Three months turned into more than thirty years

Do you remember the moment when you thought: real estate — this is exactly what I want to do?

Agnieszka Marciniak-Kostrzewa: Very clearly. One of the clients who was here on holiday asked whether I could arrange viewings of several properties for him. I did, accompanying him from beginning to end as an interpreter and observer. The client decided to buy an apartment. To this day, I remember the emotions when he walked into his new home with his family after the transaction: the joy, the emotion, the tears in their eyes. That was when I thought I wanted to help people fulfil dreams like these.

Around 1999 and 2000, I began exploring the Marbella property market and the surrounding area much more intensively. I was still working in tourism, but I could see how quickly the real estate market was developing and gradually became more involved in the industry. After the World Trade Center attacks in 2001, tourism went through a crisis. I closed that chapter and focused entirely on real estate. It wasn’t a sudden decision made behind a desk, but rather a natural progression. First, I got to know the region while working in tourism, then as a resident and entrepreneur, and only later as a real estate professional.

In 2006, you founded Agnes Inversiones. What were the beginnings like?

Agnieszka Marciniak-Kostrzewa: I started out as a classic “one-woman show”. I handled the clients, listings, viewings and the organisation of the entire process myself. Being from Poznań, I suppose entrepreneurship is in my DNA, and I am the fourth generation of entrepreneurial women in my family. I enjoy working with people, building relationships and being part of the emotions involved, so real estate was far from a random choice.

From the very beginning, I wanted the company to operate according to high ethical standards. Today that may sound obvious, but it wasn’t always the case in the real estate industry — and it still isn’t. I wanted to build a company where clients know that someone is genuinely on their side, even when that means advising them not to buy.

The company was founded just before the Spanish property bubble burst. How did you survive that period?

Agnieszka Marciniak-Kostrzewa: It was the most difficult period for a young company. In 2008, the market virtually came to a standstill, many agencies disappeared, and client confidence weakened considerably. We survived thanks to hard work, perseverance, the support of my family and — above all — the loyalty of our clients. In 2013, I felt we were ready to grow. Our first colleague joined me, and from that moment on, the team began to expand steadily.

Today, we are a team of multilingual women. I never planned to build an all-female team — I joke that we simply attracted one another. Importantly, we are also friends. We all speak Polish, Spanish and English. This means we can do much more than simply find a property: we can genuinely guide our clients through the entire process and the everyday realities of life in Spain.

What sets you apart from agencies that simply connect buyers with sellers?

Agnieszka Marciniak-Kostrzewa: The most important thing is the client’s best interest and finding a property that genuinely suits their circumstances. The second thing that sets us apart is the broad range of services we provide. Our work doesn’t end with the purchase or sale. We assist with financing, renovations and furnishing, as well as rentals and after-sales services.

This is particularly important in the premium segment. The owner of a second home in another country wants to arrive and relax, not deal with repairing the air conditioning or preparing the property before their arrival. One phone call to us is enough, and we organise everything. Clients expect discretion, availability and the ability to identify problems before they become genuinely troublesome.

Was the pandemic as important a turning point for the market as the financial crisis?

Agnieszka Marciniak-Kostrzewa: Yes, although in a completely different way. The pandemic was something we not only had to survive, but also quickly understand in terms of how it changed people. Remote and hybrid working meant that a home in Spain was no longer exclusively a holiday property. It became a place from which people could work, live for several months of the year, spend time with their families or prepare for a permanent move.

After the pandemic, people began to appreciate quality of life, sunshine and the possibility of flexible working much more. At the same time, Poland’s middle and upper classes became genuinely affluent, also by European standards. There is also a generational succession taking place: people who built businesses around the turn of the 1980s and 1990s are now handing management over to their children or selling their companies. They have the financial means, but above all, they want to experience the next stage of their lives differently.

After 2022, another factor emerged: security.

Agnieszka Marciniak-Kostrzewa: After the outbreak of the war in Ukraine, we saw another wave of interest. Initially, many people were looking for a second home as a potential place to relocate their families. Today, they are more likely to talk about geographical diversification of their assets and having an alternative base outside Poland.

Another important factor is that Andalusia can be reached by car if necessary, so you are not completely dependent on air travel. We realised just how important this kind of independence can be both after the Icelandic volcanic eruption in 2010 and during the lockdown in spring 2020. The increased interest continues, although the market is now beginning to stabilise.

What exactly attracts Polish buyers to the Iberian Peninsula?

Agnieszka Marciniak-Kostrzewa: It is a combination of rational investment arguments and quality of life. Spain offers stability, a great climate, excellent infrastructure, international schools, good healthcare, fantastic cuisine and open, welcoming people. The scale of Polish purchases has also increased significantly in recent years — Poles have entered the top ten foreign buyers of property in Spain. If someone had told me twenty years ago that this would happen, I would have thought it was a beautiful but very distant dream.

