800 flats and houses in Spain were purchased by our compatriots in the first quarter of 2024, ranking them ninth, according to the latest data from Registradores de España. This result is in line with the growing interest of Poles in property on the Iberian Peninsula. It translated into a record 2023, during which Polish investors acquired as many as 3,118 flats and houses there.
Poles in the lead again
Between January and March 2024, Poles purchased 800 properties in Spain. This is as many as 142 more than in the previous quarter and more than three times as many as in the pre-pandemic first quarter of 2019. As indicated by the Registradores de España data, our compatriots are once again in the lead – in 9th position among foreign investors in the Iberian Peninsula – with a market share of already 3.72%. The first three places went respectively to: British (9.13%), German (6.77%) and Moroccan (6.06%).
– Polish clients are buying more and more houses in Spain, already accounting for nearly 40% of transactions. We see a clear trend towards properties in the luxury sector, which we specialise in. Poles want to diversify their wealth geographically, driven by a variety of motivations. The experience of the pandemic, the emergence of the hybrid working model and the aggression against Ukraine in 2022 are prompting many of our compatriots to consider a flat or house on the Costa del Sol not only as a holiday location, but increasingly also as a new, permanent place to live, ” says Agnieszka Kostrzewa, founder of Agnes Inversiones – the largest, oldest and most recognisable Polish real estate agency on the Costa del Sol.
Primarily the primary market
Spain is dominated by the primary market, which, according to Agnes Inversiones data, accounted for 75% of property purchases in Q1 2024. The secondary market accounted for 25%, but its specifics on the Iberian Peninsula are definitely different than in Poland. Indeed, statistics show that in Spain, a property changes hands on average every five years. This is particularly noticeable at the beginning of the year, when there are more offers on the market. The second such moment are the months following the holidays.
In Q1 2024. 65% of sales were flats (between 100m2 and 250m2) and 35% were detached houses (between 250m2 and600m2), according to data from Agnes Inversiones. Prices for flats ranged from €450,000 to €1.9 million, while houses fluctuated between €1.5 million and €5 million.
Spain’s investment stability is influenced by the country’s location, but also by the situation in the property market. According to the latest figures from Eurostat, property prices in Poland increased by 13% over the course of 2023, compared to 4.3% in the Iberian Peninsula. Spain was also at the top of IQI Global’s ranking of countries that are the safest location to invest in real estate.
What attracts you to Marbella?
Marbella, located on the Costa del Sol, ranked among the top markets for luxury real estate in Knight Frank’s annual ‘The Wealth Report 2024’. It was also recognised by tourists in the ‘European Best Destinations’ poll. In the latest ranking, Marbella proved unrivalled, beating established resorts and luxury destinations.
Sunshine that shines more than 320 days a year, magnificent beaches and picturesque views of the African coastline – described by tourists as a ‘million dollar view’ for good reason – are just the beginning of the advantages of the Costa del Sol, the coast of sunshine. If you add to this a high level of medical care or education, as well as a real paradise for golfers, you get an exceptional place to live, work and relax.
Investment in Spanish property is being encouraged by the Andalusian authorities with attractive legal and tax measures. One of these is the indefinite extension of the tax reduction on property purchases in the region. A 100 per cent property tax rebate is also very beneficial for property buyers on the Costa del Sol. Foreign buyers of property in Spain can also obtain a loan for between 50% and 60% of the investment value.
