Why Spain’s new-build property market is the major opportunity for estate agents in 2027
Spain has more buyers than new homes to sell them. The Bank of Spain estimates an accumulated shortage of around 750,000 homes between 2021 and 2025. Foreign buyers completed more than 137,000 property purchases in 2025, according to the General Council of Notaries. And new-build house prices rose
Spain has more buyers than new homes to sell them. The Bank of Spain estimates an accumulated shortage of around 750,000 homes between 2021 and 2025. Foreign buyers completed more than 137,000 property purchases in 2025, according to the General Council of Notaries. And new-build house prices rose by 7.4% year on year in the second quarter of 2026, according to Spain’s National Statistics Institute (INE).
For an estate agent, that combination has a clear implication. Properties are in short supply, international buyers return every year, and commissions are easier to justify when selling something the client cannot find on every property portal.
This analysis brings together the latest official figures on Spain’s new-build property market: where demand lies, who is buying, which areas attract the most foreign buyers, what tax framework applies and which risks are worth monitoring. It concludes by explaining how agencies can now access thousands of new-build homes without relying on a single developer.
Spain’s new-build property market in figures (2025-2026)
These are the ten indicators that best capture the current state of the market, all from official or institutional sources.
| Indicator | Figure | Source |
|---|---|---|
| Accumulated housing shortage (2021-2025) | ~750,000 homes | Bank of Spain, Annual Report 2025 |
| Projected shortage in 2028 | More than 1 million homes | Bank of Spain, October 2026 forecasts |
| New-build construction approvals in 2025 | 139,016 homes (+8.8%) | Ministry of Transport (via Alimarket) |
| New-build house prices, Q2 2026 | +7.4% year on year | INE, House Price Index (IPV) |
| Residential property transactions in 2025 | +11.5% compared with 2024 | INE, Property Rights Transfer Statistics (ETDP) |
| Home purchases by foreign buyers in 2025 | 137,784 (71,155 + 66,629 across the two half-years) | General Council of Notaries (via HelpMyCash) and General Council of Notaries (via Forbes) |
| Foreign buyers’ share, second half of 2025 | 18.4% of transactions | General Council of Notaries (via Forbes) |
| Price paid by non-resident buyers | €3,242/m², compared with €1,839/m² for domestic buyers | General Council of Notaries (via Forbes) |
| Foreign buyers’ purchases worth €500,000 or more | 12.22% of the total | Association of Registrars, 2025 Yearbook |
| International tourists in 2025 | 96.8 million, an all-time record | INE, FRONTUR |
Notaries and registrars record transactions at different stages (the signing of the deed versus registration), which is why their percentages for foreign buyers differ: the General Council of Notaries reports 18.4%, while the Association of Registrars reports 13.82%. Both confirm the same trend.
Why Spain lacks new-build homes: the shortage underpinning prices
The supply of new homes has lagged behind household formation for years, and the gap continues to widen. In its Annual Report 2025, the Bank of Spain estimates that around 750,000 homes would be needed to address the accumulated imbalance between 2021 and 2025, concluding that residential supply has responded inadequately to growing demand (Euronews).
The shortage is not evenly distributed. Madrid, Barcelona, Alicante, Valencia, Murcia and Málaga account for just over half of the shortfall. Three of those six provinces are coastal markets where international buyers already account for a substantial share.
Construction is growing, but not enough
Approvals for the supervision of new-home construction covered 139,016 units in 2025, up 8.8% on 2024, according to the Ministry of Transport (Alimarket). This is the highest figure in more than fifteen years, but it remains well below the pace required. The Bank of Spain itself identifies overlapping regulations across administrative bodies, slow urban planning processes and labour shortages as constraints.
In October 2026, the institution maintained its forecast that the shortage would exceed one million homes in 2028 (Artículo 14).
What this means for agents
When supply is inflexible and demand keeps coming, new-build properties sell off-plan and move quickly. This has three practical implications for an agency:
- Agencies with access to more developments sell more. Clients do not buy a development simply because it is on an agency’s books; they buy the one that fits their budget and preferred location.
