Buyers gain leverage and Euribor steadies

This week leaves a market that is rebalancing: buyers are regaining negotiating power, July's Euribor is settling after months of swings, and the tax that most concerns international buyers still has not become law. Three notes to read the moment calmly.

Buyers regain negotiating power

After a long cycle led by sellers, signs of rebalancing are emerging. In its 16 July edition, Periodista Digital reported that buyers are gaining weight and encouraging price reductions in specific transactions. In Madrid's prime segment the reading is consistent with the quarter's figures published by El Economista: luxury transaction volumes eased while the average price still rose 3.2%, an adjustment «by quantity, not by cost». For buyers, this means more room to negotiate with judgement; for sellers, that a well-set asking price remains decisive.

July Euribor settles around 2.7%-2.8%

The index that most variable-rate mortgages track is moving through July in the 2.7%-2.8% range, in line with June's close (2.798%) and without surprises. By mid-month the provisional average stood near 2.73%, according to trackers at idealista and Rankia. The definitive figure will be published by the Bank of Spain in the official gazette in early August. It is a backdrop of stability that offers visibility both to those financing a purchase and to those planning an investment. (Provisional figure for the current month; the definitive monthly average may vary slightly.)

The tax on non-EU non-resident buyers remains a proposal

[Context] Worth clarifying for international buyers, as it raises recurring doubts: the announced levy of «up to 100%» on property purchases by non-resident buyers from outside the European Union remains, as of today, a proposal and not a law in force. The draft bill was tabled in 2025, has not been debated in Parliament and was left out of the early-2026 housing package; several legal scholars also question its compatibility with EU law. None of this is tax advice, but it is worth distinguishing a headline from an applicable rule before making decisions.

At Horlux we approach every transaction with the same logic: verified data, a calm reading and discretion. If you are considering buying, selling or investing, let's talk.