The Polish market for residential real estate in Spain
Data and analysis of the Polish market for Spanish property in periodic reports highlighting key trends of interest to anyone looking to buy or sell property in areas of Spain where home buyers from Poland are active in the local real estate market.
Polish demand for property in Spain has surged in recent years, making Polish buyers one of the fastest-growing segments in the Spanish residential real estate market. This report offers essential insights for anyone invested in understanding this trend—whether you’re a property buyer, seller, developer, real estate agent, investor, or market analyst. As Polish nationals increasingly choose Spain for both holiday homes and permanent relocation, the importance of this segment to the Spanish property market is growing.
For individuals and businesses tracking developments in the Spanish property sector, especially those with a focus on foreign demand, this report provides valuable, data-driven insights into the Polish buyer demographic. By examining key trends and comparisons, it aims to offer a comprehensive understanding of the role Polish buyers play in the broader international property market in Spain.
What to expect in this report:
- How many Polish buyers are purchasing property in Spain: A look at total numbers and year-on-year trends.
- Residency type breakdown: Insights into the proportion of expats versus non-residents.
- Spending trends: How much Polish buyers are investing in Spanish properties, including average property prices.
- Comparative analysis: How the Polish market stacks up against other major foreign property markets in Spain.
Whether you’re researching for professional purposes or exploring this topic as an enthusiast, this report is designed to provide clear answers to key questions. By leveraging recent data and expert analysis, it sheds light on the factors driving this demand and its implications for the future of Spain’s property market.
2024 H1
Polish buyers in the Spanish property market: H1 2024 snapshot
Polish buyers have emerged as a key segment in the Spanish property market, driven by geopolitical events and economic stability in Poland. This snapshot looks at their purchases during the first half of 2024, using the latest data to highlight key trends and developments.
Total Polish buyer transactions
In H1 2024, Polish buyers accounted for 3,105 property transactions in Spain, marking a year-on-year increase of 28.5%. This growth is particularly notable when compared to the ten-year average, which reflects an increase of 119.6% (Fig. 1). These figures illustrate a substantial surge in demand, reinforcing the importance of Polish buyers in the foreign property market.
Foreign market share (FMS)
Polish buyers accounted for 2.24% of all foreign transactions in H1 2024, up from 1.77% in the same period in 2023 (Fig. 2). This growing market share reflects their rising prominence among foreign buyers in Spain.
Ten-year sales index analysis
The ten-year sales index provides an insightful perspective on market growth. This index, with a baseline of 100, shows total Polish buyer transactions increasing to 489.7 by H1 2024. Expats reached 222.8, while non-residents soared to 820.8 (Fig. 3).
An index value of 489.7 means that overall sales have increased nearly fivefold compared to the base period. Similarly, non-resident purchases have risen over eightfold, indicating explosive growth in this segment. These figures highlight the long-term upward trend, which has accelerated further since Russia's invasion of Ukraine. This geopolitical shift has likely spurred greater interest in securing assets abroad, including Spanish properties.
Residency status breakdown
The majority of Polish buyers were non-residents (2,323), purchasing properties for second homes or investment purposes. Expats living in Spain accounted for 782 transactions (Fig. 1). Year-on-year, expat purchases grew by 19.6%, while non-resident transactions increased by 31.8%, both significantly outpacing their respective ten-year averages.
This breakdown underscores a dual trend: the growing allure of Spain as a destination for permanent relocation and the enduring appeal of Spanish properties as investment opportunities.
Average spending per square metre
On average, Polish buyers spent €2,543 per square metre on Spanish property . This figure is 13% above the average spent by foreigners on property in Spain, aligning with trends of increasing affluence and aspirational spending among Polish nationals.
Comparisons with other markets
Further context is provided by comparing Polish buyers with other foreign markets in Spain. Charts illustrating total sales, year-on-year growth, and market share by nationality offer a comparative view, showing where Polish buyers stand among Spain’s most significant foreign demographics.
Factors driving demand
Several key factors explain the rise in Polish demand for Spanish properties during this period:
- Geopolitical concerns: The war in Ukraine and perceived threats from Russia have encouraged Polish buyers to seek safe havens and diversify their investments internationally.
- Economic strength: A robust Polish economy and growing affluence have enabled more buyers to afford luxury purchases, such as second homes in Spain.
Conclusion
The H1 2024 data paints a clear picture of the Polish segment as one of the most dynamic and rapidly growing in the Spanish property market. With robust year-on-year growth, significant increases in spending, and a notable contribution to foreign market share, Polish buyers are proving to be a critical demographic worth watching. As geopolitical and economic factors continue to evolve, their impact on the Spanish property market is likely to remain significant.