- Accurate availability is critical. Offering a property that has already sold damages buyers’ trust, particularly among foreign buyers making decisions remotely.
- Information protects margins. Knowing the price, handover schedule and commission before showing a property allows agents to prioritise the most profitable transactions.
Foreign buyers: almost one in five transactions
Foreign buyers purchased 137,784 homes in Spain in 2025, according to the General Council of Notaries. They completed 71,155 transactions in the first half of the year, the highest figure since 2022 (HelpMyCash). In the second half, they completed 66,629, accounting for 18.4% of the total market (Forbes).
The second half brought a nuance worth examining closely. Purchases by non-residents fell by 15.1%, while purchases by foreign nationals already living in Spain rose by 3.3% and approached record highs. International buyers are not disappearing: their profile is changing, and a growing proportion buy after settling in the country.
Who is buying
By nationality, buyers from the United Kingdom led in the second half of 2025 (7.8% of foreign buyers’ purchases), followed by Morocco (7.7%), Italy (6.6%), Germany (6.5%) and Romania (6.5%), according to the General Council of Notaries. The Association of Registrars ranks British, German and Dutch buyers as the top three for 2025 as a whole.
How much they pay
Non-resident buyers pay an average of €3,242/m², 76% more than the €1,839/m² paid by domestic buyers. In addition, 12.22% of foreign buyers’ purchases exceeded €500,000 in 2025, an all-time high according to the Association of Registrars’ Yearbook (Alicante Plaza). For an agency, that price differential translates into higher commissions per transaction.
Where they buy
Non-resident buyers are concentrated along the Mediterranean coast and on the islands. In the second half of 2025, the Valencian Community accounted for 40% of their purchases, Andalusia for 25.3%, Catalonia for 8.7%, the Region of Murcia for 7.8% and the Canary Islands for 7.4%.
Tourism as a buyer funnel
Spain welcomed a record 96.8 million international tourists in 2025, with the United Kingdom, France and Germany as its main source markets (INE, FRONTUR). Every summer, some of those visitors return home with the idea of buying a second home. That flow sustains demand for new-build coastal property year after year.
The areas with the most new-build sales to international buyers
Alicante has the highest proportion of foreign buyers of any Spanish province: 43.29% of its residential property transactions in 2025, more than three times the national average of 13.82%, according to the Association of Registrars’ 2025 Yearbook (Alicante Plaza). It is followed by Málaga, Santa Cruz de Tenerife and the Balearic Islands.
| Area | Foreign buyers’ share (2025) | Key information for agents |
|---|---|---|
| Costa Blanca (Alicante) | 43.29% | 53,385 transactions in 2025, ranking third among Spain’s provinces; new-build property at €2,682/m² |
| Costa del Sol (Málaga) | 32.80% | Premium properties and affluent buyers; Málaga is among the six provinces with the largest housing shortages |
| Tenerife (Canary Islands) | 30.04% | The Canary Islands accounted for 7.4% of non-resident purchases in the second half of 2025; new-build property is subject to IGIC rather than VAT |
| Balearic Islands | 29.86% | High-price market with very limited supply |
| Costa Cálida (Murcia) | Not available in the yearbook | Murcia accounted for 7.8% of non-resident purchases and recorded one of the largest increases in prices paid by foreign buyers (+14.1%) |
| Madrid | Not available in the yearbook | The province with the largest housing shortage; international demand is more closely linked to primary residences than second homes |
Sources: Association of Registrars, 2025 Yearbook (share by province); General Council of Notaries, second half of 2025 (distribution of non-resident buyers and prices, via Forbes); Bank of Spain (shortage by province).
Costa Blanca and Costa Cálida: the major volume market
Southern Alicante and the Murcia coastline combine prices that remain below those on other coasts, air connections across northern Europe and a well-established international community. This is the market to which the greatest number of overseas agencies send buyers, and where new-build homes sell most quickly.
