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Spain Touts Golden Second‑Home Hub
Spain still stands out as a premier spot for buyers looking for second homes, new figures illustrate that international property purchases accelerated by 2.7 % in 2024.
Key Figures
- Total foreign sales: 51,800 second‑home acquisitions
- Growth rate: 2.7 % year‑on‑year increase
- Source: Sonneil Research, cited by Idealista
Why Spain Shines
Spain’s Mediterranean allure, favorable climate, and competitive pricing keep it attractive for international second‑home buyers, translating into a steady rise in foreign‑national purchases.
Costa Blanca and Málaga lead foreign home sales
Foreign Buyers Dominate Spain’s Second‑Home Market
Alicante remains the leading hotspot, with 21,751 overseas transactions accounting for 42 % of its property market. Málaga follows closely, when 29 % (10,261) of all home sales involved foreign nationals.
Regional Highlights
- Santa Cruz de Tenerife and the Balearic Islands each experienced 32 % of their sales going to foreign buyers, though overall volumes were lower.
Alfredo Millá, CEO of Sonneil, stressed that the figures warrant attention, especially as they focus solely on second homes and exclude foreign buyers relocating for work. “It’s important to distinguish between general statistics on foreign buyers… and the data specific to second‑home seekers,” he told Idealista.
Second‑Home Preferences
According to Sonneil data, 80 % of these purchases were for resale properties rather than new builds. The preference for resale homes, coupled with a slow pace of new construction and rising prices, continues to shape the second‑home landscape.
Millá added, “The international market remains healthy, although it has levelled off since the end of the pandemic. In contrast, the domestic market continues to grow at a rate of 9 %.”
Which nationalities are buying property in Spain?
Foreign Property Buyers in Spain: A Shifting Landscape
British investors, once dominant in the Spanish market, now represent only 8.55% of all overseas sales – a sharp decline from their nearly 38% share in 2008.
Year‑On‑Year Percentage Changes for Key Foreign Markets
- Dutch buyers: +12.59% year‑on‑year
- Polish buyers: +35.59% year‑on‑year
- French buyers: –13.24% year‑on‑year
- Russian buyers: –16.92% year‑on‑year
- German buyers: –2.66% year‑on‑year
- Belgian buyers: –1.33% year‑on‑year
- Scandinavian buyers (especially Sweden): –25.43% year‑on‑year
Understanding the Scandinavian Decline
Valer Millá notes that the drop in Scandinavian interest is largely attributed to weakened local currencies, which have tightened purchasing power in the Spanish market.
Looking Ahead
As currency dynamics continue to shift, foreign buyers in Spain must adapt to a more competitive and nuanced market landscape. The proportion of British investors, once a cornerstone of Spanish property sales, signals a broader trend of diversification among international buyers – a trend that will shape Spain’s real‑estate future.
Spain’s second-home market
Spain’s Second‑Home Market: From British Dream to European Investment
The Spanish real‑estate sector remains robust, yet experts question whether foreign interest can sustain the steady growth seen in Spain’s broader property market.
Key Insight from Market Analyst Millá
Millá observes: “The outlook for the second‑home market is not quite as positive as the broader growth seen in Spain’s real‑estate sector.”
Changing Buyer Demographics
- New nationalities are stepping in.
- Traditional buyers are stepping back.
- The second‑home market could look very different in just a few years.
Is Spain’s Property Boom Shifting?
Is Spain’s property boom shifting from a British retirement dream to a new wave of European investment?
