Dutch and German Buyers Now Lead Non-Resident Property Purchases in Spain

Among non-residents specifically, the Netherlands led with 12.6% of purchases, Germany followed with 11.9%, the UK with 11.5%, and Belgium with 8.1%—creating an unprecedented three-way race at the top of the market. This represents a fundamental shift from previous years when British buyers held a commanding lead. It's crucial to understand that these figures apply only to non-resident foreign buyers—those purchasing second homes or investment properties while living outside Spain. When all foreign buyers are counted together (including resident foreigners living in Spain), the UK remained the largest nationality overall in H2 2025 with 5,178 transactions, representing 7.8% of total foreign purchases, closely followed by Morocco at 7.7%. However, the majority of Moroccan buyers are residents living and working in Spain, whereas British, Dutch, and German buyers are predominantly non-residents purchasing coastal holiday homes. Foreign buyers as a whole accounted for 18% of all Spanish property purchases in the second half of 2025, down from 19.5% a year earlier.

The regional distribution of non-resident purchases shows a heavy concentration in Spain's traditional coastal markets. Non-residents concentrated 40% of their purchases in the Comunitat Valenciana with 9,926 transactions, followed by Andalucía at 25.3%, Catalunya at 8.7%, Región de Murcia at 7.8%, Islas Canarias at 7.4%, and Islas Baleares at 6.9%. Each nationality has developed clear regional preferences. Dutch buyers favour the Costa Blanca and southern Murcia, German buyers dominate the Balearic Islands (where they represent over half of non-resident purchases in some areas), while British buyers concentrate in Murcia and Andalucía. Belgian buyers show a preference for inland regions including Aragón and Extremadura alongside their coastal purchases in Valencia and Murcia.

Not all nationalities retreated from the Spanish market. The largest increases in H2 2025 came from Portugal at +15.9%, Venezuela at +14.4%, Colombia at +10.4%, Italy at +8.1%, and the Netherlands at +5.6%. The Portuguese increase is particularly notable—many Portuguese buyers are seeking better value after their own property market experienced dramatic price increases following years of foreign investment. Venezuelan and Colombian buyers represent a growing Latin American contingent, many of whom are resident in Spain but also include wealthy families seeking European property assets. The Netherlands' 5.6% increase, combined with its 12.6% market share, confirms Dutch buyers as the most active non-resident nationality in Spain's property market.

These market shifts have important implications for anyone considering Spanish property. First, competition in prime coastal areas remains intense despite the overall decline in non-resident purchases—Dutch, German, and Belgian buyers continue to target the same hotspots as British buyers. Second, regional markets are diverging—the Comunitat Valenciana's 40% share of non-resident purchases means competition and prices are particularly intense along the Costa Blanca, while other interior regions offer some opportunities for those willing to buy in rural areas. Third, the end of the Golden Visa means property purchase no longer offers a route to Spanish residency for non-EU nationals, requiring buyers to secure visas through other channels if they plan extended stays. Finally, the shift in buyer nationalities suggests that EU buyers—particularly from the Netherlands, Germany, and Belgium—are filling in demand in key markets keeping price tensions in the Spanish property market.

Foreign buyers must navigate several legal requirements regardless of nationality. All foreign buyers need an NIE (Número de Identidad de Extranjero)—a foreigner identification number—before completing a purchase. Property transfer tax (Impuesto de Transmisiones Patrimoniales) varies significantly by region, from 6% in Madrid to 10% or more in Catalunya. Non-resident property owners must also file annual tax returns (Modelo 210) declaring imputed income on their Spanish property, even if it generates no rental income. Buyers planning to generate rental income have tax obligations and should also take into account that short-term tourist rental regulations have tightened in many coastal municipalities.