Spain has long attracted British and German buyers in search of sun and a relaxed lifestyle. Now a new wave of wealthy buyers — from Poland, the United States and the Gulf — is looking at the country as a safe place to invest and, in some cases, to live part of the year.
Uncertainty elsewhere
The main driver is uncertainty: the wars in Ukraine and the Middle East and political tensions in the United States are prompting people to look for somewhere stable to keep part of their wealth.
Polish buyers
Poland’s economy has grown strongly, and Polish buyers were already present on the Costa del Sol before the pandemic. Since Russia’s invasion of Ukraine, their purchases have risen sharply: in 2023, Poles accounted for around 4% of foreign home purchases in Spain, up from 1.6% in 2019.
One Polish business owner told reporters she bought a flat on the Costa del Sol as a back-up plan when the war began, because Spain felt like the least politically complicated country in Europe. Developer Neinor says it sold 70% of a luxury development in Marbella to Polish buyers.
Gulf investors
Tensions in the Gulf have led some wealthy families in Dubai and other emirates to look for alternatives. Agents report negotiations with Gulf buyers for luxury homes on the Costa del Sol, with some deals already completed.
Americans with a Plan B
Since Donald Trump’s return to the White House, more Americans have been buying in Spain, some as an investment and others as a “Plan B”. The estate agency Gilmar says US buyers accounted for 6.2% of its transactions in 2025, up from 0.5% in 2024.
Prices rising
The extra demand is pushing up prices at the top of the market. According to Knight Frank, prices of luxury homes in Spain have risen by around 9.5% in a year, faster than in France or Italy.
The Balearics
The Balearic Islands, along with the Costa del Sol and Madrid, are among the most sought-after destinations for these buyers, with Mallorca and Ibiza attracting international clients looking for high-end villas and apartments.
The other side
For residents, the trend is a mixed blessing. Foreign investment brings money and work to the construction and property sectors, but it also adds to the pressure on housing prices in areas where local people already struggle to afford a home — a central issue in the political debate in the Balearics.
