Spain’s real estate market continues to evolve in 2025, shaped by macroeconomic factors, regional dynamics, and foreign investment. The Registradores Q2 2025 report offers a granular view of the housing sector, revealing trends in property transactions, price movements, mortgage behavior, and the role of international buyers. This article breaks down the key findings, with a spotlight on Swedish buyers—who, while not leading the pack, remain a notable presence.
National Market Overview: Stabilization After Growth
During Q2 2025, Spain recorded a total of 157,057 property transactions, marking a 3.5% decrease compared to Q1. This decline reflects a broader cooling trend following several quarters of accelerated growth.
- Resale properties accounted for 126,057 transactions, down 4.5% from Q1.
- New builds saw 31,000 transactions, a slight increase of 0.6%.
- Average property price rose by 1.2% quarterly, reaching €1,850/m² nationally.
The data suggests a market entering a phase of consolidation, with regional hotspots maintaining momentum while others begin to plateau.
Regional Highlights: Where the Market Is Moving
Certain provinces continue to outperform the national average, driven by tourism, lifestyle appeal, and foreign demand.
| Province | % Foreign Buyers | Price Trend Q/Q |
| Alicante | 43.8% | +2.9% |
| Málaga | 33.1% | +3.2% |
| Balearic Islands | 31.4% | +2.5% |
| Santa Cruz de Tenerife | 28.6% | +2.1% |
These regions remain magnets for international buyers, especially along the Mediterranean coast and island territories.
Foreign Buyers: 15.6% of All Transactions
Foreign nationals purchased 24,544 properties in Q2 2025, representing 15.6% of total transactions. This marks a slight decline from Q1 but remains historically high.
Top 15 Foreign Nationalities by Purchase Volume:
| Rank | Country | % of Foreign Purchases |
| 1 | United Kingdom | 10.94% |
| 2 | Germany | 9.73% |
| 3 | France | 7.84% |
| 4 | Belgium | 5.41% |
| 5 | Italy | 5.27% |
| 6 | Netherlands | 4.94% |
| 7 | Poland | 4.53% |
| 8 | Ireland | 3.89% |
| 9 | Russia | 3.71% |
| 10 | Norway | 3.56% |
| 11 | Ukraine | 3.33% |
| 12 | Sweden | 3.30% |
| 13 | China | 2.94% |
| 14 | Switzerland | 2.81% |
| 15 | Finland | 2.63% |
Swedish Buyers: Still Present, But Less Dominant
Swedish nationals accounted for 3.3% of foreign purchases in Q2 2025, placing them at 12th position among international buyers. This represents a continued decline from previous years, when Sweden regularly ranked in the top 5.
Possible Factors Behind the Decline:
- Currency Pressure: The Swedish krona has weakened against the euro, reducing purchasing power.
- Interest Rate Sensitivity: Higher financing costs may deter second-home purchases.
- Market Saturation: Many Swedes already own property in Spain, especially in regions like Costa del Sol and Mallorca.
Despite the drop, Swedish buyers remain active in key regions, particularly Málaga and Alicante, where lifestyle appeal and established Scandinavian communities continue to attract interest.
Mortgage Trends: Fixed Rates Dominate
In Q2 2025, 68.1% of new mortgages were fixed-rate, reflecting buyer caution amid economic uncertainty. The average mortgage amount was €142,000, with an average duration of 24.3 years.
- Interest rates averaged 3.4%, slightly down from Q1.
- Loan-to-value ratios remained stable, with most buyers financing around 75% of the property value.
Foreign buyers, including Swedes, often purchase with partial financing or full equity, making them less sensitive to domestic lending conditions.
New Construction: A Growing Segment
New builds represented 19.7% of total transactions, with notable growth in coastal provinces. Developers continue to target foreign buyers with energy-efficient designs, modern amenities, and community-focused layouts.
Outlook for H2 2025: Moderation Ahead
The Q2 data suggests a market entering a phase of moderation. While demand remains strong in key regions, rising costs and economic headwinds may temper growth.
Key Trends to Watch:
- ECB policy shifts: Any rate cuts could stimulate demand.
- Tourism recovery: Continued strength may boost short-term rental investment.
- Foreign buyer behavior: Will Swedish interest rebound, or continue to decline?
Conclusion: A Market in Transition
Spain’s housing market in Q2 2025 reflects a maturing cycle. Foreign buyers remain a vital part of the ecosystem, though their composition is shifting. Swedish buyers, while no longer dominant, continue to play a meaningful role—especially in regions where lifestyle and community are key drivers.
For investors and lifestyle seekers alike, Spain remains a compelling destination. But as the data shows, the market is evolving—and staying informed is more important than ever.
For more information on buying property in Marbella and Costa del Sol, visit Nookhomes for expert guidance and listings that meet your criteria.
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