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In 2024, U.S. citizens emerged as the highest-paying foreign buyers of Spanish property, driven by a strong dollar and political concerns. Their purchases, four times higher than five years ago, focused on central and northern Spain. Americans paid an average of EUR 3,390 (USD 3,732) per square metre, nearly 30% more than British buyers. Foreigners made up 20% of all home purchases, contributing to Spain's housing crisis. The government has proposed taxing non-EU buyers and ended its 'golden visa' scheme. However, demand from Americans-especially those of Latin American heritage-remains strong due to cultural ties and perceived investment value.
In 2024, property purchases in Spain by wealthy U.S. citizens reached record levels, it has been revealed. According to data published by Spain's General Council of Notaries, American buyers were found to have paid the highest prices per square metre among all foreign investors. This trend has occurred at a time when Spain is facing a worsening housing crisis, with rising prices and increasing protests. Advertisement
The average amount paid by U.S. citizens for Spanish property was recorded at EUR 3,390 (approximately USD 3,732) per square metre. This figure was nearly 30% higher than what was paid by British buyers, who, despite the decline in their market share, remained the largest group of foreign property purchasers. Britons were responsible for 8.5% of all foreign purchases, a decrease from 12% five years ago.
The statistics also revealed that foreign buyers in general accounted for 20% of all residential property purchases in Spain. On average, they paid EUR 2,362 per square metre, while Spanish nationals paid significantly less-only EUR 1,713 per square metre in the latter half of the year.
Property transactions by Americans were found to have increased more than fourfold compared to figures recorded five years ago during the first term of former U.S. President Donald Trump. Their overall share of foreign property purchases doubled to 2% of the 139,102 total transactions made by non-resident foreigners in 2024.
Unlike the northern Europeans who have traditionally been drawn to Spain's coastal regions in search of milder climates, Americans have only recently begun entering the Spanish property market in large numbers. It has been suggested that the strong U.S. dollar and political uncertainty back home, particularly linked to the populist policies associated with Trump, may have contributed to the growing interest in Spanish real estate.
House prices across Spain were reported to have increased by 11% last year, according to Eurostat. This marked the second-largest annual rise in the European Union, behind only Portugal. Despite property in Spain being cheaper than in much of central and northern Europe, supply shortages have driven prices up, creating additional strain for local residents and renters.
In response to the ongoing crisis, the Spanish government has announced plans to introduce a tax of up to 100% on property purchases made by non-EU citizens. However, experts have expressed doubts regarding the effectiveness of such a tax in curbing price increases, which are primarily caused by limited housing supply rather than foreign demand alone.
Spain's controversial 'golden visa' programme'under which residency was granted to foreigners who made substantial property investments-has also been scrapped. This scheme has been particularly popular among Americans in recent years. Nonetheless, it is believed that interest from U.S. buyers will not decline significantly, as many still consider Spanish property to offer good value compared to other European cities.
As Spain continues to grapple with its housing challenges, the influence of foreign buyers, particularly from the United States, remains a significant factor. Whether new taxes or policy shifts will succeed in easing the crisis remains to be seen, but the interest from across the Atlantic is unlikely to fade anytime soon.
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