The Surge of American Buyers of Luxury Property in Spain

February 2, 2025

By David Bornstein

In recent years, American buyers of luxury property in Spain have increased in numbers. While historically dominated by European investors, the Spanish property market is now attracting an increasing number of U.S. nationals seeking second homes, investment opportunities, or even a change in lifestyle. This trend is particularly pronounced in key regions such as Madrid, Barcelona, Valencia, the Balearic Islands, and the Costa del Sol.

How Many Americans Are Buying in Spain?

Between the second half of 2022 and the first half of 2023, American citizens purchased over 2,600 homes in Spain, marking a historic high (Idealista, 2024). According to reports, non-Spanish buyers accounted for 20.4% of all property transactions in Spain in the first half of 2024, with purchases by non-resident foreign buyers showing a slight decline but still maintaining strong interest (El País, 2024).

Where Are Americans Buying?

Madrid and Barcelona: Prime Urban Investments

In Madrid, one real estate source reported U.S. buyers accounted for 2.11% of property transactions in 2023, with an average purchase price of €1.08 million, reflecting a 33.5% increase from the previous year (Idealista, 2024). In Barcelona, American buyers represented 4.88% of total sales, with an average property price of €828,500, up by 15.3% (Idealista, 2024).

Valencia: A Rising Destination

Valencia has gained traction among American buyers, where according to sources, they accounted for 6.93% of transactions, with an average purchase price of €483,700, marking a 17.5% increase from the previous year (Idealista, 2024).

The Balearic Islands: A Luxury Haven

In Mallorca, American buyers made up 12% of luxury home sales in 2023. The availability of direct flights from the U.S. and the island’s reputation as an exclusive retreat have fueled interest among high-net-worth individuals (Bloomberg, 2023).

Costa del Sol: A Hotspot for American Investors

The Costa del Sol, particularly Marbella and Málaga, has seen a dramatic rise in American buyers in the luxury segment. While exact numbers are not always published, reports indicate a sharp increase in interest:

• High-net-worth Americans are investing in exclusive Marbella properties.
• U.S. investment in Costa del Sol real estate surged by 200% in recent years, especially in luxury and rental properties (El País, 2024).
• The region’s tax advantages, coastal lifestyle, and high-end amenities are primary factors driving demand.

Events such as the 2023 Solheim Cup and the introduction of direct flights between Málaga and New York have also contributed to increased American interest in the Costa del Sol (El País, 2024).

Luxury or Mid-Range Buyers?

While Spain’s Golden Visa program (which grants residency for a minimum €500,000 property investment) has attracted some U.S. investors, many American buyers are not applying for residency. Instead, they may purchase high-end properties as second homes. The trend is particularly strong among wealthy individuals from cities like New York, Los Angeles, and Miami, where similar properties cost significantly more (El País, 2024).

Why Are Americans Buying in Spain?

Several factors contribute to the rising trend of U.S. nationals investing in Spanish real estate:

• Price Advantage – Luxury homes in Spain are often significantly cheaper than equivalent properties in Los Angeles, Miami, or New York (Idealista, 2024).
• Lifestyle Appeal – Spain offers a high quality of life, world-class healthcare, and excellent infrastructure (Bloomberg, 2023).
• Favorable Exchange Rate – The strong U.S. dollar has made European properties more affordable.
• Tax and Investment Benefits – Spain remains a secure and attractive investment destination with relatively low property taxes (El País, 2024).
• Post-Pandemic Remote Work Boom – More Americans are embracing a hybrid lifestyle, allowing them to live in Spain while maintaining U.S.-based work and investments.

Looking Ahead

With Spain’s Golden Visa program set to end in April 2025, the number of U.S. buyers pursuing residency through real estate investment may decline. However, given the strong demand for high-end properties, the surge of Americans buyers of luxury property in Spain is expected to continue (El País, 2024).

Would you like to explore investing in a luxury property on the Costa del Sol? The American Agency Spain specializes in helping U.S. buyers navigate the process with expertise and local knowledge.