Increase of U.S buyers in Spain Real Estate market – 2026

The profile of foreign property buyers in Spain is changing.

For many years, international demand for Spanish residential property was dominated by buyers from neighbouring European countries and Northern Europe, particularly the United Kingdom, Germany, France, Belgium, the Netherlands and the Scandinavian countries.

That remains broadly true in terms of total transaction volumes. However, a different trend has become increasingly visible: buyers from the United States are becoming a more important part of the Spanish residential property market, particularly in the medium-high and high-end segments.

The change is significant not simply because more Americans are purchasing homes in Spain, but because their purchasing behaviour differs from that of many traditional European buyers.

American purchasers tend to acquire relatively expensive properties, frequently have substantial equity or financial assets in the United States, and show interest in a broader geographical range than the traditional foreign buyer who primarily searches for a holiday home on the Mediterranean coast.

Madrid, Málaga and the Costa del Sol, Valencia, Barcelona and parts of northern Spain are all attracting increasing US interest.

However, purchasing property in Spain as a US citizen involves legal, tax and practical questions that differ considerably from buying real estate in the United States.

This article examines the growth of American property buyers in Spain, where demand is coming from, the type of property Americans are purchasing and the principal legal and tax considerations that should be understood before entering into a Spanish property transaction.

US Property Purchases in Spain Have Increased Significantly

The growth of American demand is no longer anecdotal.

According to data published by the Spanish notarial system, purchases by US nationals increased by 14.3% year-on-year during the first half of 2025, placing the United States among the nationalities recording the strongest increases during that period.

American buyers also paid the highest average price per square metre among the principal foreign nationalities analysed during the first half of 2025: approximately €3,465 per square metre.

That figure compared with an average of approximately €2,417 per square metre for foreign purchasers generally.

The pattern continued at the upper end of the market. During the second half of 2025, Americans paid approximately €3,501 per square metre, placing them among the highest-paying foreign purchasers in Spain, alongside buyers from Sweden and Germany.

Reuters reported in April 2026 that US property purchases in Spain had roughly tripled over a six-year period, with particularly strong demand for higher-value properties. The report also noted increasing American interest in Madrid, Valencia and the Costa del Sol.

This does not mean that Americans are close to overtaking British, German or Dutch buyers in total transaction numbers. Their market share remains considerably smaller.

The significance lies elsewhere.

The United States is developing into a high-value foreign buyer market, where transaction volumes may be relatively modest but the average value of the property purchased is substantially higher than the national and foreign-buyer averages.

A Different Type of Foreign Buyer

The American buyer does not fit perfectly into the traditional model of the northern European purchaser of property in Spain.

A Dutch, Belgian, British or Scandinavian purchaser has historically been strongly associated with coastal second homes, retirement properties and Mediterranean resort areas.

Those motivations also exist among Americans, particularly in Málaga, Marbella, the Costa del Sol, Alicante and the Balearic Islands.

However, US demand is more geographically diverse.

For many American purchasers, the decision to buy in Spain may involve one or several of the following considerations:

• acquiring a second residence in Europe;
• spending part of the year in Spain;
• eventual retirement;
• relocation from the United States;
• remote working;
• children’s education;
• lifestyle considerations;
• diversification of family wealth into European real estate;
• acquiring property in a major European city;
• proximity to family or cultural links with Spain;
• long-term investment.

 

This diversity helps explain why Americans are appearing not only in traditional Mediterranean destinations but also in Madrid, Galicia, Asturias, the Basque Country and other areas where conventional foreign second-home demand has historically been much smaller.

Americans Are Becoming Important Buyers Outside Spain’s Traditional Foreign Markets

One of the most interesting developments is the geographical spread of American demand.

Foreign demand in Spain has traditionally been highly concentrated.

British purchasers have historically been particularly important in Alicante, Málaga, Murcia, the Canary Islands and the Balearic Islands.

German demand is exceptionally strong in the Balearic and Canary Islands.

