German buyers slow their pace in Spanish property market

German purchasers acquired 1,510 properties in Spain during the first quarter of 2026, representing a 7.2 per cent decline compared with Q1 2025. By contrast, the overall foreign investor inflow fell by only 3.2 per cent, suggesting that German buyers are losing ground more rapidly than other nationalities.

However, there is no cause for alarm. Using 2016 as a baseline (100 points), German demand currently stands at 169 points—nearly 70 per cent above pre-pandemic levels. Over the past 12 months, German investors purchased 6,241 properties, a figure that has declined for three consecutive quarters.

The share of German buyers in the overall foreign investor pool has fallen to 6.1 per cent, down from a peak of 9.5 per cent and above a floor of 6.4 per cent. Germans remain active on the islands and Mediterranean coast, but have become noticeably more selective. The market is cooling, yet remains stable.

Source: Spanish Property Insight