By Corina Pons
MADRID, April 9 (Reuters) – Home purchases in Spain by U.S. citizens rose 3% last year, even as total foreign purchases dipped, with real estate agents citing concerns over President Donald Trump’s policies as one of the reasons behind growing American demand.
In a market long-dominated by Britons and northern Europeans seeking refuge from harsher climates on Spain’s sunny beaches and plains, buyers from the United States have made a tangible entry in the past decade.
Foreign buyers made about 19% of all Spanish home purchases in 2025, with Americans accounting for 2% of the total, according to data on Thursday from Spain’s General Council of Notaries. U.S. buyers were particularly active in the high-end segment.
While Britons remained the largest group of foreign buyers at around 8% of the total, their purchases declined 16% over the past six years, contrasting with a tripling of deals by U.S. buyers during the same period.
The increase in U.S. purchases in Spain comes at a time of growing discord between Washington and Madrid.
Leftist Spanish Prime Minister Pedro Sanchez has become one of the most vocal Western critics of the Trump administration’s foreign policies, calling the war on Iran illegal and reckless and closing Spanish airspace to U.S. planes involved in the strikes. Trump has vowed to retaliate against Spain using trade tariffs.
Real estate experts cited anecdotal evidence of buyers seeking a permanent escape or backup plan in the wake of Trump’s policies, including his clampdown on immigration, with Spain drawing particular interest from Spanish-speaking U.S. citizens of Latin American origin.
“The growth of the U.S. market is particularly significant because of its size,” said Fernando Rodriguez de Acuna, general director of Madrid-based real estate analysis firm Acuna.
“Many Americans have recently chosen to relocate to cities such as Madrid or Valencia for political reasons, and because they see them as safer places where they can walk their children to school,” he said.
American buyers stood out in the premium market, paying an average of 3,501 euros per square meter ($380 per square foot) – 29% more than the average paid by foreign purchasers and nearly double the amount spent by Spanish residents. Alongside Swedes and Germans, Americans ranked among the top three groups of foreign buyers paying the highest prices.
According to real estate developer GILMAR, U.S. buyers became its leading foreign client group in the popular sun-and-beach region of Costa del Sol in southern Spain last year, overtaking Britons.
Paloma Perez, CEO of luxury real estate firm Dils Lucas Fox, said Americans became the firm’s second-largest group of foreign clients, behind Britons, overtaking Germans. She said U.S. buyers bought mainly in the premium segment, acquiring homes priced above 3 million euros.
A strong dollar has been another factor driving U.S. purchases, and analysts said the underlying demand should be strong enough to maintain the rising trend even when the U.S. currency weakens against the euro.
“U.S. clients come to Spain for the quality of life it offers, its safe environment and the opportunity to diversify their investments outside the United States, particularly among those who disagree with the current domestic political climate,” said Rebeca Caballero, head of GILMAR’s international department in Madrid.
(Reporting by Corina Pons; Editing by Toby Chopra)
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