Spain's luxury housing market is attracting growing interest from wealthy buyers from Poland, the United States and Gulf nations, with many seeking a stable destination amid conflicts in Ukraine and the Middle East, as well as political uncertainty in the U.S. 
The country, particularly Madrid and the Mediterranean coast, has traditionally been popular among British and German buyers. However, real estate agents and housing market experts say a wider range of international investors are now purchasing homes to diversify assets and reduce exposure to geopolitical risks. 
According to property registry data, foreign buyers accounted for more than 39% of home sales last year in major tourist regions including Malaga, Alicante and the Balearic Islands. The increase in overseas demand has contributed to rising property prices in Spain, where housing affordability remains a major issue. The country's central bank has previously estimated a housing shortage of around 750,000 homes and called for measures to boost supply. 
Demand from Polish buyers has increased significantly over the past few years. Their share of foreign property purchases rose to 4% last year from 1.6% in 2019, with purchases tripling since the pandemic period. Marbella-based real estate agency founder Agnieszka Marciniak-Kostrzewa said the strongest wave of demand followed the outbreak of the Ukraine war, with many purchases being completed remotely. 
One of those buyers was Polish entrepreneur Marlena Bartkowiak, who bought an apartment in Benalmadena as a backup option after the conflict began. She indicated that 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 leading purchasers in a 64-storey residential tower under construction in Benidorm. 
Industry experts say interest from Gulf-based investors has also increased following recent tensions involving Iran. Several real estate firms reported ongoing negotiations for luxury property deals on the Costa del Sol with buyers from Dubai, while some transactions have already been completed. 
Paloma Perez Bravo, Chief Executive Officer of Dils-Lucas Fox, said Spain is increasingly being viewed as a diversification option from a security perspective. Property lawyer Maria Ruiz Lopez added that regional wealth tax exemptions and allowances available in Madrid and Costa del Sol make these locations particularly attractive to affluent buyers. 
Neinor Deputy Chief Executive Officer Mario Lapiedra Vivanco said the company sees opportunities to attract investors seeking alternatives to Dubai, as Spain is perceived as a calmer and more stable option. 
American buyers are also becoming increasingly active in the market. According to Gilmar, U.S. clients accounted for 6.2% of the firm's property transactions in 2025, compared with 0.5% a year earlier. The agency said Americans have overtaken Britons as the leading foreign buyers on the Costa del Sol. 
Rebeca Caballero, head of Gilmar's international department, said many Americans are investing for financial reasons, while others view Spain as a contingency option amid uncertainty about future developments in the United States. 
Across Spain, Americans represented around 2% of all foreign property purchases and paid the third-highest average prices among overseas buyers, behind only Swedish and German purchasers, according to data from the General Council of Notaries. 
The expanding pool of foreign buyers has supported further growth in luxury home prices. Realtors selling properties valued between EUR 1 million and EUR 20 million, equivalent to about USD 1.13 million and USD 22.68 million, said rising values continue to attract investors. 
Market participants also cite Spain's climate and economic stability as key advantages. According to Knight Frank, 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