Spain has been climbing the ranks of the most desired destinations for foreign investors for years, and it has now reached the global top 5 in real estate investment. According to the latest “Global Capital Flows” report by Colliers, this year Spain has, for the first time, positioned itself among the top five countries attracting the most foreign investment in commercial real estate.
Europe as a whole continues to demonstrate its strength, with seven countries in the top 10, including the United Kingdom, France, Germany, and Italy. The UK leads the European ranking with €24.524 billion in cross-border investment. Germany holds the third position with €15.030 billion, while Spain ranks fifth with €8.387 billion, moving up three spots compared to the first quarter of 2024.
The EMEA region markets, with Spain at the forefront, offer an attractive combination of transparency, liquidity, and price stability, as the consulting firm notes.
Globally, the United States is the second country in terms of investment volume, with €20.852 billion, followed by Japan in fourth place with €11.201 billion.
Colliers also points to a shift in investor intentions, as they move away from the North American market, and anticipates greater activity in the second half of the year as global markets adjust.
Positive outlooks boost investment
A recent Savills survey of international investors also places Spain as the most attractive country in Europe for real estate investment. Assets between €20 and €60 million are the most in demand, and transaction volumes are expected to increase throughout the year.
Following Spain, the UK and France complete the podium of the most in-demand markets. According to the firm, real estate investment in Europe could reach €214 billion in 2025 — a 23% increase over 2024 — driven by a more favorable financial environment and the expectation of interest rate cuts.
The residential and logistics segments remain the most attractive, although interest in offices, hotels, and data centers is growing.
The strong outlook for the Spanish economy — with record employment levels, strong internal and external demand driven by tourism, and other positive indicators such as lower corporate and household debt — is clearly boosting confidence among foreign investors, making Spain a key international destination.
In this context of international demand, it is worth noting that although the Golden Visa program was abolished in Spain in April 2025 as a measure to address certain challenges in the real estate sector, its impact on foreign investment has been lower than expected. Experts point out that many buyers continue to invest through companies, which reduces the impact of the visa’s removal on direct investment. Since 2016, around 11,000 such visas have been granted, according to the Ministry of Housing and Urban Agenda — not only for property acquisition, but also for purchases of public debt or shares in Spanish companies — generating more than €10 billion in investment over the nine years the program was in effect.
Rising demand and lack of supply in key areas
Along these lines, Berkshire Hathaway’s “European Summer Report 2025” confirms that foreign demand in Spain remains strong, highlighting the Costa Blanca as the most active region, with buyers mainly from the Netherlands, Germany, the UK, and the United States.
The report also warns that although Spain currently ranks in the top 5 for real estate investment, the lack of supply in some of the most pressured areas such as Madrid, Marbella, or Barcelona will continue to drive prices upward. Therefore, for foreign buyers wondering when the best time is to invest in Spanish property, the answer is clear: better today than tomorrow.
