Foreign buyers, especially Poles and Romanians, are increasingly purchasing Spanish real estate due to rising prices and war fears.
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Spain previously saw a large volume of affordable housing construction near the coast, with British buyers purchasing a third of all properties sold in 2015, but this share has dropped below ten percent after Brexit. The market is now seeing increased purchases by foreigners from various countries; while traditional buyers from Germany, France, and Britain compete, new interest is coming from Poles, Romanians, and Baltic states. Polish demand for Spanish real estate grew by 20 percent in 2022 and another 35 percent last year, with Romanian interest surpassing that of Belgium and the Netherlands, and French interest also increasing. Factors driving this trend include rising property prices in many post-communist countries, such as affordable apartments in Alicante. Real estate agents also cite fear among new buyers due to the war in Ukraine. New buyers are interested in all types of properties, from luxury estates to budget apartments; Poles and Romanians often move into their purchased homes for at least part of the year, whereas owners from the Baltics tend to rent out their properties. Increased demand for Mediterranean housing has also been noted in Italy and Cyprus among Ukrainian neighbors, with Bulgarian buyers increasingly purchasing property in Greece.
