Neither Paris nor Monaco: The big fortunes are looking for homes in Madrid

PUBLISHED ON

Mayo 07, 2024

CATEGORY

Real Estate

In the search of the great fortunes to find the best location for their homes, Madrid is gaining ground. In fact, it is the world's fourth most popular to buy, surpassing destinations such as Paris, Monaco or London.

The list is led by Dubai, which last year was in fifth position, followed by Miami, New York, London, Austin and Lisbon. The Spanish cities of Barcelona and Malaga are also among the top 50 most searched destinations in the world, ranking 19th and 47th, respectively.
19th and 47th places, respectively. With regard to Madrid, the experts note that the world's
the world's great fortunes have set their sights on the Spanish capital, encouraged by the quality of life, the climate or the quality of life, the climate and the security offered by the city.

The Four Seasons effect and business schools are driving Madrid as a mecca for the world's luxury housing luxury housing worldwide.

Madrid is now the “place-to-be” of the world's greatest wealthy, and that has earned it the nickname of the has earned it the nickname of the “Miami of Europe”.

“Cosmopolitan, cheerful and lively, Madrid is becoming a prime place of residence for buyers from around the world. The quality of urban life is backed by recognized safety, a pleasant climate, free public services, first-rate healthcare free public services, first-rate health services, quality education and an excellent transportation system,” they say. As an example of the economic attractiveness of Madrid, Madrid is home to some of the leading national companies and is the fourth European city in terms of the number of multinationals registered offices.

Ranking - City/Country:
1. Dubai, United Arab Emirates
2. Miami, USA
3. New York, USA
4. Madrid, Spain
5. Paris, France
6. London, United Kingdom
7. Austin, USA
8. Lisbon, Portugal
9. Rome, Italy
10. Istanbul, Turkey

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. High-quality features, sophisticated designs and large spaces. In addition, they also demand properties that have added services such as 24-hour concierge or sports and leisure 24-hour concierge or sports and leisure facilities. They are generally interested in  historic buildings, large apartments with high ceilings located on upper floors.
As for the most sought-after areas, the Salamanca district, specifically the Recoletos area, is the most exclusive. Recoletos area is the most exclusive in the city. There, high-end clients, 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 bedrooms and two bathrooms.
are looking for apartments with two or three bedrooms, up to 200 sq. m., with large living rooms, and with spacious living rooms, which is sometimes not easy to find, since the old apartments in the capital were conceived apartments in the capital were often designed with rather small living rooms.
small. As for the neighborhood of Las Letras, the former artists' quarter was considered a less chic and less considered a less chic area and was not very much in demand; however, now many of its old buildings have been many of its old buildings have been rehabilitated by foreign investors. This area has seen an improvement in the perception of the wealthy due to the Four Seasons, as well as the proximity of the capital's major museums.

“New luxury real estate projects are still scarce in Madrid, but many investors are starting to show interest. A trend is beginning to emerge trend: high-end buildings with services,” the firm points out. For the time being, the cream of the crop are the residences created by the Mandarin Oriental hotel chain in the Salamanca district, which are being Salamanca neighborhood, sold off-plan in record time for more than 20,000/m2.

Client profile
Foreign buyers are a fundamental part of the luxury real estate market in Spain, especially in coastal areas. In terms of origin, investors from Latin America stand out. In second place are the British
followed closely 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 Balearic Islands.

“Generally speaking, demand has been increasing since 2020. Indeed, many foreigners have
Indeed, many foreigners have appreciated the city during the pandemic, as it has remained very active in terms of restaurants, bars and events,” they explain. At the same time, demand
at the same time, demand is increasing considerably from Colombian, Peruvian and Chilean buyers, due to the political Chilean buyers, due to the political situation disrupting their local economies.

As for the evolution of prices, the market consensus forecasts price increases throughout the year, although throughout the year, although they will be moderate. In terms of trading volumes,
will grow by around 20%, in line with the previous year.