Fiscaro Market Report 2026
Non-Residents & Property Taxation in Spain
Systematically compiled for the first time: official market data on foreign property buyers, non-resident tax, and Modelo 210 compliance.
~52,600
New NR buyers in 2025
+76 %
Price premium NR vs. domestic
~0.95 M
Estimated owner stock
17.7 yrs
Avg. holding period (record)
01 — Executive Summary
Spain is one of Europe's largest cross-border real estate markets. At the same time, tax compliance for non-resident property owners is one of the most frequently underestimated obligations. Non-resident owners are required to file the Modelo 210 (Impuesto sobre la Renta de No Residentes, IRNR) annually — even if the property is used exclusively for personal use.
This report is the first to systematically compile these publicly available official data to describe the size and dynamics of this market.
Key figures 2025
| Metric | Value | Source |
|---|---|---|
| New non-resident buyers 2025 | ~52,600 | Notariado CIEN (38.2 % of 137,784) |
| Price premium non-residents | +76 % | 3,242 €/m² vs. 1,839 €/m² (H2 2025) |
| Balearic Islands: NR share | 23 % | Banco de España, Informe Anual 2025 |
| Total foreign purchases 2024 | ~93,000 | Registradores, Anuario 2024 (record) |
| Share of purchases over €500,000 | 10.8 % | Registradores 2024 (record) |
| Avg. holding period 2024 | 17.7 years | Registradores 2024 (record) |
| Estimated owner stock | ~0.95 M | Proxy: annual purchases × holding period |
Key finding: With an average holding period of 17.7 years and an estimated stock of nearly one million potential units, the data point to a large, permanently existing compliance market.
02 — The Market: Foreign Buyers in Spain
2.1 Market Development 2025
The Spanish real estate market continued its upward trend in 2025. The full year 2025 recorded 137,784 transactions by foreign buyers according to the Consejo General del Notariado — 71,155 in the first half and 66,629 in the second half.
| Period | Purchases (foreign) | Market share | NR share | NR price (€/m²) |
|---|---|---|---|---|
| H1 2025 | 71,155 (+2.0 %) | 19.3 % | 39.1 % = ~27,826 | 3,126 |
| H2 2025 | 66,629 (−4.4 %) | 18.4 % | 37.2 % = ~24,786 | 3,242 |
| Full year 2025 | 137,784 | ~18.9 % | ~38.2 % = ~52,612 | avg. 3,184 |
| Ref.: domestic H2 | — | — | — | 1,839 |
Source: Consejo General del Notariado (CIEN), Informe H1 2025 (16.10.2025) & H2 2025 (09.04.2026)
2.2 Historical Comparison: Stock Formation
Registradores de España recorded a new all-time high of approximately 93,000 purchases by foreigners in 2024 — an increase of 6.4 % compared to 2023. The share of transactions above €500,000 also reached a historic high of 10.8 %. The average holding period in 2024 was exactly 17.7 years — the highest value since the beginning of the time series.
| Year | Foreign purchases | Share of total | Share >€500k | Avg. holding period |
|---|---|---|---|---|
| 2024 | ~93,000 (record) | 14.6 % | 10.8 % (record) | 17.7 yrs (record) |
| 2023 | ~87,400 | ~15.0 % (record %) | 9.7 % | 17.3 yrs |
| Q1 2025 | — | ~14.5 % | — | — |
Source: Registradores de España, Estadística Registral Inmobiliaria Anuario 2024 (23.04.2025) & Q1 2025 (08.05.2025)
“~93,000 property purchases by foreigners in 2024 — a new all-time high.”
03 — Non-Residents: Figures, Prices, Regions
3.1 Who Are the Non-Resident Buyers?
Non-resident buyers consistently represent the highest-purchasing-power segment among foreign buyers. In H1 2025 they accounted for 39.1 %, and in H2 2025 for 37.2 %, of all foreign purchases.
| Nationality | H1 2025 | % | H2 2025 | % |
|---|---|---|---|---|
| United Kingdom | 5,731 | 8.1 % | 5,178 | 7.8 % |
| Germany | ~4,745 (est.) | 6.7 % | 4,351 | 6.5 % |
| Morocco | ~5,589 (est.) | 7.9 % | 5,154 | 7.7 % |
| Italy | ~4,600 (est.) | ~6.5 % | 4,397 | 6.6 % |
| Romania | — | — | 4,339 | 6.5 % |
| UK + DE combined | ~10,476 | ~14.8 % | ~9,529 | ~14.3 % |
Source: CIEN Notariado H1 2025 & H2 2025. (est.) = estimate based on published share.
