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An oceanfront mansion, a ranch in the mountains or a penthouse in some old European city. Being rich is synonymous with having two, three or more secondary residences in which to spend vacations or work remotely. In the search of millionaires to find the best location for their homes, Madrid is gaining ground. In fact, it is the world's fourth most popular destination to buy luxury, according to the Barnes City Index 2024, surpassing destinations such as Paris, Monaco and London. The list is led by Dubai, which ranked fifth last year, followed by Miami, New York, London, Austin and Lisbon. The Spanish cities of Barcelona and Malaga are also among the 50 most sought-after destinations in the world, ranking 19th and 47th, respectively. As for Madrid, Barnes experts note that the world's great fortunes have set their sights on the Spanish capital, encouraged by the quality of life, the climate and the security offered by the city. "Cosmopolitan, cheerful and lively, Madrid is becoming a privileged place of residence for buyers from all over the world. The urban quality of life is backed by renowned safety, a pleasant climate, free public services, first-rate healthcare services, quality education and an excellent transportation system,” they note. As a sign of Madrid's economic attractiveness, the firm recalls that it is home to some of the country's leading companies and is the fourth-ranked European city in What are they looking for? Urban luxury clients are looking for homes that are well located, have high quality features, sophisticated designs and large spaces. In addition, they also demand properties with added services such as 24-hour concierge or sports and leisure facilities. In general, they are interested in historic buildings, large apartments with high ceilings located on upper floors. As for the most sought-after areas, the Salamanca district is the most exclusive in the city. There, the high standing clientele, often international, are looking for houses of more than 350 m2. In other neighborhoods such as Chamberí, Chamartín, Las Letras or Justicia, buyers are looking for apartments with two or three bedrooms, up to 200 m2, with large living rooms, which is sometimes not easy to find, since the old apartments in the capital were often designed with quite small living rooms. As for the neighborhood of Las Letras, the former artists' quarter used to be considered a less chic area and was not much in demand; however, now many of its old buildings have been rehabilitated by foreign investors. "New luxury real estate programs are still scarce in Madrid, but many investors are starting to show interest. A trend is beginning to emerge: high-end buildings with services,” the firm points out. At the moment, the cream of the crop are the residences created by the Mandarin hotel chain. Client profile Foreign buyers are a fundamental part of the domestic luxury real estate market, especially in coastal areas and Madrid. In terms of origin, investors from Latin America stand out, representing 60% of Barnes' client portfolio. In second place are the British, closely followed by the French and Americans. The latter, who have gained weight in recent months encouraged by the exchange rate, are investing “massively” in the coast and the Balearics. "Generally speaking, demand has been on the rise since 2020. Indeed, many foreigners have appreciated the city during the pandemic, as it remained very active in terms of restaurants, bars and events,” they explain. At the same time, demand is increasing considerably from Colombian, Peruvian and Chilean buyers, due to the political situation disrupting their local economies. As for the evolution of prices, the market consensus forecasts increases throughout the year, although they will be moderate. As for trading volumes, they will grow by around 20%, in line with the previous year.
An oceanfront mansion, a ranch in the mountains or a penthouse in some old European city. Being rich is synonymous with having two, three or more secondary residences in which to spend vacations or work remotely. In the search of millionaires to find the best location for their homes, Madrid is gaining ground. In fact, it is the world's fourth most popular destination to buy luxury, according to the Barnes City Index 2024, surpassing destinations such as Paris, Monaco and London. The list is led by Dubai, which ranked fifth last year, followed by Miami, New York, London, Austin and Lisbon. The Spanish cities of Barcelona and Malaga are also among the 50 most sought-after destinations in the world, ranking 19th and 47th, respectively. As for Madrid, Barnes experts note that the world's great fortunes have set their sights on the Spanish capital, encouraged by the quality of life, the climate and the security offered by the city. "Cosmopolitan, cheerful and lively,
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