Madrid reaches 20,000 euros per square metre for luxury flats

PUBLISHED ON

Noviembre 21, 2024

CATEGORY

Real Estate

Spain's attractiveness as a high-end property investment destination is driving the luxury residential sector both in the centre and in certain metropolitan areas of major cities, as well as in the main tourist destinations. 
In addition to conventional developments, there is the constant announcement of branded residences projects with the participation of hotel chains and prestigious brands, broadening the range of high-income clients and placing Spain in the wake of the major international luxury destinations.

‘In Madrid we are hovering around 20,000 euros per square metre. Three or four years ago we were talking about 12,000, 13,000 or 14,000 euros per metre, but now the client demands a very high quality property with all kinds of services and amenities and wants a very professional service'. The lack of supply of new construction in the market and a strong foreign demand, mainly by North Americans and Eastern European countries, make the price increase today is crazy.
We are already talking about 20.000 euros per metre and even in some places, the prices are above 20.000 euros. At these prices, the client demands a very high quality property with all kinds of services and amenities and wants a very professional service, both for the developer and the end buyer, with 24-hour support,’ says Luis Valdés, Managing Director Residential Sales and Advisory at Colliers.
Advisory of Colliers. ‘The luxury market in Spain is at an effervescent moment,’ says Bruno Rabassa, CEO of Berkshire Hathaway Homeservices, who points out that ’most of the operations we do in Madrid are international capital. It is true that the presence of North Americans is becoming increasingly important due to the climate, the security offered by our country and the services, infrastructures and healthcare.

The new international capital that is arriving in Madrid in particular is being favoured by the opening of new five-star luxury hotels such as Marriott Starwood, Mandarin Oriental or Four Seasons, and this is undoubtedly generating new buyers who will not only be interested in the new hotels, but also in the new hotels that will be opening in the near future.
Seasons and those yet to come, and this is undoubtedly generating new buyers who did not know Madrid and who are investing in luxury housing. It is in this context that Branded Residences
which not only offer a real estate product, but also create a unique lifestyle, representing the ultimate expression of luxury. These properties, which are limited in number, are associated with iconic brands that take care of every detail and offer exclusive services, redefining the concept of luxury’.