A record number of residential properties in Spain have been purchased by Polish buyers this year.
Around 2,300 were bought by Poles in the first nine months of 2022, which is more than double the figure for the whole of last year, according to figures published by Pekao, Poland’s second largest bank. In the third quarter of 2022, the number of Polish buyers was 37% higher than in the second quarter.
Polacy kupili w Hiszpanii rekordową liczbę mieszkań w 3Q22 – o 37% więcej niż w 2Q'22. Liczba zakupów od początku roku wynosi już > 2,300 i jest wyższa o 102% niż w całym 2021 roku.
Udział Polaków wśród zagranicznych nabywców wzrósł do rekordowego poziomu 3.2% w 9M'22.
🧵1/3 pic.twitter.com/7opdampYDJ
— Analizy Biuro Maklerskie Pekao (@BM_PekaoAnalizy) December 1, 2022
The figures mean that Poles constitute 3.2% of foreign buyers in Spain this year, up from 1.9% in 2021. Pekao notes that purchases of real estate in Spain by all foreign buyers in the first nine months of this year is already 19% higher than in the whole of 2021.
Bartłomiej Grzywniak of Tripinvest – a firm specialising in Spanish real estate – told the Interia news service that there was an “explosion” of interest in such investments among Poles following Russia’s invasion of Ukraine in February.
“Those who were concerned about cash quickly decided to make a transaction,” he says. “People were looking for a place where they could escape safely. Spain was the most popular choice because it is far away and relatively cheap. For 400,000-500,000 zloty (€85,000-106,000) you could afford to buy an apartment.”
His firm says that Poles most often buy properties in the €100,000-150,000 price range. “These are usually apartments in slightly older buildings. They’re not in bad shape, but they’re not luxury either,” says Grzywniak. The most common location is on the Costa Blanca, close to the Mediterranean Sea.
One Polish buyer who spoke to Interia – businesses owner Tomasz – said that his property was a holiday home and possible retirement destination, but also an investment. “Prices in Spain are rising,” he notes. “If the apartment increases in value, I don’t rule out selling it and buying a smaller one.”
Poland’s economy has boomed over the last few decades, with its GDP per person, taking into account cost of living, recently overtaking Portugal. In terms of average wages adjusted for cost of living, Poland ranks one place behind Spain among OECD countries.
Poland's economy has grown more than any other in the EU during the pandemic.
Its GDP grew 9.2% between the 4th quarter of 2019 and 3rd quarter of 2022, compared to 2.7% growth for the EU as a whole.
Via @PKO_Research based on @MacrobondF data pic.twitter.com/MdJAYRvXLr
— Notes from Poland 🇵🇱 (@notesfrompoland) November 17, 2022
Daniel Tilles is editor-in-chief of Notes from Poland. He has written on Polish affairs for a wide range of publications, including Foreign Policy, POLITICO Europe, EUobserver and Dziennik Gazeta Prawna.
