A growing number of wealthy buyers from Poland, the United States, and Gulf countries are driving a surge in demand for luxury properties in Spain, particularly in Madrid and along the Costa del Sol. This trend is being attributed to geopolitical instability, including the ongoing conflicts in Ukraine and the Middle East as well as political unrest in the United States.
Spain’s Mediterranean coast has historically attracted northern European tourists and buyers, mainly from the UK and Germany. However, recent years have seen a broader international wave of investors. These buyers are seeking to diversify their assets and find secure havens amid global uncertainties, according to multiple real estate professionals and market analysts.
Official data supports this shift. In 2025, foreign buyers accounted for more than 39 percent of all home purchases in prominent tourist provinces such as Malaga on the Costa del Sol, Alicante on the Costa Blanca, and the Balearic Islands. Rebeca Caballero, head of the international department at Gilmar, a real estate firm, noted that the common factor for all these transactions is the geopolitical context driving buyers to Spain.
This inflow has contributed to rising property prices in Spain, where housing affordability has become a significant political issue. The country’s central bank has called for coordinated measures to increase housing supply to address an estimated shortage of 750,000 homes.
Polish investors have been active on the Spanish coast since 2020, but their purchases have accelerated sharply since the COVID-19 pandemic. Polish buyers accounted for approximately 4 percent of foreign property purchases last year, up from 1.6 percent in 2019. Agnieszka Marciniak-Kostrzewa, founder of a Marbella-based agency, described the post-Ukraine war period as a time of rapid transactions, many conducted remotely.
One such investor is Marlena Bartkowiak, a Polish transport company owner who acquired a property in Benalmadena on the Costa del Sol as a precaution after the conflict in Ukraine began. Bartkowiak cited Spain’s relative detachment from European political tensions as a factor in her decision.
Large developers are also seeing increased Polish participation. Neinor, a major Spanish developer, reported that Polish buyers accounted for 70 percent of sales in its premium Santa Clara complex in Marbella last year. Additionally, Polish investors are prominent buyers in a 64-floor skyscraper currently under construction in Benidorm.
Experts highlight that the current demand is driven by a broader search for security and asset diversification. Paloma Perez Bravo, CEO of Dils-Lucas Fox, emphasized that just as the conflict on Poland’s eastern border has spurred Polish investments, recent escalation in the Iran war is drawing interest from Gulf investors. Several real estate firms are negotiating luxury property sales with clients from Dubai, who are reportedly seeking safer alternatives following the conflict’s impact on the emirate’s reputation for stability. At least two transactions with Gulf-based buyers have been completed, including a sale to a Polish client living in Dubai looking to establish a more secure family base.