Costa del Sol: high transaction values and global buyers
Marbella, Estepona, Mijas and Benalmádena attract British, Nordic and Central European buyers, and increasingly Americans, one of the fastest-growing buyer nationalities in 2025 according to the General Council of Notaries. Average transaction values are higher, as are commissions per sale.
The legal and tax framework for international new-build buyers
Foreign buyers can purchase new-build property in Spain with the same purchase taxes as residents and without restrictions based on nationality. What changes is their subsequent tax treatment if they do not live in Spain.
| Item | What applies | Comment |
|---|---|---|
| VAT (first transfer of a new-build home) | 10% of the price | In the Canary Islands, IGIC applies at a standard rate of 7% (Funds Society) |
| Stamp duty on legal documents (AJD) | A regional percentage applied to the value recorded in the deed | Varies by autonomous community |
| Foreigner Identification Number (NIE) | Required to sign the deed | Obtained before signing, including through a representative |
| Non-Resident Income Tax | Rental income is taxable or, if the property is not let, imputed income is taxed | Different rates apply to residents of the EU/EEA and of third countries |
| Payments on account | Protected by a bank guarantee or insurance | The developer is required to provide this protection for off-plan purchases |
The end of the Golden Visa did not hold back new-build sales
Organic Law 1/2025 abolished the residence visa for property purchases of €500,000 or more from 3 April 2025 (KPMG Abogados). Even so, 12.22% of foreign buyers’ purchases exceeded half a million euros that same year, an all-time high. Affluent buyers continue to come for the property and lifestyle, not the residence permit.
The tax on non-EU non-resident buyers would not affect new-build property
In May 2025, the Socialist Parliamentary Group tabled a bill in Congress proposing an additional tax of up to 100% for buyers not resident in the EU (BOCG). As of April 2026, it had still not been approved (VivendaNova), and several legal experts have warned that it could conflict with the free movement of capital.
The important distinction for agents is this: as currently drafted, the levy would apply to transfers subject to property transfer tax (ITP), not to the first sale of a new-build home by a developer, which is subject to VAT (The Conversation). If approved, new-build property would become the natural purchasing route for non-EU buyers.
This information is general and is not a substitute for tax or legal advice on individual transactions.
Risks in Spain’s new-build property market and how to manage them
The risks in Spain’s new-build property market lie not in demand, but in the execution of each transaction. A well-informed agent can anticipate almost all of them.
| Risk | How to manage it |
|---|---|
| Delays in permits and handovers | Work with developers whose permits are confirmed, and communicate realistic timescales to clients from the first contact |
| Offering properties that have already sold | Use a catalogue with availability synchronised with the developer, rather than outdated PDF price lists |
| Regulatory changes (holiday lets, non-resident taxation) | Monitor regional and municipal regulations and steer investors towards properties where the intended use is permitted |
| Record-high prices and reduced affordability | Broaden the range of locations and budgets to avoid losing buyers whose requirements do not fit a single development |
| Exchange rates for buyers outside the euro area | Offer staged payment schedules, which are common in off-plan purchases |
| Unclear or unpaid commissions | Agree the commission in writing and establish it before presenting the property |
The slowdown in purchases by non-residents in the second half of 2025 also warrants monitoring. The underlying picture, however, remains unchanged: almost one in five homes is sold to a foreign buyer, and new-build supply cannot keep pace.
How agents can access Spanish new-build property: Habihub
The bottleneck for agents is not finding buyers; it is gaining organised access to properties. Negotiating with developers individually, chasing price lists and requesting materials without watermarks consumes hours that could be spent selling. This is the problem solved by Habihub, an international new-build MLS for estate agencies.
| How to access new-build property | Developer by developer | Property portals | Habihub |
|---|---|---|---|
| Volume of properties | Whatever access can be negotiated | Only what is advertised | More than 10,800 homes in Spain from 469 developers (Nov. 2026) |
| Availability | Lists that become outdated | Not guaranteed | Synchronised with the developer |
| Commission | Negotiated case by case | Not applicable | Visible before offering the property |
| Client materials | Watermarked or incomplete | With the portal’s branding | Photographs, floor plans and brochures without watermarks |
| Integration with the agency’s website | Manual | No | XML feed for the website and CRM |
| Buyers from other countries | No | No | Yesthrough the Sales Service |
For agencies based in Spain
The new-build property catalogue for Spain covers the Costa Blanca, Costa Cálida and Costa del Sol, with up-to-date prices and availability. The agency handles sales directly with the developer and keeps the full commission. After 12 months on the platform, it can also receive international buyers for its area through the Sales Service and build its own network of partner agencies in other countries with Network.