It is not only the number of transactions that has changed, but also the profile of buyers. In the past, smaller apartments dominated. Today, Polish buyers increasingly choose houses and luxury properties, treating the purchase as part of a broader wealth management strategy.

Which locations on the Costa del Sol are the most interesting today?

Agnieszka Marciniak-Kostrzewa: In real estate, we always say: location, location, location. Here, the first place that naturally comes to mind is Marbella. It is an international market for luxury villas and apartments, supported by premium infrastructure, restaurants and golf courses. Thanks to international buyers, demand remains strong throughout the year, not just during the summer.

Those looking for privacy and security often choose Benahavís, including La Zagaleta or El Madroñal. Malaga, on the other hand, is an interesting option for investors focused on long-term rentals. Estepona, Fuengirola and Mijas are also worth considering. These are very different locations with different price levels, which is why there is no single address that works for everyone. For one family, the key consideration may be a school; for another, a golf course, proximity to the beach or the ability to get around on foot.

What type of clients do you work with most often, and where do you begin the conversation?

Agnieszka Marciniak-Kostrzewa: We mainly work with Polish entrepreneurs, families considering relocation, people planning to retire in Spain and investors interested in diversifying their assets. However, we begin not with property listings, but with the purpose of the purchase. We ask whether it is meant to be a place to live, a second home, a holiday property, a way to preserve capital or an investment intended for rental income.

These objectives can overlap, but they do not always lead to the same choice. An apartment that works perfectly for short-term rentals may not be a comfortable place for everyday family life with children. Likewise, a private villa with a garden and swimming pool may require more maintenance and involve higher costs. We need to understand the client’s lifestyle, how they intend to use the property and their realistic budget. Only then can we have a meaningful conversation about location and specific properties.

How do you recognise the right property?

Agnieszka Marciniak-Kostrzewa: You need to combine emotion with a cool-headed analysis. A property is not right simply because it is the most beautiful or the most expensive. It has to meet the client’s needs. Sometimes we advise against a purchase even when the first impression is excellent. Our job is not to close a transaction at any cost, but to help the client make a decision they will still feel good about years later.

We look at the things that cannot be changed afterwards: location, terrace orientation, views, surroundings, access and future development plans. An interior can be renovated, but a building cannot be moved. I also encourage clients to focus primarily on their own needs rather than, for example, making the entire purchase decision around their children.

Do clients often change their minds only after arriving?

Agnieszka Marciniak-Kostrzewa: Very often — and that is completely normal. Photographs do not show the slope of the land, the noise, the light at a particular time of day or what the route to the beach or school is really like. Sometimes the list of expectations simply does not fit within the planned budget, and only once the client is here do they decide what they are willing to compromise on or whether they want to increase their budget.

That is why a professional agent listens carefully after every viewing. Preferences evolve: the location, property style, priorities or budget may change. A good conversation on the first day allows us to prepare options for the next day that are much closer to what the client is actually looking for.

What distinguishes a good investment from an average one?

Agnieszka Marciniak-Kostrzewa: Above all, realistic analysis. The market is full of promises of very high returns that are not always reflected in reality. Every property needs to be assessed individually, taking into account its location, access to infrastructure, distance from the airport and the sea, the quality of the building, community fees, orientation, layout, management options and future resale potential.

Legal security and liquidity also matter. Some investors prefer to buy several apartments rather than one property worth several million euros. This helps spread the risk and makes it possible to sell only part of the portfolio if necessary. A promise of high returns alone is not enough — an investment should be aligned with the owner’s long-term objectives.

What surprises Polish buyers most when purchasing property in Spain?

Agnieszka Marciniak-Kostrzewa: The greatest concerns tend to involve formalities, legal issues and whether the process can be properly controlled while living in Poland. The key is to work with an independent local lawyer specialising in Spanish real estate. The lawyer verifies the title, permits, encumbrances, compliance with the property register and tax implications. A Spanish notary ensures the legality and formal correctness of the deed, but remains impartial — they do not replace a lawyer representing the buyer.

Clients are also surprised by how much happens after the deed has been signed: transferring utilities, arranging insurance, furnishing the property, dealing with a developer’s snagging list, renovations or rental management. A well-organised process is usually much smoother than clients expect, provided there is a local team that understands the language, procedures and realities of the market.

In simple terms, what does the purchase process itself look like?

Agnieszka Marciniak-Kostrzewa: On the resale market, we begin with an offer and agreement on the terms, often followed by a reservation agreement. The lawyer then carries out due diligence, thoroughly checking the property’s legal status and documentation. Once everything has been verified, the parties sign a contrato de arras, and the buyer usually pays 10 per cent of the purchase price, including any deposit already paid. The notarial deed is usually signed four to eight weeks later. At that point, the remaining balance is paid, the keys are handed over and the ownership is subsequently registered with the Land Registry.

