The price per square meter in Spain is several thousand zlotys lower than in Poland. Poles seem to notice this, because the number of properties bought by our compatriots on the Iberian Peninsula has increased more than one and a half times over the course of a year.
The Polish residential market in Poland has slowed down significantly. Poles cannot afford loans due to high inflation, which resulted in high interest rates. Some people have chosen to buy an apartment in another country because, according to the data of the Pekao Brokerage House, Poles’ investments in apartments in Spain have increased sharply.
Poles buy apartments in Spain
Almost three thousand of flats Poles bought in 2022 in Spain. This is a result of 161 percent. higher than a year ago, which is in line with the trend of increasing purchases by foreigners. The number of apartments sold to them in Spain increased by 55 percent.
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Poles increased their share in this percentage from 1.9 percent. in 2021 to 3.2 percent. in 2022. The third quarter contributed most to this, when a record 1,030 properties were purchased. The next quarter was 35 percent higher. worse, then Poles bought over 670 flats.
Foreigners mainly choose the Mediterranean coast and the Spanish islands. In the provinces of these regions, the share of foreigners in the real estate market is over 30%.
Apartment prices in Spain are better than in Poland
You had to pay 1,944 euros per square meter on average in Spain in the fourth quarter of 2022. That’s 6.7 percent. more than last year. At the current exchange rate, it is PLN 9094. Therefore, real estate is clearly cheaper there than in Poland. On the Vistula average we will pay 11.5 thousand PLN per square meter .
The most expensive is in Warsaw, where prices oscillate around 13.8 thousand. zloty. And although the average prices in Spain are lower than in Poland, our capital is cheaper. In Madrid, we will pay 3.9 thousand per sqm. euros, or about 18.2 thousand. zloty.
