Moroccan Buyers Reshape Spain’s Real Estate Landscape Amid Market Stagnation

The new data from the Ministry of Housing shows that the number of properties purchased by foreign residents in Spain did not increase in 2024, but foreign buyers still represent about 1 in 5 of the total. This stagnation is explained by the efforts made by the Spanish government last year to rebalance the real estate market in favor of locals in a context of soaring prices.

According to the General Council of Spanish Notaries, foreign residents represent a larger proportion of foreign buyers than non-resident foreigners - 58% in the first quarter of 2024. In its latest report published by the Ministry of Housing and Urban Agenda, the Housing and Land Observatory specifies that the total value of real estate sales made by foreigners residing in Spain reached nearly 11.7 billion euros last year, a modest increase of only 0.4% compared to the same period the previous year.

In 2024, the majority of purchases made by foreigners residing in Spain were second-hand properties. Of the 11.6 billion euros spent on transactions in 2024, more than 90% concerned existing properties. Who are the main buyers? People from France are at the top of the ranking (87% have bought used housing). They are followed by those from Morocco (85.9%), Romania (85%), Argentina (85%), Ireland (83.9%) and Italy (83.5%).

Belgian, Polish, Dutch and Swedish buyers are the most numerous to have bought a new home, according to the same source. According to The Local, the figures indicate a short-term stagnation of the market, "as total spending remained virtually unchanged compared to 2023 and remains below the over 14.5 billion euros recorded in 2018."