The new Iberian Invasion: this surprising nationality is buying up Spain.
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You might think Spain’s housing market would be cooling off by now, but foreigners are still snapping up homes faster (and pricier) than ever. And among them, the Portuguese are leading the charge.
According to Spain’s General Council of Notaries, people from Portugal, the US, Ukraine, Italy, Morocco, Colombia and the Netherlands have been buying homes at record levels in 2025.
Between January and June alone, these seven nationalities accounted for over 20,000 purchases. Cold statistics: this is nearly a third of all foreign transactions in Spain.
Portuguese are buying homes in Spain more than ever
The biggest surprise? Yes, Portugal. Its citizens bought 1,141 properties in just six months, a record high and a 22.8 per cent jump compared to last year. This is the strongest growth of any nationality.
The Netherlands came next with an 18.6 per cent rise, followed by the US (14.3 per cent) and Colombia (6.6 per cent).
Moroccans still dominate in numbers, closing 5,654 deals, but it’s the spending that really grabs attention. Americans are paying the most, around €3,465 per square metre, followed closely by the Swiss and Swedes. Germans, Norwegians and Dutch buyers aren’t far behind either.
How much are the Portuguese spending?
Meanwhile, the Portuguese, ever pragmatic, spent an average of €2,195 per square metre. That’s below the foreign-buyer average (€2,417), but still a hefty amount considering how quickly prices are climbing.
Interestingly, most international buyers already live in Spain , around 61 per cent overall. This is suggesting these aren’t just second homes or holiday getaways but long-term moves. Among the record-breaking seven nationalities, that number jumps to 73 per cent. The exceptions? The Dutch and the Americans, more of them are buying from abroad.
So, all in all, while British buyers still top the charts overall, it’s the Portuguese and their neighbours who are reshaping Spain’s property landscape.
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