Foreigners, including Poles, are a growing group of property buyers in Spain. In Q2 2023, our compatriots ranked 9th, with a share of 3.92% of all transactions by foreign investors.
Poles invest in Spanish flats
One in six properties in Spain was bought by foreign buyers in Q2 2023, according to Registradores de España data. In the period April-June 2023 alone. Poles purchased 890 properties, and in the entire first six months of this year, they purchased around 1,500 flats and houses. This compares to around 550 of these transactions in the same period of 2019, while in 2022. – 1 270.
According to data from Agnes Inversiones, 65% of transactions are the purchase of flats and 35% the purchase of detached houses with private pools. Poles are most likely to choose flats in the price range of €350,000 to €1.2 million. Properties from the primary market are much more popular, accounting for 70% of purchases, while only 30% are secondary market transactions. The most sought-after flats are those of at least 100m2 – with a terrace of at least20m2.
Dream home on the Costa del Sol
The figures for house purchases are slightly different. Here, secondary market transactions dominate. These properties are closer to the beach or the city and therefore to full infrastructure. Most require renovation or refreshing, but have character of their own, as well as mature vegetation in the garden. By contrast, new homes in good locations reach prices of up to €4 million. They are often built on smaller plots, mostly without gardens, but are equipped with infinity pools.
Many buyers prefer to renovate or modernise their home, adapting it to their needs in order to enjoy more space in the property. This includes the plot and garden itself, as well as the interior of the building. Houses are mostly bought with the intention of living permanently or as a second home (also for home office purposes), but no longer as a typical holiday home, which is a significant change in preference compared to 2019.
How much do flats and houses cost in Spain?
The average price per square metre in the most desirable locations in the Marbella area – such as the Golden Mile and Sierra Blanca – is at €5,500 per square metre. On the other hand, wanting to live on the Golden Mile but by the beach with sea views, we have to accept a ceiling of €13,000 per square metre and above. Eastern Marbella in popular neighbourhoods – such as Rio Real, Los Monteros or Elviria – means an average price per square metre in the region of €4,000.
In comparison, prices in the Riviera del Sol are at €2,300 per square metre, in Sitio de Calahonda at €2,700 per square metre, in Benalmádena at €2,900 per square metre and in Estepona at €3,150 per square metre. It should be remembered that the average price per square metre is only one indicator, linked specifically to location. It is higher if the house or flat has a sea view. The most desirable and most expensive properties have a south/south-west exposure, with sun all day on the terrace and a full view of the Mediterranean.
