Spain is experiencing a surge in demand for luxury properties, defined as those with a value exceeding two million euros. According to data from the real estate network, The Simple Rent, the demand for exclusive residences in the country has grown by 55% in the last year. Spain is leading Europe in the buying and selling of luxury homes.
The value of these luxury properties has increased by 13% in the past year, and this upward trend is expected to continue in the coming months due to high demand. The real estate experts at The Simple Rent have identified two main profiles of luxury property buyers.
The first profile consists of international buyers, with British, German, and French buyers leading the way. However, the profile of Russian investors has decreased due to the effects of the war in Ukraine, and the same is true for Chinese investors.
This profile of luxury property buyers typically comprises executives over 40 years old with families. They have high purchasing power and are seeking homes with exclusive and sophisticated features. After the pandemic, living in a space with ample plots and added comforts has become more important. Additionally, these buyers expect a wide range of high-quality services in the vicinity of their luxury homes. They may look for properties close to exclusive clubs, golf courses, spas, fitness centers, and other top-notch leisure facilities. Proximity to reputable hospitals, high-quality private schools, and other important services is also valued.
The second most common profile among luxury property buyers is that of investors. Again, foreign investors stand out, seeing luxury real estate as a safe investment. They aim to invest in luxury homes as a means of preserving and increasing their capital in the long term.
Luxury properties are becoming a safe haven due to their stability and appreciation potential. In Spain, this type of real estate continues to appreciate above the market average.
Spain is considered a leading destination for luxury real estate investment by foreign investors. The country’s favorable climate, quality of life, culture, history, and diverse leisure options attract investors. Among the popular high-end destinations are cities like Barcelona, Marbella, Ibiza, and Mallorca.
Málaga continues to lead the number of luxury property transactions in Spain, followed by the Balearic Islands, Madrid, and Barcelona, which together account for 69% of luxury homes sold in the country in the last year. Madrid ranks fourth globally in terms of property appreciation, surpassed only by London, Los Angeles, and Miami.
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