New data shows that foreigners are buying almost half of all homes in Mallorca, Menorca, Ibiza and Formentera, amid calls by Spanish authorities and disgruntled locals for limits to be placed on overseas property buyers.
The Balearic Islands was the Spanish region that saw the highest percentage of homes bought by foreigners in 2024, according to data from Spain’s General Council of Notaries.
Last year, a total of 42.3 percent of homes across the islands of Mallorca, Menorca, Ibiza and Formentera were purchased by foreign citizens, a figure not seen anywhere else in the country.
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To put this into perspective, the national average of homes bought by foreigners in Spain is 11.5 percent. Out of these, the majority of purchases were made by non-residents – a total of 26.9 percent, while resident foreigners accounted for 15.4 percent.
The only provinces where non-resident foreigners bought up more properties last year were Alicante with 35.9 percent and Málaga with 30.2 percent.
The General Council of Notaries points out that the demand for housing among foreigners in the Balearics correlates with the dramatic increase in housing prices there.
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The Balearic Islands are the most expensive region to buy property in Spain at €3,811 per square metre, €1,658 above the national average of €2,153, according to data from August 2025.
There were even several municipalities where the average price even exceeded this number. These were Andratx at €7,601 per square metre, Fornalutx at €6,609, Calvià at €6,374, Valldemossa at €5,975, Pollença at €4,877, and Santanyí at €4,628. All these areas can be found on the island of Mallorca – the most expensive for property out of the four.
To put it simply, local Spaniards are being driven out of the market due to the crippling prices and the only ones able to afford those types of prices are foreigners, purchasing with their salaries from abroad.
According to the General Council of Notaries, locals in the Balearics find it the toughest to get on the property ladder with an effort rate of 8.1 compared to a national average of 5.1.
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The region that came in second place when it comes to overall popularity with foreign buyers (both resident and non-resident) was Valencia with 38.9 percentage of properties bought up by them, followed by 38.3 percent in the Canary Islands.
Murcia came in third place with 31 percent of homes purchased by foreigners in 2024 and then Catalonia with 21.9 percent.
In all other regions home purchases by foreigners in 2024 did not exceed 20 percent. For example, in capital of Madrid foreigners only bought 13.6 percent of properties for sale last year.
The latest data from the General Council of Notaries comes amid rising tensions for foreign property purchases to be regulated so that locals are able to afford homes in their towns and cities.
Earlier this year, Spanish Prime Minister Pedro Sánchez proposed that property buyers who reside outside of the EU be taxed at 100 percent, effectively doubling the price of a Spanish property for them.
FACT CHECK: Yes, Spain’s 100 percent tax doubles property price
This proposal was officially lodged at the Spanish Congress in May but there has been no official update since then.
Spanish notaries have previously stressed that the buyers (people residing out of the EU) Sánchez would be targeting with his suggested ‘supertax’ only represent a small percentage of total purchases across Spain.
On the other hand, Spanish residents with non-EU nationality and EU buyers (whether resident or non-resident in Spain) make up a bigger proportion of the total.
INTERVIEW: ‘Spain’s 100% tax on foreign buyers will end up in EU courts’