3.2 Prices: Non-Residents as Premium Buyers
| Buyer group | H1 2025 (€/m²) | H2 2025 (€/m²) | Premium |
|---|---|---|---|
| Non-residents (foreigners) | 3,126 | 3,242 | +73 % / +76 % |
| Residents (foreigners) | 1,912 | 1,963 | +6 % / +7 % |
| Spanish domestic buyers | 1,809 | 1,839 | Reference |
Source: CIEN Notariado H1 2025 (16.10.2025) & H2 2025 (09.04.2026)
3.3 Regional Concentration
Foreign purchases are heavily concentrated in tourist regions. Registradores, Q1 2025:
| Region | Foreign share | Trend |
|---|---|---|
| Illes Balears | 30 % | structurally high |
| Comunitat Valenciana | 28.3 % | stable |
| Canarias | 24.6 % | stable |
| Región de Murcia | 20.4 % | rising |
| Catalunya | 15.6 % | stable |
| Andalucía | 14.2 % | slightly declining |
| National reference | ~14.5 % | — |
Source: Registradores de España, Estadística Registral Inmobiliaria Q1 2025
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The Balearic Islands occupy a unique position among all Spanish regions: nowhere else in Spain is the share of non-resident owners in the total stock as high.
Balearic Islands key data 2025
| Metric | Value | Source |
|---|---|---|
| Foreign share of purchases | 38.88 % | Portal Estadístico Notariado |
| NR share of all purchases | ~23 % | Banco de España 2025 |
| National NR average | 7.4 % | Banco de España 2025 |
| Leading nationality | Germany | Portal Estadístico Notariado |
| Price natural persons (2024) | 2,484 €/m² | Registradores 2024 |
| Price legal persons (highest in ES) | 3,137 €/m² | Registradores 2024 |
| Real price growth 2014–2025 | +4.7 % p.a. | Banco de España 2025 |
| NR share increase since 2007 | +13.3 pp | Banco de España 2025 |
| Housing stock: NR + tourism | 10.6 % | Banco de España 2025 |
| National average (comparison) | 3.2 % | Banco de España 2025 |
Tax Relevance
The non-resident buyer rate of 23 % combined with the historically accumulated stock results in a particularly dense Modelo 210 obligation density for the Balearic Islands. Germany is the largest individual buyer nationality in the Balearic Islands in 2025.
For the vast majority of non-resident private buyers, a long-term, annual filing obligation under the IRNR arises. In the experience of many market participants, very few buyers are aware of this obligation before the notary appointment.
“Germany is the largest individual buyer nationality in the Balearic Islands in 2025.”
05 — Tax Obligations: The Modelo 210
Non-resident owners of a Spanish property are generally subject to the Impuesto sobre la Renta de No Residentes (IRNR) and are required to file the Modelo 210 with the AEAT — regardless of whether the property is rented out or used exclusively for personal use.
5.1 Taxable Use Types & Deadlines
| Use type | Tax base | Tax rate | Deadline |
|---|---|---|---|
| Own use / vacant | 1.1 % or 2.0 % of Valor Catastral | 19 % (EU/EEA) · 24 % (third countries) | 1 April – 31 December |
| Rental income | Net rental income (EU) / gross (third countries) | 19 % / 24 % | 1–20 April of following year |
| Mixed use | Pro rata by days of use | As above, per share | Two separate Modelo 210 filings |
| Property sale | Sale price minus acquisition costs | 19 % / 24 % | 3 months after notary appointment |
Source: AEAT, Instrucciones Modelo 210; Art. 85 LIRPF; Orden HAC/623/2026
5.2 UK Owners Post-Brexit
Since 1 January 2021, British citizens are treated as third-country nationals for tax purposes. The applicable tax rate is 24 % instead of 19 %. For rental income, UK owners generally cannot deduct operating expenses (gross basis). This change is frequently overlooked in practice.
