Barnes' report reveals a remarkable 30 percent increase in transactions carried out by foreign buyers in 2024 when compared to the previous year.
Furthermore, sales prices have reached impressive figures, with up to €16,500 euros per square metre for second-hand homes.
According to Barnes, the trend is attributed to the security that investment in Spain’s luxury sector represents, as well as the attractiveness of Spanish cities such as Madrid, Barcelona and San Sebastian , which offer a rich cultural offering, an attractive lifestyle and tax advantages.
Alvise Da Mosto, managing partner of Barnes Spain, said that 2024 has consolidated Spain as a key destination for international buyers looking for exclusive properties.
“Places like Madrid, Barcelona, the Costa del Sol and the Costa Dorada will continue to be in the focus of investors during 2025, so we can expect the market to maintain its upward trend,” said Da Mosto.
As for the nationalities of these investors, Mexico, Colombia and Venezuela stand out among Latin American buyers, along with French, Italian, Russian and Greek buyers from Europe, as well as investors from China and the United Arab Emirates in the Asian market.
READ ALSO: Americans and Mexicans buy property in Spain at record levels
Barnes also pointed out that in some areas of Barcelona, the price per square metre has increased by 75 percent in the last decade, reaching €8,000 per sqm currently.
The news comes just a month after the Spanish government announced measures targeting non-EU non-resident property who they deem are one of the reasons for the country’s housing crisis, with millions of locals unable to afford properties or rents.
Pedro Sánchez’s administration is considering either a supertax on these third-country nationals who buy Spanish homes “mainly to speculate”, or even a total ban if they have no ties to or family in Spain.
READ ALSO: 'Locals should have priority' - The verdict on Spain's property tax for foreigners
Nevertheless, there are mainly voices claiming that a crackdown on wealthy foreign buyers will do little to help ordinary Spaniards, as the homes that non-resident non-EU nationals buy in Spain are far more expensive properties than those ordinary Spaniards are struggling to afford.
According to property expert Mark Stucklin, who runs the website Spanish Property Insight, data from the Spanish Notaries’ Association shows that non-resident buyers from outside the EU only accounted for 3 percent of the total number of homes purchased in Spain in 2023.
READ MORE: Are non-EU property buyers really to blame for Spain's housing crisis?
The country’s golden visa scheme, which for the past decade has provided Spanish residency to thousands of non-EU nationals who bought properties worth at least €500,000, is due to be scrapped on April 3rd.
However, real estate experts have warned that the end of this scheme for wealthy foreigners will do little to deter their appetite for Spanish luxury properties.
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