Dutch and Belgian buyers have become particularly important in Alicante, Murcia and parts of Andalucía.

American demand is developing differently.

Madrid

Madrid attracts Americans looking for a European capital, international schools, professional opportunities, cultural life and high-quality residential areas.

Prime districts such as Salamanca, Chamberí, Chamartín and Centro can appeal to US purchasers accustomed to expensive urban property markets.

The comparison with New York, Boston, San Francisco, Los Angeles or Miami can also make prime Madrid property appear relatively accessible despite the substantial increase in Spanish property prices over recent years.

Málaga and the Costa del Sol

The Costa del Sol is perhaps the most natural Spanish destination for the US lifestyle purchaser.

Málaga combines:

• an international airport;
• a major cultural city;
• Mediterranean climate;
• beaches;
• international schools;
• technology and business activity;
• golf;
• high-end residential developments;
• established international communities.

 

Marbella, Estepona, Benahavís and Málaga city consequently attract different categories of US buyers, ranging from retirees and second-home purchasers to entrepreneurs and high-net-worth individuals.

Valencia

Valencia has become an increasingly international residential market.

It provides a combination that is comparatively difficult to find in other major European cities:

• Mediterranean coastline;
• a substantial historic city centre;
• international schools;
• airport connections;
• relatively high-quality residential housing;
• lower prices than Madrid, Barcelona or many major US metropolitan areas.

 

For an American buyer comparing Valencia with New York, Miami, Los Angeles, Boston or San Francisco, the relative price difference can still be considerable even after the recent rise in Spanish property values.

Barcelona and the Catalan Coast

Barcelona continues to attract US buyers looking for an international city with Mediterranean characteristics.

Some purchasers also extend their search towards coastal and semi-rural areas of Catalonia, including Girona province and the Costa Brava.

Northern Spain

One of the less widely understood developments is the growth of US interest in northern Spain.

CaixaBank Research has highlighted the increasing importance of American non-resident purchasers in several regions that traditionally had relatively limited foreign demand.

This is consistent with a buyer who is not necessarily seeking a conventional Mediterranean resort property.

Galicia, Asturias and the Basque Country may appeal to Americans interested in:

• green landscapes;
• gastronomy;
• cooler climates;
• historic towns;
• rural properties;
• family origins;
• the Camino de Santiago;
• lower property prices than the major Mediterranean destinations.

 

Are American Buyers Mainly Coming from New York, Florida or California?

This is one of the most interesting questions and also one where caution is required.

Spanish property statistics generally classify foreign purchasers according to nationality, rather than their US state of residence.

Consequently, there is no comprehensive official Spanish database showing that, for example, 25% of US purchasers come from New York, 20% from Florida and 15% from California.

Any precise state-by-state percentage presented without a verifiable underlying dataset should therefore be treated cautiously.

Nevertheless, several US regions appear particularly relevant when considering the probable profile of future buyers.

New York, New Jersey and Connecticut

The New York metropolitan area is a natural source of potential buyers.

The region contains one of the world’s largest concentrations of high-income households and private wealth.

Residential property prices in New York City and many surrounding areas are also extremely high.

For a household accustomed to property prices in Manhattan, Brooklyn, Westchester County, northern New Jersey or Connecticut, purchasing a property for €500,000, €750,000 or €1 million in Spain can have a very different economic meaning from that same purchase for a household coming from a lower-cost housing market.

New York also benefits from extensive air connections with Spain.

The likely Spanish destinations for this profile include:

• Madrid;
• Barcelona;
• Málaga;
• Marbella;
• Valencia;
• selected high-end coastal locations.

 

Florida

Florida may prove particularly important to the future of US demand for Spanish property.

South Florida — particularly Miami, Fort Lauderdale and Palm Beach — combines high property wealth with an exceptionally international population.

It also has a very large Latin American community.

That matters because not every American purchasing in Spain fits the stereotype of an English-speaking US retiree searching for a European holiday home.

An increasing proportion of US demand may come from Americans with Hispanic or Latin American family backgrounds.

