Germans on the rise: Leading the way in mortgage inquiries in Spain
The Spanish real estate market remains attractive for foreign buyers – and Germans in particular are solidifying their leading position. New data shows that they made the most mortgage inquiries of all nationalities in the first quarter of 2025 and are also ahead in terms of average purchase price.
Mortgages: Germany ahead of the UK
According to the latest mortgage report from Ana Ana P. Alarcos in Idealista, 16.6% of all foreign mortgage inquiries in the first quarter came from Germany. This puts Germany well ahead of the United Kingdom (14.2 %) and Switzerland (8.7 %). Buyers from the USA (7.7 %), France (7.5 %) and the Netherlands (6.9 %) are also active on the market. Overall, foreign buyers accounted for 3.6 % of total mortgage inquiries in Spain.
If you compare the development with 2024, the trend becomes clear: back then, Germans were only just ahead of the British (14.7%) at 15.3%. Within a year, the lead has grown to 2.4 percentage points – a clear indicator of the growing interest of German buyers in Spanish residential properties.
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Change in the ranking of nationalities
Notably, applicants from Switzerland, the USA and France were able to catch up in terms of demand. Among others, they displaced the Dutch, who occupied one of the top places in the previous year. These shifts show how dynamically the market is developing – depending on economic conditions and price levels in the respective countries of origin.
Purchase prices: USA, Sweden and Germany at the top
German buyers play a decisive role not only in mortgage inquiries, but also in purchase prices. According to the Spanish Notary Council, they paid an average of 3,224 euros per square meter in the second half of 2024 – the highest figure ever recorded for German buyers in Spain.
Only the following paid more:
Buyers from the USA paid an average of €3,390/m²
Buyers from Sweden paid €3,295/m²
Switzerland, Norway, Poland, the Netherlands and Belgium were also above the overall Spanish average of €2,362/m². Meanwhile, buyers from countries such as China, Portugal, Morocco and several Eastern European and Latin American countries paid significantly lower prices.
Conclusion: Spain remains a strong magnet for foreign capital
The figures confirm that Spain continues to benefit greatly from international interest in real estate, particularly from wealthy European countries and North America. German buyers are demonstrating that they will play a key role in the Spanish real estate market in the long term, not only through their high volume of inquiries, but also through their high willingness to pay.
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