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The Journal · October 2026
Foreign buyers in Marbella and Benahavís 2026: the British lose ground, the Dutch close in
Foreign demand is at a record, but the mix of nationalities has changed a great deal in ten years. Who is buying on the Costa del Sol in 2026, and why that diversity makes the market more stable.
FOREIGN BUYERS IN THREE FIGURES
IN THIS ARTICLE
THE JOURNAL AS A PDF
October 2026 edition, in full
The original charts, the issue's second article and the properties of the month, in three pages.
Open the PDFEvery few months someone asks me if foreign buyers are drying up. The Land Registry says no. They are as active as ever, but the passports have changed a great deal. This is my reading of the charts.
United Kingdom: still first, but losing ground
The British bought around 10,770 homes in Spain in 2015 and 7,760 in 2025. Brexit, the 90-day rule and a weaker pound explain most of it.
Netherlands: the leader in waiting
Dutch purchases went from 1,070 to 6,140 in the same period. In the second quarter of 2026 they finished just 13 transactions behind the British.
Sweden: what a currency can do
When the krona hit record lows in 2023, Swedish purchases fell sharply and have not recovered. On our coast they still matter: 12.1% of foreign buyers in Benahavís and 9.3% in Marbella, twice their weight in Andalusia.
Poland: from newcomer to regular
Polish purchases nearly quadrupled between 2019 and 2024 and held steady in 2025, with a clear taste for new builds.
Germany and Belgium: two different paths
The Germans hold a steady third place. The Belgians, another new-build nationality, fell 16% in the first half of 2026, yet remain 7.9% of foreign buyers in Benahavís.
Foreign demand: at a record
In the second quarter of 2026, foreigners made 16% of all home purchases in Spain and 37 out of every 100 in Málaga. The buyer who has slowed down is the Spanish one, facing a Euribor a full point higher than a year ago. What that slowdown means for prices is the subject of the other article in this Journal.
For me, after 25 years, honesty starts with admitting that selling a home well is hard, and that is why it is worth doing it with someone who does it every day.
Alfonso Lacruz, The Real Estate Journal, October 2026.
In summary, a market that does not depend on one nationality
In summary, I read this mix as good news. In Marbella and Benahavís no single country exceeds 12% of foreign buyers, and around half come from outside the top five. A market that does not depend on one nationality is a more stable market: when one group slows down, another takes its place. That is exactly what the last ten years show.
Methodology. Spain-wide figures are approximate numbers of purchases by nationality. Shares in Marbella and Benahavís are the percentage of each nationality among foreign buyers in a single period, so they show a snapshot rather than a trend. Benahavís figures are indicative given the low number of sales.
Frequently asked questions
Which nationality buys the most homes in Spain?
The British, with about 7,760 purchases in 2025. The Dutch are close behind with 6,140, and in the second quarter of 2026 they were just 13 transactions short of the British.
How important are Swedish buyers in Marbella and Benahavís?
Very. Swedes make up 12.1% of foreign buyers in Benahavís and 9.3% in Marbella, about twice their weight in Andalusia as a whole, even though their purchases fell sharply after the krona hit record lows in 2023.
Are foreign buyers still active on the Costa del Sol?
Yes. In the second quarter of 2026 foreigners made 16% of all home purchases in Spain and 37 out of every 100 in the province of Málaga, the highest share in the series.
About the author
Alfonso Lacruz
Naval engineer and market analyst. Over 25 years advising owners in Marbella and Benahavís. Publishes a monthly market analysis with Land Registry data.
The figures are indicative and every property is different: for a specific number, ask for a valuation of your home.
Sources: Land Registry (Registradores de España); Notaries (Notariado) for Marbella and Benahavís. Last updated: 29 October 2026.
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