Where foreigners buy property in 2026, and why

Foreign buyers have not disappeared from the world's big property markets in 2026. They have become more selective. Official and industry data published this year show a clear pattern: falling demand where homes are expensive and rules are tight, steady or record demand where the rules are open and the lifestyle sells itself.

Below are the four markets with the freshest numbers, plus the rule changes that matter more than any price chart. All figures are taken from the sources listed at the end and are dated.

United States: fewer foreign buyers, still big money

The National Association of Realtors published its annual report on 29 July 2026. Between April 2025 and March 2026, foreign buyers bought about 67,100 existing homes worth $45.3 billion. That is 14% fewer homes and 19.1% less money than a year earlier, and the second-lowest count since NAR started tracking in 2009.

Who buys:

Florida (20%), California (19%) and Texas (12%) took half of all foreign purchases. The median price paid was $465,000, and 48% of foreign buyers paid all cash, against 28% of all existing-home buyers.

What it means. The typical foreign purchase is now close to half a million dollars, which limits the market to wealthier households, many of whom pay cash. Buyers from China spend the most per home, which is why they lead in dollars while ranking third by count.

Spain: a record number, a smaller share

Spain's property registrars counted almost 97,300 home purchases by foreigners in 2025, the highest number they have ever recorded and about 5% more than in 2024. Total sales grew faster, so the foreign share fell to 13.8%, from 14.6% in 2024 and 15% in 2023.

In the fourth quarter of 2025 the most active nationalities were British (8.57% of foreign purchases), German (6.67%) and Dutch (5.91%). Foreign demand is concentrated on the coasts and islands: in Alicante, 45.7% of all purchases in that quarter were by foreigners, and in the Balearic Islands 32.8%.

What changed. Spain ended its golden visa from 3 April 2025 under Organic Law 1/2025, so buying a home no longer leads to residence by itself. A proposed tax of up to 100% on non-EU buyers who are not resident has been discussed since January 2025, but recent reports say it has stalled in Congress. Buyers from the EU and residents are unaffected either way.

Dubai: the second-best half-year on record

Dubai Land Department data, compiled by W Capital, show property sales of AED 286.4 billion (about $78 billion) in the first half of 2026, across more than 86,000 transactions. That is about 12% below the record first half of 2025 (AED 326.6 billion) and still the second-highest first half ever.

Dubai's appeal to foreign buyers is mostly structural: freehold zones open to foreigners, no annual property tax, no income tax for individuals and a residence visa route linked to property ownership. The flip side is volatility: a large share of sales is off-plan, and prices depend heavily on new supply and on capital flows into the Gulf.

We will look at Dubai and Spain in more detail in later articles.

Poland: neighbours buying flats

Poland publishes its figures through the Ministry of the Interior (MSWiA). In 2025 it registered 17,720 purchases of flats by foreigners, almost all of them without a permit. Citizens of Ukraine bought almost 9,300 flats without a permit, about 6% more than a year earlier, and citizens of Belarus more than 2,700.

Unlike Spain's coastal market, this is mostly everyday housing: Ukrainians and Belarusians are the largest groups of foreigners living in Poland, and they buy where they live and work. The rules help: a separate apartment does not require a permit even for non-EU citizens, while land and houses with land usually do. Our guide on buying property in Poland as a foreigner explains the exceptions.

Where foreigners cannot easily buy

Two large markets have closed the door on part of foreign demand:

• Canada bans most non-Canadians from buying residential property until 1 January 2027, after extending the original ban.
• Australia has banned foreign persons, including temporary residents, from buying established homes since 1 April 2025. The ban was due to end on 31 March 2027; under the government’s current guidance it runs to 30 June 2029. Buying new homes is still possible with approval.

When governments worry about affordability, foreign buyers are an easy target. For a buyer, this is a reminder to check the rules for your citizenship and residence status before you check prices.

What the numbers tell a buyer

Three patterns run through all four markets:

1. Residents behave differently from non-residents. In Poland the largest groups of foreign buyers are citizens of Ukraine and Belarus, the two largest groups of foreign residents, and in Spain residents make just over half of foreign purchases. Investors buying from abroad are more sensitive to tax and visa changes.
2. Rules move faster than prices. Golden visas, foreign-buyer bans and special taxes can change a market's appeal within a year. Read the current law, not last year's guide.
3. Cash is common at the top end. Almost half of foreign buyers in the US paid without a mortgage. If you need a loan abroad, check early whether local banks lend to non-residents and on what terms.

How to compare markets for yourself

Before choosing a country, put these questions next to the price per square metre:

• Do you need a permit or approval as a foreigner, and for which type of property?
• What do you pay on top of the price: transfer tax or VAT, notary, registry, agent?
• Can you get a mortgage locally as a non-resident?
• Where does your money sit until the keys are handed over? In Poland, payments for a new build go to an escrow account.
• How will you check the developer?

For Poland, Havkey shows each check of a project with its date, so you can see what was verified and when. Start with the catalogue or the guide to the full cost of buying a new build.