Madrid has been the worlds top city for the super

Spain benefited last year from an influx of American buyers in the high-end segment, fueled by a distrust of Donald Trump’s migration policies. In the Iberian Peninsula, home purchases by American buyers increased by 3% last year. The Middle East war, which began in March, is also benefiting the European high-end markets.

While European tourism slowed down in the United States last year, home purchases in Spain by American buyers increased by approximately 3% in 2025 alone. In a market traditionally dominated by Britons and Northern Europeans, American buyers strengthened their presence last year. This is partly explained, according to real estate agents, by the distrust these buyers have towards President Donald Trump’s policies, as well as the security offered by the European market in the face of geopolitical unpredictability.

American buyers represented 2% of all real estate purchases in Spain last year, among 19% of foreign buyers according to data published on April 9 by the General Council of Spanish Notaries. This is higher than the figure reported by the Registrar’s Council (former Spanish mortgage conservators), which noted 13.58% of foreign buyers between January and September 2025.

The British remain the largest group of foreign buyers, accounting for approximately 8% of the total according to notaries. However, their purchases have decreased by 16% over the past six years, contrasting with the tripling of transactions by American buyers over the same period.

“Political reasons”

This wave of American purchases in Spain comes amidst growing discord between Washington and Madrid against the backdrop of the Iran war. The Spanish Prime Minister, socialist Pedro Sanchez, has become one of the harshest Western critics of the Trump administration, calling the war launched by Washington against Iran on February 28 illegal.

In late March, Spain closed its airspace to American planes participating in strikes against Iran after already rejecting the use of its bases in the conflict. Donald Trump then stated that the United States would end all commercial exchanges with Spain.

Real estate experts have noted that Spain holds a particular appeal for Spanish-speaking American citizens of Latin American origin.

Fernando Rodriguez de Acuna, General Director of the real estate analysis company Acuna based in Madrid, pointed out, “Many Americans have recently chosen to settle in cities like Madrid or Valencia for political reasons.”

According to real estate developer GILMAR, American buyers became the largest group of foreign clients in the highly sought-after region of the Costa del Sol in southern Spain last year, surpassing the British.

The strength of the dollar was another factor favoring American purchases, and analysts believe that the underlying demand should be strong enough to continue the upward trend even if the US currency weakens against the euro.

Madrid, leading the most attractive cities for high net worth individuals

Spain remains a destination of choice for foreign investors. Its attractive prices and quality of life attract buyers with significant capital. The luxury segment also benefits. According to the Barnes agency, Madrid has held the top spot as the most attractive city in the world for high net worth individuals for the second consecutive year.

Prices in certain neighborhoods of the Spanish capital now reach €19,000 per square meter. In addition to Madrid, other destinations gaining in popularity include Marbella (among the younger crowd), Mallorca (a “four-season” destination), and Barcelona according to the agency.

Since last year, the government has proposed several measures to limit purchases by non-resident foreigners, who numbered 27,000 in 2023. Among them, a tax (not adopted) of up to 100% for non-EU non-residents is suggested to combat the housing crisis and real estate speculation.

“The old Europe regains dynamism, particularly in Spain, Italy, and France”

According to Laurent Demeure, President of Coldwell Banker Europa Realty, luxury real estate markets in Europe have seen an increase in demand since the beginning of the Middle East conflict. He emphasized on March 18 in the BFM Business program “Real Estate Experts” that clients who have invested in Gulf countries are now importing their assets to Europe.

Demeure explained, “The ‘welcoming destination’ is Monaco. (…) Our Dubai office, with whom we are in constant contact, is sending us a number of clients who want to balance their investments by returning to the ‘old Europe’, in which certain areas stand out, such as Monaco.”

While Dubai was more focused on speculative real estate, Europe represents a more cautious market, according to Laurent Demeure.

“The safe destinations are primarily the major European capitals, with Paris leading the way. Spain, Italy, and France are the areas where capital is being introduced, especially in conservative real estate, prime-location properties, liquid real estate. It includes places like Marbella or Madrid in Spain, but also Paris, Cannes, or Saint-Tropez in France. For Italy, it’s Milan or Forte dei Marmi.”