Staff Reporter
Foreign buyers have always been important to the Spanish real estate market. The British, German and French have been a major part of the picture for decades. However, there has been a noticeable surge in Polish buyers in recent years. Poles are investing mainly on the Mediterranean coast looking for sunshine, good investments and, possibly, a safe haven in case of an emergency.
Just in the second quarter of 2023, foreign real estate buyers accounted for 14.94% of the total housing transactions, i.e. more than 22,700. 890 of those transactions (equalling to 3.92% of all sales) were made by Poles. In the whole year of 2023 Polish people purchased 3,118 of Spanish properties, breaking last year’s record by 142.
According to BizBlog.pl, a prominent business website in Poland, which is a part of Spider’s Web, the weight of transactions made by Poles has also increased in the last few years. In 2019, they were responsible for a mere 1.9% of all real estate sales. In 2023 the figure went up to 3.6%. With that, Polish buyers surpassed the Americans (1.6%) and Russians (2%). The interest is evident, and from what can be observed, it’s still escalating. What is the motivation? Why are Poles interested in Spanish properties all of a sudden?
Spanish properties: a solid investment for Polish buyers
The increasing interest in Spanish properties is actually caused by a combination of factors. Soaring inflation is one of them. Many people consider real estate to be one of the best investments. And, while buying abroad is certainly not the first thought for most, it can be a great decision. Many Poles, who decided to invest in real estate before the inflation can eat up their capital, landed in Spain – and not only because of the premise of “fun in the sun”.
Yes, the endless beaches and year-round sunshine are enticing, but for Poles buying in Spain is also a valid business decision. The price per square meter in a brand-new development on the coast can be as low as 1500 euros, which can be confirmed by looking at one of the most popular Polish websites for real estate in and out of the country: https://rynekpierwotny.pl/pod-inwestycje/za-granica/hiszpania/. Meanwhile, in Warsaw, it is hard to find a new property priced below 10 000 zlotys (approx. 2300 euros) per square meter. Prices on the Polish coast are just as high, if not higher. Spain is offering one of the lowest costs of living among all European countries as well, which is definitely adding to the charm.
Poles buying properties in Spain: fear of war a contributing factor
But there’s another reason for this sudden spike in interest in Spanish real estate. A property in a foreign county, practically on the other side of Europe, can be a safe place to flee to, in case anything bad happens in Poland. After Russia invaded Ukraine, many people started looking for a backup plan. Many Polish buyers went on a hunt for safer areas to move their wealth and for a place to relocate to “just in case”. A lot of them chose Spain because of its beauty, warm climate, stability and relatively cheap prices. Moreover, the process of buying property in Spain is considered fairly easy, which can be looked at as another advantage.
In search of a better lifestyle
The quality of life may also be a factor. While Poland is one of the safest countries in the EU, many long for the more adventurous and carefree Mediterranean lifestyle. There is also the weather. Polish winters are usually quite gloomy, but Spain remains sunny and pleasant year-round. In fact, 6 of the top 10 sunniest cities in Europe are in Spain! Polish buyers are choosing places that are close to the sea, especially in Costa Blanca. Torrevieja became one of the most popular destinations for investors, along with other coastal towns in the Alicante province. This is not a coincidence, as Alicante has both the most sunny days per month, and the most hours of sunshine per year. Poles are predominantly seeking for spacious apartments in new developments. Luxury buyers are more likely to invest in Marbella, Malaga, and Calpe. Those areas are known for more high-end properties. In this case, there is more of a focus on houses.
Poles are usually buying in cash. Some are looking purely for investment, immediately renting out their Spanish properties, but some choose to move to the country, at least part-time. With that, the most popular areas are quickly adapting. It is becoming easier to find Polish shops and schools, as well as real estate brokers catering specifically to customers from Poland. Torravieja is slowly morphing into “little Poland”, which is helping new residents to feel at home on the Spanish coast and driving even more buyers to the area.