These purchasers can have linguistic and cultural familiarity with Spain while simultaneously having US income, US assets and US purchasing power.

Florida-based purchasers may therefore be particularly relevant to:

• Madrid;
• Málaga and Marbella;
• Valencia;
• Alicante;
• Barcelona.

 

California

California presents another attractive demographic profile.

The state contains enormous concentrations of property equity and financial wealth, particularly around:

• San Francisco and Silicon Valley;
• Los Angeles;
• Orange County;
• San Diego.

 

A Californian homeowner may own a property worth well above one million dollars while also holding substantial retirement or investment assets.

From this perspective, the Spanish Mediterranean market can appear relatively affordable.

There are also lifestyle similarities.

A buyer accustomed to Southern California may find the combination of climate, sea, outdoor living, restaurants and international communities offered by areas such as Marbella, Málaga, Jávea, Moraira, Altea or Mallorca particularly attractive.

Texas

Texas should not be overlooked.

Houston, Dallas and Austin contain large and growing populations of high-income professionals, entrepreneurs and business owners.

Texas also has a substantial Hispanic population and strong economic links with Mexico and Latin America.

Its housing market is very different from those of California and New York, however, and comparatively large homes are generally more affordable.

Consequently, the relative property-price advantage of Spain may not be as striking as it is for someone selling a property in Manhattan, San Francisco or coastal Southern California.

Nevertheless, Texas has a population comparable with that of a medium-sized European country, making it potentially significant if interest in Spanish property continues to become mainstream.

Massachusetts and the Boston Area

Boston is another market that deserves attention.

Massachusetts combines:

• very high household incomes;
• expensive residential property;
• universities and international education;
• biotechnology, finance and technology sectors;
• a population with strong European connections.

 

The absolute volume is smaller than New York, California, Florida or Texas, but the demographic profile is compatible with international property ownership.

Why Spain Can Appear Inexpensive to Some US Buyers

Whether Spain is “cheap” depends entirely on the location and property type.

Madrid, Barcelona, Marbella, Mallorca and parts of the Costa Blanca are no longer inexpensive property markets.

Nevertheless, the comparison changes when made against certain US metropolitan areas.

A purchaser selling or refinancing a property in New York, San Francisco, Los Angeles, San Diego, Miami or Boston may have accumulated substantial equity.

For example, a household owning a US property worth $1.5 million with a relatively modest mortgage balance can have several hundred thousand dollars of available equity.

A Spanish purchase of €500,000 or €700,000 may therefore be possible with limited or no Spanish mortgage financing.

This is important because the economic profile of the US purchaser resembles that of some Dutch, Belgian, German and Scandinavian second-home buyers: property equity accumulated in the home country can effectively finance the acquisition in Spain.

It may also partly explain why Americans are particularly visible in more expensive property categories.

Currency Movements Matter

US buyers also need to consider exchange-rate exposure.

A Spanish property is normally priced in euros, while the purchaser’s savings, investments and income may be denominated in US dollars.

The dollar/euro exchange rate can therefore significantly alter the effective cost of a purchase.

A relatively small movement in the exchange rate can have a substantial impact on a €750,000 or €1 million acquisition.

For purchasers who sign a private contract several months before completion — particularly in new developments — currency risk should not be ignored.

The relevant exchange rate is not simply the rate on the date when the property is reserved.

Payments may be made in several stages and sometimes over a construction period of one or two years.

Buying Property in Spain Does Not Automatically Give a US Citizen Residence Rights

This is an important legal distinction.

Owning real estate and having the legal right to reside in Spain are separate matters.

Spain previously operated a residence programme commonly known as the Golden Visa, under which qualifying real-estate investments could support an application for investor residence.

That regime was abolished with effect from 3 April 2025.

Consequently, an American purchasing a property in Spain in 2026 does not receive Spanish residence simply because the property exceeds a particular value.

US citizens wishing to live in Spain must qualify under the immigration rules applicable to their circumstances.

