For many years, the city of Vilnius has been home to Kristina and her family, who have harbored a deep love for Spain. Initially, Lithuanians would travel to coastal areas to escape the gloomy climate of Lithuania. However, two years ago, Kristina and her family made the decision to move to Spain permanently. Apart from the high temperatures compared to their hometown, their decision was also influenced by the geopolitical situation, as they no longer felt safe in their own home. For just over 100,000 euros, Kristina and her family purchased a house in Alicante.
According to Sonata Norkienė, the head of the real estate agency „IS Real Estate,“ the interest of Lithuanians in real estate in Spain has also significantly increased. However, not everyone ultimately decides to make the move. „Many of them want to see what real estate they could buy if the situation in Lithuania were to change,“ says Norkienė, as the Baltic countries are currently experiencing a particularly tense time.
Real estate agent Norkienė states that most interested parties decide to sell part of their homes in Vilnius and buy real estate in Spain. „Only 5% of our agency’s clients buy real estate to live in. The vast majority buy with the intention of renting out, earning passive income, and coming to Spain for holidays a couple of times a year,“ she says.
In addition to Spain, citizens of countries such as Poland and Lithuania are also interested in other markets, such as Italy and Cyprus. „People are not spending hundreds of thousands of zlotys out of panic. Buying real estate abroad is one way to react to a situation where there is a threat,“ says Tomasz Grzybas, a professor of social psychology at the University of Warsaw.
However, the large-scale Russian invasion of Ukraine did not start yesterday but more than two years ago. „It took time for the shock of disbelief that in 2022 a traditional war is taking place in Europe. Only then, when the shock passed, could we ask ourselves: what’s next, do I have a plan B in case of war? And that plan B is to try to find refuge in a place that seems safe,“ explains the professor.
In conclusion, the growing interest of Lithuanians in real estate in Spain reflects not only a desire for a change in lifestyle but also a response to the uncertain geopolitical climate. As individuals seek security and stability, investing in property abroad has become a viable option for many.