The first week of August produced three figures that should be read together, because in isolation they appear to contradict one another: the Spanish market has now recorded two consecutive quarters of falling volume, prices have set a new all-time high, and international buyers account for their largest share ever registered. Add to that a Euribor firming up again, with the European Central Bank a month away from its next decision.
International buyers reach 15.98% of all sales, their largest share on record
The second-quarter Property Registry Statistics, published by Spain's College of Land Registrars on 5 August, put purchases by foreign buyers at 15.98% of the total — an all-time high for the series — with just over 26,800 transactions (sources: Registradores via idealista, El Independiente, COPE). More than half were EU citizens, around 57%, led by British, Dutch and German buyers, with the heaviest concentration in the Balearics and Valencia, where such purchases already exceed 30% of the market. This is a national figure, not a Madrid prime one, but it points in the same direction we see day to day: international demand is not retreating — it is gaining share precisely as the wider market cools.
Fewer transactions, prices at a record: the market is narrowing, not weakening
The same statistics record 167,934 residential sales between April and June, down 5.7% on the previous quarter and the lowest figure in seven quarters, while the average price reached 2,487 euros per square metre — an all-time high, up 8.8% year on year. The reading is the familiar one this year: what is slowing activity is not a shortage of buyers but a shortage of product. In the prime segment that scarcity bites earlier and harder: good assets are placed quickly and, frequently, without ever being advertised. One methodological caveat is worth adding — the Registrars measure registry entries and the INE measures notarised deeds, with a lag of several weeks between them — which is why the next figure does not cancel this one out.
June breaks five months of decline and posts the best reading in 19 years
On 7 August the INE published its June transfer statistics: 59,288 residential sales, up 1.6% year on year, the strongest June since 2007 and the end of five consecutive months of annual declines (sources: INE via idealista, El Español, COPE). The impulse came mainly from new-build, up 6.3% to 12,766 transactions, against 0.3% for second-hand homes. Even so, the first half of the year remains 2.6% below 2025: a single strong month, not yet a change of trend.
Euribor firms up and the ECB decides on 10 September
After closing July at a monthly average of 2.855%, twelve-month Euribor has traded in the region of 2.92%–2.93% as a provisional August average during the first half of the month (sources: Rankia, Euríbor Diario, idealista). Markets are pricing in an ECB move to 2.50% at its meeting on 10 September — a market expectation, not a decision taken — against a backdrop of energy-price pressure. For anyone buying with finance, the practical conclusion is unchanged: securing terms now makes more sense than waiting for the autumn.
Regulation for international buyers: no change
[Context] The proposed levy of up to 100% on residential purchases by non-EU non-residents has still not progressed through parliament and is not in force; legal analyses published through 2026 continue to question its compatibility with the Spanish Constitution and EU law. As things stand today, the legal and tax framework for buying in Madrid from abroad remains unchanged. We follow it week by week and will flag any genuine development.
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