marbella rea estate market update
December 30, 2025

US Tourists Move into Second Place

By Alfredo Bloy-Dawson

The United States has emerged as the second-largest international source market for hotel stays in the Costa del Sol. Data from the National Institute of Statistics and the Malaga tourism board confirm that American visitors have overtaken traditional European markets, including Germany, France, and the Netherlands.

In November 2025, the American market recorded 7,718 visitors in the province of Malaga. This volume of tourism trailed only the United Kingdom, which remains the primary source market according to regional tourism reports. The rise in US travellers follows a consistent trend observed throughout the year. In June 2025, American tourists also secured the second-place ranking for hotel occupancy.

Direct air connectivity has been a primary driver of this growth. United Airlines operates a daily seasonal route between Newark and Malaga. For the 2025 summer season, the airline provided 51,000 seats on this route, representing a significant capacity increase. Economic factors have also influenced travel patterns. Market reports from the National Institute of Statistics indicate that American visitors spend an average of 273 euros per day, which exceeds the average daily expenditure for European tourists.

This shift in tourism is reflected in the Spanish real estate sector. Data from the Spanish Land Registrars (Colegio de Registradores) shows that while European buyers lead in total volume, US citizens pay the highest prices per transaction. Malaga is the focus for this investment. In early 2025, the Colegio de Registradores recorded that foreign demand in the province reached a peak share of 34.75% of total property sales.

Official records from the Land Registry’s Statistical Yearbook show that American buyers pay an average of 3,151 euros per square meter. This is the highest price paid by any nationality in Spain and exceeds the national foreign average of 2,171 euros per square meter.

According to Land Registry data for the first half of 2025, US citizens completed 1,564 property transactions across Spain. Of these, 829 were made by non-residents, indicating that a slight majority of American (53%) buyers seek second homes or investment properties rather than permanent relocation.

The American presence extends to the rental market as well. In August 2025, data from Idealista indicated that US citizens ranked first for rental demand in Spain, accounting for 10.1% of total foreign demand.