Foreign buyers have driven a 35% surge in bank loans in Spain, with mortgages as the primary engine behind this growth.
More than 1.3 million non-resident individuals and companies in Spain now hold a bank loan, according to data compiled by The Objective.
While this figure still represents around 5% of the sector's total operations, the growth is accelerating — and the trend is reshaping the geography of Spanish property investment.
The data from the Bank of Spain reveals that at the close of the last financial year, there were 25.2 million credit holders in the country, owing a total of €3.78 trillion — the vast majority of which are held by nationals. However, the growth of foreign borrowers is increasingly significant. The increase in non-resident loans is largely due to mortgages, a segment that showed strong momentum last year due to the housing boom. While current growth rates are moderating due to rising property prices and initial interest rate increases linked to geopolitical tensions, the underlying trend is clear: international buyers are playing an increasingly important role in the Spanish property market.
The Bank of Spain, in its risk report, notes that "the number of holders continued to increase, with especially dynamic growth among non-residents, although residents continued to concentrate the bulk of credit." Specifically, lending for property purchases by foreign buyers is concentrated primarily on the Mediterranean coast, which accounts for 74.3% of operations. Two provinces stand out above the rest: Alicante accounts for 23.9% of foreign mortgage signatures, while Málaga accounts for 20.6% — together representing nearly half of all foreign buyer transactions last year.
Foreign buyers who do not reside in Spain and are looking for a holiday home pay significantly higher amounts for property than nationals. The average price paid by non-resident buyers is €2,452/m², compared to €1,481/m² for Spanish buyers.
This price differential is a key indicator of the profile of international buyers. Non-residents are not buying bargain properties but premium homes — often in coastal locations with high amenity value. The College of Registrars data shows that residents who are foreign nationals paid an average of €1,498/m², almost €1,000 less than non-resident buyers. Swiss, Irish and Danish buyers saw the greatest growth in house purchases in Spain, while Ecuadorians and Americans registered the largest declines, with falls of more than 15%.
Nationality also correlates with spending power. Swedish buyers spend the most: €2,768/m², followed by Germans, Swiss and Norwegians. Russians, Dutch, Belgians, Italians and Irish also paid above the foreign average. The cheapest properties acquired by foreigners come from Moroccan buyers (€640/m²) and Romanian buyers (under €1,000/m²) — in these cases, typically for primary residences rather than holiday homes.
FOREIGN MORTGAGE MARKET IN SPAIN: KEY DATA
› Loan growth: 35% increase in non-resident bank loans.
› Total non-resident borrowers: 1.3 million.
› Market share: 5% of all credit operations.
› Regional concentration: 74.3% on the Mediterranean coast.
› Top provinces: Alicante (23.9%), Málaga (20.6%) — 44.5% combined.
› Price premium: Non-residents pay €2,452/m² vs. €1,481/m² for Spanish buyers.
› Highest spenders: Swedish (€2,768/m²), German, Swiss, Norwegian.
This surge in foreign mortgage activity confirms a broader trend: international buyers are not just browsing — they are financing, committing and investing. InasTour, acting exclusively as a buyer's agent, assists international clients in navigating the Spanish property market, providing local expertise, technical rigour and transparent advice to ensure that every investment is made with confidence and clarity.
The 35% increase in non-resident loans is a clear indicator of the growing role international buyers play in Spain's property market. While the concentration of activity remains on the Mediterranean coast, the trend is broader: foreign buyers are increasingly looking beyond the traditional hotspots. The premium they pay for property — nearly €1,000/m² more than Spanish buyers — reflects their profile as quality-seeking, long-term investors. For regions such as Asturias, the message is clear: as the northern coast gains recognition for its quality of life and natural beauty, it will increasingly capture the attention of this high-spending, mortgage-backed international demand.