5.3 Late-Filing Surcharges (Recargos)
1–3 months
2–4 %
1% base + 1% per month
4–12 months
5–13 %
Increasing, 1% per additional month
Over 12 months
15 %
+ Default interest
Discovered by AEAT
Sanción
No Art. 27 protection
The surcharge increases by 1% per full month — at 6 months late: 7%.
Source: Art. 27 Ley General Tributaria (LGT) — Recargos extemporáneos ≠ Sanciones. Applies to voluntary late filing before AEAT enforcement.
06 — Market Potential & Compliance Gap
6.1 The Dormant Market
The Modelo 210 obligation affects not only new buyers, but the entire stock of non-resident property owners in Spain:
| Variable | Value | Basis |
|---|---|---|
| Annual NR purchases (2025) | ~52,612 | Notariado 2025 (verified) |
| Avg. holding period | 17.7 years | Registradores 2024 (verified) |
| Stock proxy (52,612 × 17.7) | ~931,232 units | Own calculation |
| Range (conservative/optimistic) | ~790k – ~1.16 M | Scenario assumptions |
| Obligation factor (owners per unit) | ~1.3 (est.) | Co-ownership estimate |
| Potential annual filings | ~1.2 – 1.5 M | Proxy |
6.2 Sample Calculation
Assumptions: EU resident, own use, Valor Catastral €200,000, revised after 2012 (factor 1.1 %).
Annual tax (example)
€418
200,000 × 1.1 % × 19 %
Fiscaro service fee
€34.95
Per filing
Cost over avg. holding period
~€618
34.95 € × 17.7 years
With 2 owners
~€1,238
2 × 34.95 € × 17.7 yrs
6.3 Outlook: Structural Market Growth
According to CaixaBank Research, Spain has consolidated its position as one of the most attractive destinations for luxury real estate investment in Europe. Cumulative price growth among non-resident buyer groups since 2019 has been +38 %. In the Balearic Islands, real property prices grew by 4.7 % p.a. between 2014 and 2025. Rising property prices mean rising Valor Catastral values and therefore structurally growing compliance obligations.
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07 — Methodology & Sources
Methodological Limitations
- Notariado data and Registradores data use different administrative series — sources are never mixed.
- The stock proxy (~0.95 M) is an approximation, not an officially recorded figure.
- Catastro data covers only the common-law territory (excluding Navarra and País Vasco).
- Nationality data reflect buyer flow, not the owner stock.
- Official AEAT statistics on Modelo 210 filing volumes are not publicly available (as of July 2026).
- Balearic Islands figures refer to the entire archipelago, not specifically to Mallorca.
Primary Sources
| Institution | Document | Domain |
|---|---|---|
| Consejo General del Notariado | Compraventa de viviendas por extranjeros, H1 & H2 2025 | notariado.org |
| Registradores de España | Estadística Registral Inmobiliaria Anuario 2024 & Q1 2025 | registradores.org |
| Banco de España | Informe Anual 2025; Síntesis de Indicadores | bde.es |
| CaixaBank Research | Informe Sectorial Inmobiliario 2S 2025 | caixabankresearch.com |
| AEAT | Instrucciones Modelo 210; Tipos de gravamen IRNR | sede.agenciatributaria.gob.es |
| INE | Padrón Municipal 2025; Censos 2021 | ine.es |
| Ministerio de Vivienda | Observatorio de Vivienda y Suelo 2024 | lamoncloa.gob.es |
Imprint & Disclaimer
Publisher: Hanns-Christopher Deppe / Blue Pepper S.L., Port d'Andratx, Mallorca, Spain. Distribution: modelo210online.com (Fiscaro). As of: July 2026. All information provided without warranty. This report does not constitute tax advice. Reproduction permitted with attribution.
© 2026 Blue Pepper S.L. | modelo210online.com
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