Spanish housing prices are hitting record highs — Ukrainians are already among the top 10 buyers
18 August 07:54
Ukrainian citizens purchased approximately 765 residential properties in Spain during the first three months of 2026 and ranked tenth among foreign buyers.
This was reported by Open4Business, citing statistics from the Spanish College of Registrars, according to "Komersant Ukrainian"
Ukrainians accounted for 3.08% of transactions concluded by foreign buyers. They ranked behind buyers from the United Kingdom, the Netherlands, Morocco, Germany, Italy, France, Romania, Poland, and Belgium, but ahead of buyers from China, Sweden, Ireland, the United States, and Russia.
What share of the Spanish market did Ukrainians capture?
The 3.08% figure refers exclusively to transactions by foreign nationals, not the entire Spanish real estate market.
In the first quarter, 178,096 home sales were registered in the country. Foreigners concluded nearly 24,800 such transactions, accounting for 13.92% of the total.
The approximately 765 purchases by Ukrainians account for about 0.43% of all residential property sales in Spain for the quarter.
Key market indicators are as follows
- 178,096 home sales in the first quarter
- nearly 24,800 purchases by foreigners
- about 765 purchases by Ukrainian citizens
- 3.08% of all foreign buyers
- approximately 0.43% of the total Spanish market
Thus, the tenth-place ranking confirms a notable presence of Ukrainians, but does not yet indicate their dominance in the market.
Why We Cannot Attribute 51,600 Transactions to Ukrainians
In the first half of 2026, foreigners purchased a total of 51,627 residential properties in Spain. This figure was approximately 4% higher than the result for the same period last year and set a record.
However, the approximately 765 Ukrainian purchases—representing a 3.08% share—pertain only to the first quarter. Detailed statistics by nationality for the entire half-year have not yet been presented in the brief official report.
Foreign demand is rising amid a decline in sales
In the second quarter, the overall Spanish housing market contracted by 5.7%. The number of registered transactions fell to 167,934, and sales of new-construction properties dropped by 11.5%.
Demand from foreign buyers moved in the opposite direction. They purchased more than 26,800 properties, and their share rose to a record 15.98%.
Compared to the first quarter, the number of foreign purchases increased by more than 8%, even as overall market activity declined.
How Much Does Housing Cost in Spain Now?
The average registered price in the second quarter reached a historic high of 2,487 euros per square meter. Over the year, housing prices rose by 9.2%, and over the quarter—by 2.4%.
At this average price, a hypothetical 60-square-meter apartment would cost about 149,000 euros. An 80-square-meter apartment would cost approximately 199,000 euros.
These calculations do not include taxes, notary fees, registration fees, commissions, or renovation costs.
In the most expensive autonomous regions, the average price per square meter was significantly higher
- Community of Madrid — 4,477 euros
- Balearic Islands — 4,311 euros
- Basque Country — 3,616 euros
- Canary Islands — 3,052 euros
- Catalonia — 2,995 euros
The most expensive provincial capitals were San Sebastián, Madrid, Barcelona, Palma, and Bilbao.
Where Foreigners Buy the Most Homes
In the second quarter, foreigners accounted for 32.27% of all home purchases in the Balearic Islands and 31.03% in the Valencian Community.
A high concentration of international demand is also observed in the Canary Islands, Murcia, Alicante, and Málaga.
However, these regional figures include all foreign buyers. Public registry data does not allow us to conclude that Ukrainians were the primary buyers of homes on the islands or along the Mediterranean coast.
Not every foreign buyer is an investor
Statistics by citizenship do not indicate whether the buyer resides in Spain or for what purpose they purchased the property.
A study by CaixaBank Research indicates that a significant portion of foreign buyers are already residents of the country. They may purchase a primary residence for work, study, or long-term residence.
Non-residents are more likely to view real estate as a vacation home, a backup living arrangement, or an investment asset.
Why Interest in Spain Continues to Grow
Analysts cite relative safety, climate, transportation links, quality of life, and a well-developed rental market as some of Spain’s main advantages.
Reuters also highlights the impact of geopolitical instability. Some European buyers view property in Spain as a way to diversify their assets or secure a backup place to live.
Does Buying a Home Grant Residency Rights?
Purchasing real estate alone no longer grants access to Spain’s new “golden visa.”
Provisions regarding investment visas were removed from the legislation effective April 3, 2025. This is confirmed by the current version of the Spanish law on the BOE website.
Previously, a foreigner could apply for a permit by investing at least 500,000 euros in real estate. Now, a different basis is required for legal residence. Transitional rules remain in effect for previously issued permits and their renewals.
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