Prices for Second-Hand Homes in Spain Reach Record Levels

According to the latest data, the price of second-hand homes in Spain rose by 15.7% in October compared to the previous year, now standing at €2,555 per square meter. This is the highest level since records began and also represents a 3.4% increase over the past three months and 1.5% since September.

Regional Differences

All Spanish regions have seen price increases over the past year. Madrid leads with a 20.8% rise, followed closely by Andalusia (20.6%), Murcia (19.9%), Cantabria (19.1%), and Valencia (17.1%).
At the lower end of the scale are Navarra and Extremadura, both with modest increases of 2.5%, as well as Galicia (4.6%).

In terms of price levels, the Balearic Islands remain the most expensive region, with €5,115/m², followed by Madrid (€4,395/m²) and the Basque Country (€3,356/m²). The cheapest regions are Extremadura (€1,001/m²) and Castilla-La Mancha (€1,003/m²).

Price Growth by Province

In 47 of Spain’s provinces, prices are higher than a year ago. The largest increase was recorded in Valencia (+21.7%), followed by Madrid, Murcia, Cantabria, and Málaga. Only three provinces experienced a decline: Ourense, Teruel, and Jaén.
The Balearic Islands are also the most expensive province, while Ciudad Real (€749/m²) is the cheapest.

Trends in Provincial Capitals

In 51 of Spain’s provincial capitals, prices have risen over the past year — the only exception being Girona, where prices fell by 2.9%.
The biggest increases were recorded in León (+19.9%), Madrid (+18.1%), and Oviedo (+17.3%).
The most expensive city in the country is San Sebastián (€6,337/m²), while Zamora (€1,272/m²) remains the cheapest.

Foreign Buyers Set New Records in 2025

According to Spanish notaries, foreign buyers broke several records in the first half of the year. Not only did they pay the highest average price ever recorded for property in Spain, but seven nationalities — including Americans, Portuguese, Ukrainians, Italians, Moroccans, Colombians, and Dutch — purchased more homes than ever before.

Together, these seven groups accounted for 20,364 transactions in the first half of 2025, representing 28.6% of all property purchases made by foreigners in Spain.

Portuguese Buy the Most – Americans Pay the Most

The largest increase in the number of transactions came from Portugal, where home purchases rose by 22.8% year-on-year. Next came the Netherlands (+18.6%) and the United States (+14.3%).
At a slower pace, purchases also increased among Italians, Ukrainians, Colombians, and Moroccans.

When it comes to prices, Americans pay the most — an average of €3,465/m², ahead of Swiss, Swedish, Danish, Norwegian, and German buyers.
Moroccans, on the other hand — who are the second-largest group of foreign buyers after the British — pay just €747/m² on average, the lowest among all nationalities.

Most Buyers Already Live in Spain

About 61% of foreign buyers are residents in Spain, while 39% purchase as non-residents. Only among Dutch and American buyers are there more non-residents than residents.

Where Do Foreigners Buy Homes in Spain?

Foreign demand is concentrated mainly along the coastal areas:

• Alicante (33.2%)
• Balearic Islands (31.5%)
• Málaga (27.1%)
• Santa Cruz de Tenerife (25.8%)

More than 20% of property searches from abroad also target Girona and Las Palmas, while Murcia, Almería, and Granada continue to attract a significant share.

The British remain the largest group of foreign homebuyers in Spain, but Germans, French, Dutch, and Italians are quickly gaining ground — especially along the Mediterranean coast and on the islands.

In Alicante, Dutch buyers dominate, while Germans account for nearly half of all foreign demand in the Balearic Islands. In Málaga, the British remain the most active, and on the Canary Islands, Germans lead the way.

The Major Cities

In large cities such as Madrid, Barcelona, Valencia, and Seville, foreign buyers make up a smaller share of the market but remain significant:

• Valencia: 12.8% (mainly Dutch and American buyers)
• Barcelona: 9.5% (German and American buyers)
• Seville: 5.8% (mostly Americans)
• Madrid: 4.6% (Americans also dominate here)