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Spain is witnessing growing demand for luxury homes from wealthy buyers in Poland, the United States and Gulf countries, as geopolitical tensions and political uncertainty encourage investors to seek stable destinations. Industry experts say conflicts in Ukraine and the Middle East, along with developments in U.S. politics, are influencing purchasing decisions. Madrid and Costa del Sol have emerged as key destinations, while rising property values, tax advantages in some regions and Spain's stable economic environment are further supporting demand. The trend is also contributing to higher housing prices in popular markets.
Spain's luxury property market is attracting increasing interest from wealthy buyers from Poland, the United States and Gulf countries, with many viewing the country as a safe destination amid geopolitical tensions and uncertainty.
While Spain's Mediterranean coast has traditionally attracted buyers from the UK and Germany, real estate agents and market experts say a wider group of international investors is now entering the market to diversify assets and secure alternative residences.
According to official property registry data, more than 39% of home sales in major tourist regions such as Malaga, Alicante and the Balearic Islands involved foreign buyers last year. The growing demand has contributed to rising home prices in Spain, where housing affordability remains a major concern. Spain's central bank has estimated a housing shortage of around 750,000 homes and has called for measures to increase supply.
Industry experts said geopolitical developments are a common factor behind many recent purchases. Rebeca Caballero, head of Gilmar's international department, said buyers from countries including Poland, Ukraine and the United States are increasingly choosing Spain because of the global political environment.
Demand from Polish buyers has risen sharply in recent years. Their share of foreign property purchases increased to 4% last year from 1.6% in 2019, with purchases tripling since the pandemic period. Agnieszka Marciniak-Kostrzewa, founder of a Marbella-based real estate agency, said the strongest wave of investment came after the outbreak of the Ukraine war, with many purchases completed remotely.
One such buyer was Polish entrepreneur Marlena Bartkowiak, who bought an apartment in Benalmadena on Costa del Sol as a backup option after the conflict began. She said Spain appeared less involved in political tensions across Europe, making it an attractive choice.
The trend is also visible in developer sales. Spanish developer Neinor sold around 70% of the homes in its 102-unit Santa Clara project in Marbella to Polish buyers. Polish investors are also among the dominant buyers in a 64-storey residential tower under construction in Benidorm.
Spain is also seeing growing interest from Gulf-based investors following recent tensions involving Iran. Real estate firms said they are negotiating luxury property deals on Costa del Sol with buyers from Dubai, while some transactions have already been completed.
Property experts noted that, in addition to security concerns, tax advantages available in regions such as Madrid and Costa del Sol are attracting wealthy international buyers. Neinor's Deputy CEO Mario Lapiedra Vivanco said the company sees an opportunity to attract investors looking for alternatives to Dubai as global conflicts increase demand for stable markets.
American buyers have also become increasingly active in Spain's property market. Gilmar reported that U.S. buyers accounted for 6.2% of its transactions in 2025, up from 0.5% a year earlier. The agency said Americans have overtaken British buyers as the leading foreign purchasers on Costa del Sol.
Across Spain, U.S. buyers represented around 2% of foreign property purchases and paid the third-highest average prices among international buyers, behind Swedish and German purchasers.
The broader pool of foreign investors has supported strong growth in luxury home values. Realtors selling properties priced between EUR 1 million and EUR 20 million said rising prices are encouraging further investment. Spain's warm climate, stable economy and strong market performance continue to attract international buyers.
According to Jack Harris, a partner in Knight Frank's international residential team, luxury home prices in Spain have risen by as much as 9.5% year-on-year, outperforming several major European markets, including France and Italy.
Source Reuters
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