2025 was an all-time record for overseas buyers in Spain. But transaction numbers in Q1 2026 were down compared with the same period in 2025.   So what's going on? Why are numbers softening? Why are prices are still rising?

In this 7m:40s insight I examine what the data. The comparison with earlier downturns sounds compelling - it's a bubble, market overheating, etc., but the underlying market structure is very different. And while transaction numbers have recently fallen, my experience on the ground suggests the issue is not a collapse in demand. Enquiry levels remain strong.

The challenge is affordability.

Many buyers are discovering that budgets which would have secured the right property five years ago simply no longer do so today.

In this latest Spain Property Insight I look at:

• Why today's market differs from slowdowns due to over-supply and falling demand
• What the latest transaction figures really mean
• Why affordability may now be the key constraint