purchasing second homes.

This points to a shift in the nature of demand, from short-term or seasonal buyers to longer-term international residents.

What buyers are asking right now

Are all foreign buyers paying more?
No. The highest prices are being paid by non-resident buyers. Foreign residents tend to pay amounts much closer to Spanish buyers.

Is foreign demand falling?
Transaction numbers have decreased slightly, but pricing – particularly in premium segments – remains strong.

Does this affect the whole country?
The impact is most noticeable in high-demand areas, particularly coastal and lifestyle destinations.

Where the market could go next

The latest figures suggest Spain’s property market is stabilising in terms of activity, but not necessarily in terms of pricing.

As long as Spain continues to attract international buyers seeking second homes, investment opportunities or relocation, demand at the top end of the market is likely to remain resilient.

The key question going forward is whether the gap between local buyers and non-resident foreign purchasers will continue to widen, or begin to level out as the market adjusts.