The sale of luxury homes, those worth more than €2 million, grew by 55% in Spain in 2022 compared to the previous year, reaching more than 8,000 homes sold, while in the first six months of 2023, there were 5,500 sales, according to data from the real estate network The Simple Rent.
The real estate agency has also stated that the value of these properties increased by 13% in the last year, a trend that will continue growing over the coming months due to the high demand.
Two buyer profiles stand out: international buyers, led by the British, Germans and French, and investors.
The average international buyer's profile is an executive over 40 with a family. They have high purchasing power and want luxury homes with exclusive and sophisticated features.
The real estate network has also noted that one of the direct effects of the war in Ukraine has been the retraction of Russian investment. Chinese investment has also declined.
Investors are similarly foreigners who see luxury as a secure asset and want to invest in luxury homes to preserve and increase their capital in the long term.
According to The Simple Rent, luxury properties are positioned as a "safe haven value" due to their stability and appreciation potential, since in Spain, this type of property continues to revalue above the average of the real estate market.
Sonia Campuzano, CEO of The Simple Rent, said that privacy is a "priority" for luxury home buyers, who are looking for homes with large land areas, away from the hustle and bustle and with advanced security measures such as surveillance systems and controlled access, with a strong preference for homes in gated communities or with adjoining properties that guarantee peace and privacy.
Malaga leads again this year in luxury housing transactions
Malaga leads yet another year in the number of luxury property transactions, those valued at over €1 million. It is followed by the Balearic Islands, Madrid and Barcelona, which account for 69% of the luxury homes sold in Spain in the last year.
The real estate network has also highlighted that foreign investors see Spain as one of the best places to invest in the luxury real estate sector, as the country is known for its luxury properties, especially in destinations such as Barcelona, Marbella, Ibiza and Mallorca.
"Foreign investors see luxury homes in Spain as a safe value and a stable investment. They believe that the Spanish real estate market offers opportunities for long-term growth and appreciation, as well as stability, compared to more volatile assets," said Campuzano.
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