Depending on the individual case, possible routes may include residence connected with employment, self-employment, remote working, study, family circumstances or non-working residence.

The immigration analysis should therefore be kept separate from the property acquisition itself.

Can Americans Still Buy Property in Spain as Non-Residents?

Yes.

There is no general prohibition preventing a US citizen who is not resident in Spain from purchasing Spanish residential property.

However, particular rules can apply to certain properties located in areas subject to restrictions related to national defence or other specific regimes.

As with any purchaser, the legal status of the property and the purchaser should be examined before a binding transaction is entered into.

The Importance of the NIE

Foreign purchasers generally require a Spanish foreigner identification number, the Número de Identidad de Extranjero or NIE, for transactions with tax and legal consequences in Spain.

The NIE becomes relevant throughout the property process, including taxation, notarisation and registration.

Obtaining the number does not itself make the purchaser a Spanish resident and should not be confused with tax residence or immigration status.

Legal Due Diligence Before Buying a Spanish Property

The structure of a Spanish property transaction differs materially from the US model.

The purchaser should not assume that signing a reservation agreement or private purchase contract provides the same legal protections or operates in the same way as a US real-estate contract.

Before committing substantial funds, the legal position of the property should be investigated.

A nota simple from the Land Registry can reveal matters including ownership and registered charges or encumbrances.

Depending on the type of property, legal due diligence may need to cover:

• registered ownership;
• mortgages;
• attachments and embargoes;
• easements;
• planning restrictions;
• discrepancies between the Land Registry and Cadastre;
• building licences;
• occupancy or habitation documentation;
• extensions or alterations;
• community of owners’ debts;
• local property tax;
• pending urbanisation charges;
• rental restrictions;
• tourist-letting regulations;
• planning status of swimming pools, terraces, guest accommodation or other structures.

 

The level of investigation required for an apartment in central Madrid is not necessarily the same as for a detached villa on rural land in Andalucía or the Valencian Community.

Resale Property and New-Build Property Involve Different Risks

The distinction between resale property and new construction is particularly important.

A resale purchase normally involves an existing completed property and a relatively short period between the private contract and completion.

A new-build or off-plan purchase may involve payments months or years before the final deed is signed.

For new developments, purchasers should pay particular attention to:

• the developer’s ownership or development rights;
• planning permission;
• building licences;
• contractual completion dates;
• bank guarantees or insurance protecting advance payments where legally required;
• specifications and plans;
• permitted changes to construction;
• communal areas;
• completion certificates;
• first occupation or equivalent administrative requirements.

 

This distinction also matters when interpreting Spanish housing statistics.

A new property notarised in 2026 may have been reserved and economically purchased in 2023 or 2024. A resale transaction completed in 2026 is normally much closer to current market demand.

Purchase Taxes Vary Significantly

There is no single national percentage that accurately describes the total purchase tax on every Spanish property transaction.

The taxation depends principally on:

• whether the property is new or resale;
• the autonomous community where the property is situated;
• the purchase price and taxable value;
• the circumstances of the purchaser;
• in certain cases, the intended use of the property.

 

A resale purchase is generally subject to Transfer Tax — Impuesto sobre Transmisiones Patrimoniales (ITP).

A purchase directly from a developer will normally involve VAT (IVA) together with Stamp Duty (Actos Jurídicos Documentados or AJD), subject to the applicable rules.

Regional legislation is important and should be checked at the time of the transaction rather than relying on a generic national percentage.

Non-Resident Taxation After Completion

Buying the property is not the end of the Spanish tax relationship.

A US owner who remains non-resident in Spain may still have ongoing Spanish tax obligations connected with the property.

A particularly important example is the Non-Resident Income Tax — Impuesto sobre la Renta de no Residentes (IRNR).

Where an urban residential property is available for the owner’s own use rather than continuously rented, Spanish legislation can attribute a deemed property income to the non-resident owner.

This is normally reported through Modelo 210.

For imputed property income corresponding to 2026 onwards, the filing period will run from 1 April to 31 December of the following calendar year.

