Foreign investors now own 50.4% of the Spanish stock market: what it means for investing on the Costa del Sol

More than half of the shares of Spanish listed companies are now held by international investors: 50.4% at the end of 2025, a record high, according to the annual report by the BME Research Department published on 22 September. It is the same trend we see in the housing market, where foreign buyers already sign more than one in three home sales in the province of Malaga.

Who owns the Spanish stock market?

The BME report splits the ownership of listed shares among six large groups of investors. International capital gained 1.7 points in a year and strengthened its lead, while non-financial companies lost weight and Spanish households regained it after hitting their low in 2024.

To measure the underlying shift you have to look back: in 2000 foreign investors held 34.7% of the Spanish stock market, so their weight has grown by 15.7 points in a quarter of a century. Households, by contrast, controlled as much as 35.1% in 1998 and today hold less than half that level, although the 16.7% of 2025 is their best figure in four years.

Why is international capital betting on Spanish companies?

The context helps to explain it. The IBEX 35 closed 2025 with a 49.3% gain, its best year since 1993 and the best result among the major European indices, and ended the year above 17,000 points for the first time in its history. A market that rises like that attracts the large global asset managers, and the value of the positions they already held soars.

The same report shows who is behind it. As of 30 June 2026, 9,226 private institutional investors held positions in IBEX 35 companies with a combined value of €307,634 million, 48.4% more than in March 2025. Europe contributes 51% of that money and North America 45.6%; by country, the United States is the largest investor, with €135,890 million.

The number of large asset managers with more than €500 million invested in the index has risen from 72 to 106 in just over a year, and 15 of them are now present in all 35 companies of the benchmark. BME also highlights a telling figure: foreign investment in listed companies is double that in unlisted ones (50.4% versus 24.6%).

What does the stock market have to do with housing on the Costa del Sol?

They are different markets with different buyers: on the stock market it is mostly large asset managers that invest, and in coastal housing it is families and private individuals. But both figures answer the same underlying question, which is how much confidence Spain inspires as a destination for money from abroad. And in both cases the answer in 2025 and 2026 is the same: international capital is gaining weight while domestic capital advances more slowly.

The notarial data for the second quarter of 2026, which we analysed a few weeks ago on this blog, reflect this clearly: foreigners signed 37.01% of all home sales in the province of Málaga, 3.72 points more than a year earlier, compared with a Spanish average of 15.98%. Only Alicante has a higher foreign share.

Within the province, the weight of international buyers is even greater in western coastal municipalities such as Marbella, Estepona or Benahavís, where the proportion of buyers from abroad is clearly above the provincial average.

How much does it cost to invest in property on the Costa del Sol?

For anyone considering moving part of their investment into bricks and mortar, these are the median asking prices from our September 2026 market report, calculated on the homes for sale in our portfolio in each municipality:

The range is wide because so is the product: Benahavís has the highest median price because of its villas with plots, while the most expensive square metre is in Marbella. Compared with the stock market, housing offers rental income and a tangible asset, but it is also less liquid and involves purchase costs that are worth calculating beforehand.

What should a foreign investor watch before buying?

The fact that international money is arriving in force does not remove the risks. Before buying, it is worth reviewing at least four fronts:

• Interest rates: the Euribor is moving above 3.1%, making financing more expensive for those who buy with a mortgage.
• The exchange rate: for a British, American or Swiss buyer, the performance of their currency against the euro can matter as much as the price.
• Regulation: the future anti-money laundering law, still going through the approval process, provides for more checks on the source of funds in high-value transactions.
• The area and the product: the provincial average hides very different markets, and a city-centre apartment and a villa in the hills do not behave the same way.

In short: what does the record foreign capital tell us?

The fact that 50.4% of the stock market is in international hands says a lot about how Spain is seen from abroad today. It is a sign of confidence that fits with what is happening in the coastal housing market, where the weight of international buyers keeps growing. If you are considering investing in the area, we can help you compare municipalities, yields and costs with real data before you take the step.

This article is for information only and does not constitute investment advice.

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