The second quarter of 2026 brings an interesting shift in Spain’s residential property market.
While the overall number of property transactions has declined, foreign demand has moved in the opposite direction. International buyers increased both their share and their absolute number of purchases, reaching the highest level recorded in the historical series.
At the same time, property prices continued to rise, with the average residential property price reaching a new historical high of €2,487 per square metre.
The latest figures from the Colegio de Registradores therefore point towards a market that is becoming more expensive, more selective and increasingly influenced by international demand.
A Slower Market, but Record Property Prices
Spain recorded 167,934 residential property transactions in Q2 2026, representing a 5.7% decrease compared with the previous quarter and a 2.3% decline compared with Q2 2025.
This is the second consecutive quarterly decline and the lowest number of transactions recorded over the last seven quarters.
The decrease was more pronounced in new-build properties, with transactions falling by 11.5%, compared with a 4% decline in second-hand properties.
However, the longer-term picture remains relatively strong. Over the last twelve months, Spain recorded 698,684 residential transactions, 1% more than in the previous twelve-month period.
Property Prices Continue to Rise
Despite the decline in transaction volumes, prices continued their upward trend.
The average residential property price reached €2,487/m², a new historical high and a 2.4% quarterly increase. On an annual basis, prices increased by 9.2%.
The difference between property types is particularly notable:
- Second-hand properties: €2,448/m², up 3.5% quarterly
- New-build properties: €2,636/m², down 0.7% quarterly
The combination of lower transaction volumes and continued price growth suggests that the market is moderating in terms of activity, but not in terms of price pressure.
| Property type | Average price | Key point |
|---|---|---|
| Average residential property | €2,487/m² | New historical high |
| Second-hand property | €2,448/m² | +3.5% quarterly |
| New-build property | €2,636/m² | HIGHEST PRICE |
The average residential property price in Spain reached €2,487/m² in Q2 2026, a new historical high. Second-hand property prices increased by 3.5% compared with the previous quarter, while new-build prices stood at €2,636/m².
Foreign Buyers Reach a New High
The most significant development for the international property market is the increase in foreign demand.
Foreign buyers accounted for 15.98% of all residential purchases in Spain during Q2 2026, the highest percentage recorded in the historical series.
In absolute terms, foreign buyers completed more than 26,800 residential purchases during the quarter.
This is particularly significant because foreign demand increased while the overall number of residential transactions declined.
International buyers are therefore becoming a larger component of a smaller overall market.
| Period | Foreign buyers’ share | Key point |
|---|---|---|
| Q2 2025 | 14.10% | Previous benchmark |
| Q1 2026 | 13.92% | Quarterly low |
| Q2 2026 | 15.98% | HISTORICAL HIGH |
Foreign buyers accounted for 15.98% of residential purchases in Spain in Q2 2026, the highest percentage recorded in the historical series. The share increased from 13.92% in Q1 2026.
Who Is Buying Property in Spain?
European nationalities continue to dominate the foreign-buyer market, although the ranking remains highly diversified.
British buyers remain the largest group, closely followed by Dutch buyers. German, Moroccan and Romanian buyers also represent a significant share of foreign purchases.
The leading nationalities in Q2 2026 were:
British buyers continue to occupy the top position, but the difference with Dutch buyers is now extremely small.
The diversity of the ranking also highlights an important characteristic of Spain’s international property market: demand is not dependent on a single nationality, but comes from a broad range of European and international buyers.
Where Are Foreign Buyers Coming From?
The European Union remains by far the largest source of international property demand.
Buyers from EU countries accounted for 57.39% of foreign purchases, while other European countries represented a further 16.75%.
The remaining demand was distributed between Africa, Asia and the Americas.
The figures show that Europe continues to be the core market for foreign property purchases in Spain. However, the presence of buyers from North and South America, Asia and other regions reinforces the increasingly global nature of Spain’s residential property market.
The purchasing power of these groups also varies significantly. Buyers from North America recorded the highest average purchase price, at €4,311/m², followed by Oceania at €3,240/m² and EU buyers at €3,149/m².
This difference is important because it shows that foreign demand is far from homogeneous. Different international buyer groups are accessing very different segments of the Spanish property market.
The Mediterranean Remains the Centre of International Demand
Foreign demand continues to be strongly concentrated in Spain’s Mediterranean and island regions.
The highest shares of foreign purchases at regional level were recorded in:
- Balearic Islands: 32.27%
- Valencian Community: 31.03%
- Canary Islands: 29.33%
- Region of Murcia: 23.71%
- Catalonia: 17.63%
- Andalusia: 15.95%
At provincial level, the concentration is even more striking.
Alicante leads the country, with foreign buyers accounting for 46.43% of residential purchases, followed by Málaga at 37.01%.
The figures confirm that international demand remains particularly strong in Spain’s Mediterranean and island markets.
For Alicante, foreign buyers account for almost half of all residential purchases, making international demand a defining characteristic of the local property market.
Murcia also continues to stand out, with foreign buyers representing 23.71% of residential purchases.
These figures are particularly relevant for international buyers comparing different areas of Spain, as they demonstrate how significantly the composition of the market can vary from one region to another.
What the Q2 Data Means for International Buyers
The Q2 figures point towards a Spanish property market that is becoming both more expensive and more international.
Foreign buyers now account for almost 16% of residential purchases, while average property prices have reached a new record.
For international buyers, this makes careful preparation increasingly important. Location, taxation, legal due diligence and the intended use of the property should all be considered before committing to a purchase.
The Spanish property market cannot be treated as a single homogeneous market. Prices, foreign demand and regulatory conditions vary considerably between regions and even between individual locations.
A More International Spanish Property Market
Q2 2026 confirms that Spain remains firmly on the radar of international property buyers.
Foreign demand has reached a historical high, while Mediterranean and island markets continue to attract a particularly strong concentration of international purchasers. At the same time, record property prices make informed decision-making more important than ever.
At Fuster & Associates, we assist international clients with the legal, tax and immigration aspects of buying and owning property in Spain, helping them understand the implications of their investment from the beginning of the process.
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