If the property is rented, rental income creates a separate Spanish tax obligation and the tax treatment can differ materially depending on the owner’s country of residence and the expenses that may legally be deducted.

Spanish Wealth Tax Can Affect US Owners

High-value property purchasers should also consider the Spanish Wealth Tax — Impuesto sobre el Patrimonio.

Non-resident individuals can be subject to Wealth Tax on assets and rights situated in Spain.

Under the state regime, a general exempt allowance of €700,000 applies to non-residents subject to this form of taxation, although regional rules and the precise circumstances of the taxpayer can significantly affect the final analysis.

For high-net-worth purchasers, the interaction between Wealth Tax, regional rules and the Temporary Solidarity Tax on Large Fortunes should therefore be analysed before purchasing rather than after completion.

The way in which ownership is structured can also matter.

Personal Ownership Versus Purchasing Through a Company

US purchasers sometimes ask whether a Spanish property should be acquired through:

• personal ownership;
• a US LLC;
• a US corporation;
• a Spanish company;
• another family investment structure.

 

There is no universal answer.

Using a company merely because that structure is familiar in the United States can create unexpected Spanish tax, accounting or compliance consequences.

The classification of a US LLC is a particularly important example because the US and Spanish tax systems do not necessarily characterise legal entities in precisely the same way.

Entity ownership can affect:

• property taxation;
• income taxation;
• reporting;
• succession;
• wealth taxation;
• capital gains;
• financing;
• beneficial ownership disclosures.

 

For a property intended principally for private family use, a corporate structure should therefore not automatically be assumed to be preferable.

US Citizens Remain Subject to US Tax Rules

A distinctive feature of American purchasers is that US tax obligations do not simply disappear when the individual moves abroad or buys foreign property.

US citizens and resident aliens abroad generally remain subject to US filing requirements and taxation on worldwide income.

A person who becomes Spanish tax resident may therefore simultaneously have reporting obligations in both Spain and the United States.

The US-Spain double tax treaty and domestic foreign-tax-credit mechanisms are relevant in avoiding or reducing double taxation, but they do not eliminate the need to examine both systems.

Foreign financial accounts can also create US reporting obligations.

An FBAR may be required where the aggregate value of qualifying foreign financial accounts exceeds $10,000 at any point during the calendar year. Form 8938 can also be relevant where applicable reporting thresholds are exceeded.

Owning Spanish real estate is therefore not solely a Spanish tax matter for an American purchaser.

Tax Residence Is More Important Than Property Ownership

Buying a Spanish house does not automatically make the owner Spanish tax resident.

However, spending substantial time in Spain can.

Under Spanish domestic rules, one of the principal residence tests is whether an individual spends more than 183 days during the calendar year in Spain.

Spanish law also considers where the individual’s main centre or base of economic activities or interests is located.

An American intending to spend increasing amounts of time in a Spanish property should therefore consider tax residence separately from immigration residence.

They are related subjects, but they are not identical.

Inheritance Planning Requires Particular Attention

Succession is another area where US purchasers should plan in advance.

Spain has its own inheritance and gift tax system, while the United States has federal estate and gift tax rules.

In addition, questions can arise regarding:

• the law governing succession;
• wills;
• forced heirship;
• marital-property regimes;
• ownership between spouses;
• usufruct;
• inheritance tax;
• US estate-tax reporting;
• valuation of Spanish property;
• the use of trusts.

 

A US revocable living trust, for example, should not automatically be assumed to produce the same consequences in Spain as it does under the law of a US state.

Trust structures are particularly capable of creating cross-border classification issues because traditional Anglo-American trust law does not have a direct equivalent in Spanish domestic civil law.

For purchasers with substantial assets, inheritance planning should ideally form part of the original ownership analysis.

What Happens if the Property Is Later Sold?

A non-resident owner who sells Spanish property may become liable to Spanish tax on the capital gain.

Spanish law also imposes specific withholding obligations on purchasers acquiring Spanish real estate from non-resident sellers.

