From Gdynia through Barcelona to Alicante. Where to invest in real estate?
Buying property isn’t just about lifestyle and good weather. It also requires analyzing the market, cost of living, financing options, and potential return on investment.
Michal Wykowski
5/26/20251 min read
Last week, I visited Gdynia – the happiest city in Poland, according to the latest Happy City Index 2025. It’s where I spent most of my adult life: studying, working, and investing. On my way back, I stopped for a few days in Barcelona, the highest-ranked Spanish city on the list and one of my favorite holiday destinations. I finally returned home via Alicante, on the Costa Blanca.
Each of these places is close to my heart. Since turning my passion into a professional career in property investment and advisory, I also look at the places I visit through the lens of their investment potential.
Gdynia impressed me deeply. The pace of development is remarkable, with new investments springing up everywhere. However, rising property prices, the cost of living, and growing pressure on wages are making the market increasingly demanding for investors.
Recently, Marek Banach published an interesting and comprehensive comparison on LinkedIn of the real estate markets in Poland and Spain. A few figures particularly caught my attention:
Average price per m²:
Poland: approx. 3.070 €
Spain: approx. 2.280 €
Mortgage interest rates:
Poland: approx. 7.3%
Spain: approx. 2.9%
Rental yields:
Poland: 3–7%
Spain: 4–10% – especially in tourist regions
The two markets are very different and have evolved at a different pace in recent years. National average prices per square meter don’t reflect regional differences, which in Spain can be significant – for example, in Alicante, prices are 30–50% lower than in Barcelona or Málaga.
Rental regulations in Spain are changing rapidly, vary by region, and are sometimes open to interpretation. It’s important to consult with local experts before making an investment decision.
Buying property is not just about lifestyle or weather. It also involves a market analysis, costs, financing, return on investment, and legal regulations.
What do you think about investing or relocating to Spain? Or perhaps Gdynia – the happiest city in Poland – is still the better choice?