MADRID, Spain: American buyers are emerging as a growing force in Spain’s property market, with purchases rising even as overall foreign demand softened, driven by a mix of lifestyle appeal, currency strength, and political uncertainty back home.
Home purchases in Spain by U.S. citizens rose three percent last year, even as total foreign purchases dipped, according to data from Spain’s General Council of Notaries.
Foreign buyers accounted for about 19 percent of all Spanish home purchases in 2025, with Americans making up roughly two percent of the total. While still a relatively small share, U.S. buyers have been steadily increasing their presence over the past decade, particularly in the high-end segment.
The Spanish market has traditionally been dominated by British and northern European buyers seeking second homes in warmer climates. Britons remained the largest group of foreign buyers at around eight percent of the total, but their purchases have declined 16 percent over the past six years.
In contrast, deals by U.S. buyers have tripled over the same period. The rise in American demand comes amid growing tensions between Washington and Madrid.
Spanish Prime Minister Pedro Sanchez has been one of the most outspoken critics of U.S. President Donald Trump’s foreign policies, including the war on Iran, which he called illegal and reckless. Spain has also closed its airspace to U.S. planes involved in the strikes, prompting Trump to threaten trade tariffs in response.
Real estate experts say political factors are increasingly shaping buying decisions.
“The growth of the U.S. market is particularly significant because of its size,” said Fernando Rodriguez de Acuna, general director of Madrid-based real estate analysis firm Acuna.
“Many Americans have recently chosen to relocate to cities such as Madrid or Valencia for political reasons, and because they see them as safer places where they can walk their children to school,” he said.
Spain has also attracted interest from Spanish-speaking U.S. citizens of Latin American origin, as well as buyers seeking a long-term relocation or contingency plan.
American buyers are particularly prominent in the premium segment. They paid an average of 3,501 euros per square meter (US$380 per square foot), 29 percent more than the average paid by foreign buyers and nearly double the price paid by Spanish residents. Alongside Swedes and Germans, Americans ranked among the top three groups paying the highest prices.
According to real estate developer GILMAR, U.S. buyers became its leading foreign client group in the Costa del Sol region last year, overtaking Britons.
At luxury firm Dils Lucas Fox, Americans were the second-largest group of foreign clients after Britons, surpassing Germans. CEO Paloma Perez said most U.S. buyers focused on properties priced above three million euros.
A strong dollar has also supported demand, making European assets more attractive to U.S. investors.
Analysts said the trend is likely to persist even if the dollar weakens, as broader motivations beyond currency dynamics support it.
“U.S. clients come to Spain for the quality of life it offers, its safe environment, and the opportunity to diversify their investments outside the United States, particularly among those who disagree with the current domestic political climate,” said Rebeca Caballero, head of GILMAR’s international department in Madrid.