For new-build properties, the schedule depends on the stage of the development. First comes the reservation, followed — once the building permit has been obtained — by the developer contract and payments according to the agreed schedule. The lawyer checks, among other things, the permits, bank guarantees protecting the buyer’s payments and the development documentation. The deed is signed once construction has been completed and all required approvals have been obtained. All agreements can be signed either in person or through a representative holding power of attorney.

What additional costs should buyers take into account beyond the property price?

Agnieszka Marciniak-Kostrzewa: As a safe estimate, buyers should assume that transaction costs will add approximately 8–13 per cent to the asking price, depending on whether the property is purchased on the resale or primary market and on the specifics of the transaction. In Andalusia, the main tax on resale properties is the 7 per cent ITP transfer tax. New-build properties are subject to 10 per cent VAT as well as AJD stamp duty. There are also legal fees, notary fees, Land Registry fees and, where applicable, financing costs.

The buyer will also need a NIE number, a Spanish bank account and documents confirming their identity and the legitimate source of funds. If they are represented by an attorney, an appropriate power of attorney is required. Specific rates and requirements should always be confirmed with the lawyer and bank for the individual transaction, as regulations and offers may change.

Can a Polish buyer obtain a mortgage in Spain?

Agnieszka Marciniak-Kostrzewa: Yes. Spanish banks also provide financing to non-residents, provided the client can properly document their income and own contribution. It is sensible to plan for financing of around 50 per cent of the property’s value, although some banks may offer 50–60 per cent of the lower of two figures: the purchase price or the appraised value. Taxes and other transaction costs need to be covered separately from the buyer’s own funds.

It is worth allowing around eight weeks for the entire mortgage process and indicating the need for financing as early as when submitting the offer. The bank analyses the buyer’s income, liabilities and documentation, commissions a valuation and then issues a binding FEIN information sheet. This must be provided sufficiently in advance of completion to give the client time to review and understand the terms. On the day of purchase, the sale deed and the mortgage deed are signed.

I can also provide more information (current interest rates, required documents, etc.).

You say that properties on the Costa del Sol are not always bought “forever”.

Agnieszka Marciniak-Kostrzewa: This is one of the important differences compared with the traditional Polish approach. Properties here tend to change hands more often. A client may start with an apartment and later buy a larger house because the family visits more frequently. Someone else may sell their villa after several years and choose an apartment closer to amenities that is easier and less expensive to maintain.

There is no need to search at all costs for a home that will last a lifetime. The goal is to find a place that is right for the current stage of life while also ensuring a sensible exit strategy for the future. I remember clients who came looking for a property with a beautiful view, but after our first conversation I knew that a completely different development would suit them much better. They bought an apartment there and, years later, a house. We are still friends to this day. That is what I love most about this work.

Beyond business, you devote a lot of energy to the Polish community. Where does that come from?

Agnieszka Marciniak-Kostrzewa: I learned it at home. My grandmother, and now my mother as well, always kept a very open home. I enjoy having people around me and meeting new people — it gives me energy. I believe that the energy we give to others eventually comes back to us, often from completely unexpected directions. We do not do it so that someone will thank us. I always say that being able to help is a privilege.

I have a fantastic team that shares these values — my “magic team”. Among other initiatives, we support the Great Orchestra of Christmas Charity, the construction of a school in Uganda and the AS-pergera Foundation. We are involved in integrating the local community, support the quarterly magazine “Hola Polacos” and organise an annual red-and-white golf tournament to celebrate Poland’s Constitution Day on 3 May. We have many more ideas, although naturally our day-to-day focus remains on our work.

What makes people not want to leave — and what made you stay?

Agnieszka Marciniak-Kostrzewa: There is no single reason. We appreciate the climate particularly in winter, when life here still takes place outdoors. The days are longer, there is more light, and that genuinely affects your energy and well-being. Then there are the open, welcoming people, the family-oriented culture, good infrastructure and international environment.

Of course, Spain teaches you patience. The famous mañana used to drive me crazy: someone would arrange to meet, fail to show up, then call to say they would be late. Over time, I learned how to navigate these realities and built a network of trusted partners.

Finally, what single piece of advice would you give someone who is only just saying, “I’m considering buying a property in Spain”?

Agnieszka Marciniak-Kostrzewa: I wouldn’t start by browsing hundreds of random listings. First, I would define the purpose: who the property is for, how often we will use it, whether it is expected to generate income, whether we want to manage it ourselves and what our life might look like several years from now.

Then it is worth coming here, exploring several locations and seeing properties in person rather than relying solely on photographs. I wouldn’t make a decision based purely on emotion or the promise of a high return. A well-chosen property on the Costa del Sol can be an investment, a second home and the beginning of a new lifestyle — but it has to suit a particular person, not simply the latest trend.