Foreign demand slumps as Spain’s housing market cools in Q1
The first Housing Ministry sales figures of 2026 are now out, and they suggest the Spanish property market has shifted down a gear. Sales are still running well above long-term norms, but the market is cooling, with foreign demand weakening particularly fast.
These figures are based on transactions completed before notaries in Q1, making them the most up-to-date view we have of who is actually buying property in Spain this year.
The notaries’ figures published recently also pointed to a slowdown in sales, but they don’t break the market down by buyer type. The registrars’ Q1 figures do provide information on foreign demand, but they include transactions completed in previous periods that were only registered in Q1, meaning they lag the market.
As a result, these Housing Ministry figures provide the clearest and most current picture of what is happening in the foreign-buyer segment right now.
Sales fall, but remain above normal
A total of 163,322 homes were sold in Spain in Q1, down 11.3% year-on-year. But it’s worth remembering that sales remain almost 14% above the ten-year average.
In other words, activity has cooled significantly from recent highs but remains elevated by historical standards.
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Posted by Mark Stücklin in Market - Posted on June 12, 2026
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