2024 Full Year
Sales performance
In 2024, Polish buyers were involved in a total of 5,947 property sales in Spain (Fig. 1). This represents a steady year-on-year increase of 0.35%, reflecting a broadly stable level of demand compared to 2023. When benchmarked against the ten-year average, sales were up 1.2%, suggesting that Polish interest in Spanish property remains above long-term levels, albeit with moderate growth.
This stability follows a significant uplift in purchases recorded in earlier years, signalling that the market may be entering a more mature phase for Polish buyers, with consistent rather than rapid growth.
Sales by residency status
Sales to Polish buyers in Spain during 2024 were split into two main segments based on residency status:
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Foreign non-resident (FNR) buyers accounted for the majority, with 4,404 transactions—representing approximately 74% of all Polish sales. This segment experienced a year-on-year increase of 0.41% and was 1.5% higher than the ten-year average (Fig. 2).
- Polish expatriates resident in Spain purchased 1,543 homes. This group showed more subdued growth, with a year-on-year change of 0.22% and a 0.5% increase compared to the ten-year average.
This breakdown reflects the dominant role of investment or second-home buyers from Poland who maintain their primary residence outside Spain. The marginal growth in resident buyer numbers suggests a steady but slower-growing expatriate community.
Foreign market share (FMS)
Polish buyers accounted for 0.043% of the foreign market share (FMS) in 2024, up from 0.032% the previous year (Fig. 4), representing a significant increase in their share of foreign transactions. Over the past ten years, the FMS for Poland has ranged from a low of 0% to the current peak of 0.043%, highlighting the evolution from a negligible presence to a small but growing participant in the Spanish property market.
Although still relatively modest in absolute terms, this upward trend in market share underscores Poland’s emergence as a consistent source of foreign demand.
Expenditure trends
In 2024, Polish buyers spent an average of €2,543 per square metre on Spanish property. This figure reflects a minor annual price increase of 0.05%. While modest, this suggests Polish buyers are still active in areas where price growth has levelled off, possibly indicating cautious investment behaviour following years of strong property appreciation in prime destinations.
Given the stable price trend, purchasing behaviour may be focused on achieving value in mid-market or emerging destinations rather than competing in overheated luxury markets.
Relative performance
The final three charts presented in this report compare key metrics across nationalities:
- Total sales volume by nationality
- Year-on-year change in sales by nationality
- Foreign market share for all nationalities
These visualisations provide comparative context, helping to assess the UK’s performance in relation to other important foreign markets in Spain. Readers can use these charts to gauge how British demand measures up against other nationalities in terms of strength, direction, and market share.
Market drivers
Several key factors shaped Polish demand for Spanish property in 2024:
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Geopolitical concerns: The ongoing war in Ukraine and rising tensions with Russia led to heightened security consciousness in Poland. This context drove many Polish citizens to seek safe investment havens abroad, resulting in a 37% reported surge in purchases in Spain. Although not visible in the annual aggregate growth figures—due likely to earlier surges in 2022–2023—this concern continued to fuel underlying demand in 2024.
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Economic strength: Poland’s economy has demonstrated resilience and growing prosperity in 2024. With higher disposable income and increased mobility, more Polish buyers now possess the financial means to acquire overseas properties. This financial empowerment is reflected in a 28.5% rise in transactions reported elsewhere, even if the notarial data referenced in this report shows more modest growth. The strength of the Polish zloty against the euro may have also contributed.
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Spanish market appeal: Spain’s property market recovery continued strongly throughout 2024, with an average property price increase of 8.1%. High rental yields in sought-after locations—particularly coastal hotspots like the Costa del Sol—made Spanish assets attractive from an investment perspective. Polish buyers, like other nationalities, were motivated by a combination of lifestyle benefits and stable returns.
Conclusion
Polish demand for Spanish property remained broadly stable in 2024, with total purchases rising slightly by 0.35%, and a 1.2% gain over the decade average. The market was led by non-resident buyers, who accounted for almost three-quarters of all transactions, reflecting a preference for holiday homes or investment properties.
Market share reached an all-time high for Polish buyers, affirming their growing importance within Spain’s foreign property market, even if total volumes remain relatively modest compared to larger buyer groups.
Underlying demand has been supported by a combination of geopolitical uncertainty, growing affluence in Poland, and attractive investment conditions in Spain. Looking forward, providing these dynamics persist—particularly the economic and security-related factors—Polish demand is expected to remain consistent or grow marginally, reinforcing its position as a resilient component of the broader foreign buyer market in Spain.
