International demand accounts for around 22% of the sales analysed by Keller Williams, which highlights the variety of these buyers’ budgets and needs.
A villa by the Mediterranean, a penthouse with views or a second home to extend the summer are the images that usually accompany home purchases by foreigners in Spain. However, the most exclusive properties show only part of the market. International demand also includes families keen to be near a school, professionals who want a shorter commute and households working out how to save for a mortgage deposit.
The analysis by Keller Williams Spain and Andorra describes foreign buyers with diverse budgets and life plans. The company estimates that they account for around 22% of the sales studied, compared with 18% the previous year. This demand brings together those looking to invest, buy a second home or find a home in which to settle in Spain.
This distinction also matters when examining the high-end market. Nationality on its own says little about the buyer’s financial resources, the home they want or how they intend to use it.
Leonardo Cromstedt, president of Keller Williams Spain and Andorra, distinguishes between those who buy to spend a few weeks a year and those who need a home in which to build their life. Among the latter, he explains, are foreign families who save, need a mortgage and want to be close to work or their children’s school.
Figures from the General Council of Notaries included in the analysis illustrate this diversity. In the second half of 2025, resident foreigners accounted for 62.8% of home purchases made by foreigners. Their transactions grew by 3.3% year on year, while those of non-resident buyers fell by 15.1%.
Living in Spain does not necessarily mean that the home purchased will be the buyer’s main residence: residents may also include buyers who use it as an investment or second home. Even so, their share reflects the importance of people already settled in the country within international demand.
The prices paid show another difference between the two profiles. According to the notaries’ data cited by Keller Williams for the first half of 2025, resident foreigners bought open-market housing at an average of €1,912/m², close to the €1,809/m² paid by Spaniards. For non-resident foreigners, the average price reached €3,126/m².
Cromstedt notes that these are averages for different properties, but that they illustrate why not every foreign purchase should be associated with a high budget. Nor do the figures in themselves identify the luxury buyer, as they cover homes of different characteristics and locations. They do, however, show a gap in spending per square metre between residents and non-residents.
From tourist appeal to everyday priorities
For those who want to settle in Spain, choosing a home depends on more than the tourist appeal of the location. Alongside price, factors such as proximity to work and schools, as well as transport and available services, come into play.
Saving capacity, purchase costs and the ability to obtain financing also influence the decision. According to the company, these needs place some foreign buyers in circumstances similar to those of Spanish households.
The analysis argues for distinguishing between those who want to enjoy a property for a few weeks a year, those seeking a return and those who need a home from which to organise their daily life. Each goal sets different priorities and requires each market to be interpreted specifically.
Keller Williams also indicates that contacts, information requests and viewings by foreign buyers grew by between 10% and 12% during the first three quarters of 2026.
This indicator shows greater interest recorded by the company, but does not necessarily mean an increase in completed sales. To assess activity, the firm suggests looking at where the buyer lives, what their budget is and how they intend to use the property. Cromstedt says that understanding these needs helps to understand the market, and that nationality alone does not explain how prices are evolving.
The company has been present in Spain since 2015 and has its headquarters for Spain and Andorra in Marbella. It has more than 700 professionals and 15 Market Centers in the country, as well as its Mega Agent Offices. Its analysis shows an international demand in which large properties and second homes coexist with an everyday aspiration: finding a home in which to live and work in Spain.
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Source: idealista/news