Accordingly, the exit tax consequences should be understood from the beginning, particularly where the property is held for investment or expected to appreciate significantly.

US tax consequences may also arise from the same disposal.

Because the property is purchased in euros but the US tax system operates in dollars, exchange-rate movements can potentially produce different economic and taxable results in each jurisdiction.

The Proposed Additional Tax on Non-EU Buyers

American purchasers should also be aware of the political debate concerning additional taxation of non-EU, non-resident property buyers.

In January 2025 the Spanish Government announced a proposal to significantly increase the tax burden on purchases by non-EU residents, with public discussion frequently referring to a tax of up to 100% of the property’s value.

As of September 2026, such a general 100% purchase tax is not in force.

The proposal has encountered substantial parliamentary difficulties and should not be treated as enacted legislation.

This distinction is important.

A policy announcement, parliamentary proposal or motion should not be treated as if it were enacted law.

Purchasers should therefore verify the law applicable on the date of the transaction rather than relying on media headlines.

Are American Buyers Replacing Traditional Northern European Buyers?

Not yet.

British, German, Dutch, French, Belgian and other European purchasers continue to represent much larger transaction volumes nationally.

In 2025, foreign nationals represented 13.82% of registered residential property purchases in Spain.

The United States remains a comparatively small portion of that overall market.

Nevertheless, market share alone can be misleading.

American purchasers are disproportionately relevant to higher-value property.

A nationality accounting for 1.5% or 2% of foreign transactions can represent a substantially larger proportion of the value of transactions in particular luxury markets.

That distinction is particularly important in:

• Marbella;
• Benahavís;
• Estepona;
• prime Madrid;
• prime Barcelona;
• Mallorca;
• selected areas of Valencia;
• high-value Mediterranean resort markets.

 

Americans and Dutch Buyers: Similarities and Differences

The rise of Dutch property buyers over the last decade provides an interesting comparison.

Both nationalities can benefit from substantial property wealth accumulated in their home country.

Both may perceive certain Spanish property markets as relatively affordable.

Both can be attracted by lifestyle, climate and long-term second-home ownership.

But there are important differences.

Dutch purchasers are highly concentrated in Mediterranean Spain, particularly the Valencian Community, Murcia and Andalucía.

US purchasers are geographically more dispersed.

Dutch buyers have also become extremely important purchasers of new developments, while many US buyers are attracted to prime resale property in major cities and established luxury locations.

The US market also has a vastly larger population.

The Netherlands has approximately 18 million inhabitants.

The United States has more than 340 million.

Consequently, even a relatively small increase in the percentage of affluent Americans considering Spanish property can translate into meaningful additional demand.

Does Alicante and the Costa Blanca Have Potential for US Buyers?

Yes, although US demand remains much less established there than Dutch, British, Belgian or Scandinavian demand.

The most obvious areas for American purchasers are likely to be the higher-end northern Costa Blanca markets, including:

• Jávea/Xàbia;
• Moraira;
• Benissa;
• Calpe;
• Altea;
• Dénia.

 

These locations share several characteristics with high-end Mediterranean destinations elsewhere in Spain:

• detached villas;
• sea views;
• international communities;
• restaurants and leisure;
• marinas;
• comparatively large properties;
• access to Alicante and Valencia airports.

 

For a buyer from California or Florida, these characteristics can be immediately understandable.

However, Alicante currently lacks the level of US brand recognition enjoyed by Madrid, Barcelona or Marbella.

That may limit present transaction volumes while simultaneously leaving room for future growth.

Why the US Market May Continue to Grow

1. Large Amounts of US Housing Equity

Residential property values have increased substantially in many US metropolitan areas over the last decade.

Older homeowners in particular may therefore have significant equity that can be redeployed internationally.

2. High Absolute Housing Costs in Major US Cities

For households from New York, California, Miami or Boston, Spanish property can remain competitively priced even after recent Spanish price increases.

