Premier League outfits Everton and Arsenal were among the clubs chasing the Dutch international's signature, along with Hamburg, Genoa and Fiorentina.
Afellay's contract is due to expire at the end of the season, but PSV decided to retain his services rather than cash in on one of their most lucrative players.
The 24-year-old has been with the club since his youth, and although he conceded that the Spanish Premier League was his preferred destination, he did not feel that any club had been right for him to move just yet and that he wasn't setting high standards.
"There were several clubs that tried to sign me this summer. Hamburg and Everton wanted me, but there has to be a good feeling with a club. That was not the case, so I decided to stay at PSV," Afellay told NUsport.
"I don't have extremely high standards though. I've never said that I only wanted to join clubs such as Barcelona or Real Madrid. I've been told on more than one occasion that I'm aiming too high, but I don't care about that.
"I'd prefer to move to Spain. The Primera Division is a great league and Valencia, Sevilla and Atletico Madrid are all good teams. My colleagues in the Netherlands national side have told me about Spain and I'd be happy to play there.
"However, it's not like I'm disappointed that I still play at PSV. I'm very happy at the club and I never really expected to leave. I was not stressing about moving abroad this summer."