For agencies based outside Spain
An agency in Poland, Belgium or the United Kingdom accesses the same catalogue and presents properties to its clients using professional materials. It finds and qualifies the buyer; a local agent in Spain handles the viewing, reservation, legal process and signing. The commission is shared, with up to 45% going to the referring agency from day one.
The network in figures
According to the platform’s public figures in November 2026, Habihub brings together 23,939 new-build homes, 1,387 active developments and 551 developers across Spain, Portugal and Georgia, with 1,172 agents selling. Access to one market costs from €50 per month, with no minimum-term commitment (Pricing).
To view the catalogue of actual properties in its area, any agency can request a 30-minute demo.
Sources
- INE · House Price Index, second quarter of 2026
- INE · Property Rights Transfer Statistics, 2025
- INE · FRONTUR, December and full year 2025
- Bank of Spain, Annual Report 2025 (via Euronews)
- Bank of Spain, October 2026 forecasts (via Artículo 14)
- General Council of Notaries, second half of 2025 (via Forbes España)
- General Council of Notaries, first half of 2025 (via HelpMyCash)
- Association of Registrars, 2025 Yearbook (via Alicante Plaza)
- Ministry of Transport, new-build construction approvals 2025 (via Alimarket)
- Congress of Deputies · Bill 122/000196 (BOCG)
- KPMG Abogados · Abolition of the Golden Visa (Organic Law 1/2025)
- The Conversation · The 100% tax on buyers not resident in the EU
- Habihub · Spain market and Pricing
Explore the Spanish market, check Habihub’s pricing and discover how to sell international new-build property in 2026.
Frequently asked questions
How many homes do foreign buyers purchase in Spain each year?
In 2025, foreign buyers completed 137,784 residential property purchases before a notary: 71,155 in the first half of the year and 66,629 in the second, according to the General Council of Notaries. They account for around 18% of all transactions.
Where do foreign buyers purchase the most property in Spain?
In the province of Alicante, where foreign buyers accounted for 43.29% of transactions in 2025. It is followed by Málaga (32.8%), Santa Cruz de Tenerife (30.04%) and the Balearic Islands (29.86%), according to the Association of Registrars.
What taxes do foreign buyers pay when purchasing new-build property in Spain?
The same as residents: 10% VAT (7% IGIC in the Canary Islands), plus the stamp duty on legal documents applicable in the relevant autonomous community. If they do not live in Spain, they subsequently become liable for Non-Resident Income Tax.
Does Spain still offer the Golden Visa?
No. Organic Law 1/2025 abolished the property investment visa from 3 April 2025. Existing holders retain theirs for its period of validity.
Does the 100% tax on foreign buyers affect new-build property?
As of April 2026, it had not been approved. Moreover, under the bill tabled in 2025, it would not apply to the first sale of a new-build home by a developer, which is subject to VAT.
Can a foreign buyer purchase off-plan without travelling to Spain?
Yes. The reservation and purchase contracts can be signed remotely, and the deed can be signed by a representative with a notarised power of attorney. Payments on account must be protected by a bank guarantee or insurance.
How can an agency access new-build properties from multiple developers at once?
Through a new-build MLS such as Habihub, which brings together more than 10,800 homes in Spain in a single catalogue, with up-to-date availability, visible commissions and materials without watermarks.
Can an overseas agency sell new-build property in Spain without being there?
Yes. With Habihub’s Sales Service, the overseas agency refers the buyer and a local agent handles the viewing, reservation and signing. The referring agency receives up to 45% of the commission.