3. Remote and Internationally Mobile Professionals

Remote working has broadened the range of people who can spend long periods abroad without fully retiring.

4. Retirement Demographics

A large US population is approaching or entering retirement with substantial pension, investment and housing assets.

5. Increasing Familiarity with Spain

Spain competes not only with France, Italy and Portugal but also with traditional American retirement destinations such as Florida, Mexico, Costa Rica and parts of the Caribbean.

6. Spanish-Speaking Americans

The United States has one of the world’s largest Spanish-speaking populations.

For some Hispanic-American families, Spain combines linguistic familiarity with access to Europe.

7. International Diversification

Real estate can also form part of a broader strategy of holding assets in more than one country or currency.

Factors That Could Slow American Demand

Exchange Rates

A weaker dollar against the euro increases the effective dollar cost of Spanish property.

US Interest Rates

High borrowing costs can reduce the ability of US homeowners to refinance property or release equity.

Spanish Property Inflation

Prices have increased sharply in several Spanish cities and coastal markets.

Regulatory Uncertainty

Debate about taxation of non-EU purchasers can affect confidence even where proposed measures have not become law.

Immigration Rules

The abolition of the Golden Visa means that property ownership no longer provides a direct investment-based residence route.

Supply Constraints

A shortage of appropriate property, particularly high-quality new construction, can itself restrict transaction volumes.

Property Purchase Should Be Viewed Separately from Relocation

One of the most important conclusions for Americans considering Spain is that four separate legal questions should be analysed:

Property ownership:
Can the individual legally acquire and own the particular property?

Immigration:
Does the individual have the right to remain in Spain for the intended period?

Tax residence:
Where will the individual be tax resident?

Cross-border taxation and succession:
How will Spain and the United States treat the property, income and eventual inheritance?

These questions interact, but they are not interchangeable.

A purchaser may legally own a villa in Málaga while remaining non-resident for both immigration and tax purposes.

Another purchaser may buy an apartment in Madrid and subsequently become Spanish tax resident.

The tax consequences of those two cases can be entirely different even where the properties have the same value.

Conclusion

American demand has become one of the most interesting structural changes in Spain’s foreign residential property market.

US buyers remain considerably fewer in number than traditional British, German, Dutch or French purchasers, but they have three characteristics that make their development particularly significant:

they are increasing in number, they purchase relatively expensive property, and their geographical interests are expanding.

Official data shows US buyers paying among the highest average prices per square metre of any major foreign nationality. Notarial statistics recorded strong growth during the first half of 2025, while longer-term data indicates that American participation in the Spanish market has increased substantially over the last several years.

Madrid, Málaga and the Costa del Sol, Valencia and Barcelona currently appear to be among the clearest centres of American demand, while northern Spain and other less traditional foreign-buyer markets are also becoming relevant.

New York, Florida and California are logical sources of future buyers because of their concentrations of wealth, expensive residential property, international populations and connections with Europe. Texas and Massachusetts may also become increasingly significant. However, until reliable state-level transaction data becomes available, these should be regarded as market profiles rather than official statistics on the origin of Spanish property purchasers.

From a legal perspective, Americans considering a Spanish property purchase should also avoid viewing the transaction as merely a transfer of real estate.

The purchase can have consequences involving Spanish property law, taxation, immigration, US worldwide taxation, succession planning and international reporting.

The abolition of Spain’s Golden Visa in April 2025 has made the distinction between owning property in Spain and obtaining residence in Spain particularly important.

At the same time, political proposals concerning additional taxation of non-EU buyers remain proposals rather than a general 100% purchase tax currently in force as of September 2026.

For that reason, the continued expansion of the American buyer market should be understood not only as a real-estate trend, but as part of a broader development: an increasing number of US households are considering Spain as a place in which to own property, spend substantial periods of time, diversify assets or eventually establish part of their lives.

This article reflects the legal and market position available as of September 2026. Property taxation, immigration rules and other legislation can change, and the legal and tax treatment of a transaction depends on the individual purchaser, the location of the property and the intended use.