Although Brits remain top of the leader board when it comes to foreign property buyers in Spain, their numbers have fallen dramatically. Brexit is undoubtedly playing a part in this drop, but it’s not the only factor.
Brits have long been the primary foreign property buyers in Spain and continue to be so. However, their market share has plummeted in recent years.
In first quarter of 2016, British buyers accounted for 21.91 percent of all foreign transactions, but by the start of 2026 this figure had fallen to 6.82 percent according to the latest data from Spain’s General Council of Notaries.
Despite this drop, Brits still lead the way in the current rankings, but by a much narrower margin than before.
They are followed by buyers from the Netherlands (6.56 percent), Morocco (6.21 percent), Germany (6.09 percent), and Italy (5.54 percent), who complete the current top five.
It’s important to be aware that these stats comprise both residents and non-residents, so they’re not only people buying holiday homes, but also Brits who reside in the country and are buying primary residences to live in full-time in Spain.
READ ALSO: Non-resident foreigners buy fewer properties in Spain
When it comes to non-residents alone, figures from the second half of 2025 show that Brits are no longer at the top. Dutch non-residents bought the most number homes at 12.6 percent, followed by Germans with 11.9 percent.
Brits came in third place with 11.5 percent and Belgians in fourth with 8.1 percent.
Of all the regions in Spain, Murcia and Andalusia remain favourites among Brits for buying property, according to the latest data from the General Council of Notaries.
Brexit
One of the major reasons for this decline is of course Brexit, particularly when it comes to non-resident buyers from Blighty.
As the UK is no longer part of the EU, it means that Brits don’t have freedom of movement and can’t just simply move to Spain on a whim and stay for however long they please.
Crucially, Schengen rules mean that non-resident Brits can’t stay in Spain more than 90 days in every 180 days, so there’s less time people can stay in holiday homes.
Property expert Mark Stücklin from Spain Property Insight agrees that Brexit is the biggest reason for the decline in British buyers. “I know it depresses a lot of people who might otherwise have thought about buying a holiday home in Spain, or relocating to Spain” he told The Local.
In order to move here permanently or retire here for example, Brits must apply for a visa and meet very specific requirements, which is often linked to finances.
Property taxes
Before Brexit, many Brits may have also bought a property in Spain as an investment in order to rent out to other tourists as well as to use themselves, but because they are no longer EU citizens they now have to pay 24 percent of rental income in taxes instead of just 19 percent. These means that these real estate investments are no longer as profitable as they once were either.
READ ALSO: Non-residents or foreigners? Spain’s Canaries debate who should face property limits
Opposition to wealthy foreign buyers
Another reason could be the perception of shifting opinions regarding foreign property buyers in Spain over the last few years.
Affluent foreign investors have been partly blamed for the ongoing housing crisis in Spain, accused of driving up prices, turning properties into tourist accommodation and taking homes off the market that would otherwise be available to locals.
Locals from many regions have even held several protests over the last few years over foreign buyers and the housing crisis.
Some regions such as the Balearics and the Canary Islands have even gone as far as discussing limiting foreigners from buying property there.
Prime Minister Pedro Sánchez also announced a 100 percent property tax for non-resident non-EU foreigners in 2025, effectively making the price double for them. Although nothing has been done about it so far, it could become a reality in the future.
Many Brits may be aware of these sentiments and are being put off buying a property in Spain as a result.
READ ALSO: Foreign residents don’t outspend locals in Spain’s housing market, non-residents do
Weakening Pound
Stücklin explains that “The Pound is down about 15 percent against the Euro, making it 15 percent more expensive for Brits buying with GBP”.
“At the same time as Spanish house prices have gone up significantly over the same period and British house prices or house price equity wealth has stagnated,” he added.
Spanish properties are no longer the bargain homes for Brits as they once were. Prices have skyrocketed in Spain in recent years. According to property giant Idealista, prices have increased by 16.9 percent just in the last year alone.
And data from the Ministry of Housing and Urban Agenda shows that prices have risen a whopping 35 percent in the last 10 years.
Coupled with a loss of purchasing power, not as many Brits can afford second homes in Spain like they once could.
“The British economy is struggling for lots of reasons and as a result the UK is an increasingly poor country where fewer people can afford a second home abroad,” Stücklin concludes.
Cancellation of Spain’s golden visa scheme
The cancellation of the golden visa scheme could have also played a very small part in the decline of British buyers.
The visa allowed non-EU citizens (like the Brits are now) to gain residency in Spain if they bought a property worth over €500,000.
This was the most lenient of Spain’s visa schemes, meaning that more affluent Brits who could afford these types of properties may now be looking elsewhere in order to gain residency in an EU country.
OPINION: End of Spain’s golden visa is a reminder that Brexit drawbacks continue
