The explosion and war in Ukraine not only displaced thousands of families who fled bombardments by Russian forces, but the conflict also acted as a contagion, influencing many residents in neighboring countries. Some chose to search for a home on the Costa Blanca and secure a shelter where they could retreat from the war’s consequences.
This shift helps explain a surge in purchases by Eastern European buyers in Valencia, particularly in the Alicante area where the notaries report a record year for the real estate market. A total of 31,691 foreign nationals bought homes in the province, a 47.4 percent rise from the previous year and a new all-time high. The pattern of sales was broad, yet concentrated among certain nationalities, which saw notable increases. The rise was driven by price stability and abundant liquidity, with buyers indicating flexible timelines for selling in the future. This perspective comes from a senior notary official involved in the regional community affairs in Alicante.
Aerial views show the concentration of tourist housing in Orihuela Costa, a visual reminder of the market dynamics at play.
Ten countries in the region contributed data through a joint notary statistics collection, recording 6,213 transactions. This figure more than doubled the 2021 total and also surpassed pre-pandemic levels from 2019. Eastern Europeans accounted for almost 20 percent of the entire international market, a share never seen before in Alicante’s real estate sector.
Home sales in Alicante set a record not seen since 2007
One notable trend is the significant rise in activity among Turkish and Ukrainian buyers. Ukrainians purchased 376 homes in 2021 and 1,036 in 2022, a near threefold increase. Yet Poles emerged as the largest group of international buyers in Alicante, with 2,217 purchases, placing them ahead of established markets such as Sweden which recorded 2,068 transactions.
Poles became the largest foreign buyer segment in Benidorm and also featured prominently in Torrevieja and Santa Pola. They represent a major customer base for the local market, with market leaders noting strong performance in recent years. The wartime surge, however, multiplied their activity.
Other nationalities also increased their presence. Romanians purchased 818 homes, Lithuanians 557, Latvians 130, Estonians 110, Belarusians 94, and Slovaks 86. There were even 52 buyers from Moldova.
Foreign buyers contribute to a record breaking market in Alicante
Purchases by Russian citizens also rose, despite European Union money transfer restrictions tied to the conflict. While the rules constrained transfers from banks in Russia, they did not diminish the funds Russians held within EU banks, and buyers continued to seek new properties in the province. A notable example is that Russians bought 1,113 properties last year, up 28.9 percent, reflecting a broader movement of families seeking stability amid regional tensions.
The notaries’ data show that many families arrived to relocate rather than simply invest, with student enrollments in local schools rising as a tangible sign of demographic change. Overall, foreign buyers completed 31,691 home purchases in Alicante, representing a total market value of about 5.566 billion euros. On average, non-residents paid around 175,636 euros per home, about 51.4 percent more than local buyers on average.
British buyers led the international market with 4,678 transactions, up 36.6 percent from 2021. Belgians followed with 2,958 purchases, up 25.7 percent, then the Dutch with 2,753 and Germans with 2,703, up 58.9 percent. Poles rose to fifth place with 2,217 transactions, ahead of Swedes with 2,068 and French buyers with 1,799.