When discussing foreign interest in luxury property in Spain, attention often turns to the Mediterranean coast and the Balearic Islands. However, the two major cities of Madrid and Barcelona also offer a substantial stock of high-end homes, which are increasingly attracting demand from abroad. Drawing on idealista’s latest report on foreign residential demand in Spain for Q4 of 2024, we examine the luxury property supply in both cities and the influence of international buyers in the prime districts and neighbourhoods of Madrid and Barcelona.
In both Barcelona (78%) and Madrid (82%), the majority of luxury properties consist of premium apartments, flats, and penthouses, predominantly located in the prime central areas of each capital. Average prices stand at €2.2 million in Barcelona and €2.48 million in Madrid. This trend contrasts sharply with the national average, where detached houses make up the bulk of the premium property market.
The remaining share of luxury stock – 22% in the Catalan capital and 18% in Madrid – comprises high-end villas located in select areas of both cities, with average prices ranging from €3.2 million in Barcelona to €2.9 million in the Spanish capital.
Foreign interest in Spain’s luxury property market is currently higher in Barcelona than in Madrid, despite the latter offering greater overall inventory and demand. In Barcelona, the highest proportion of foreign buyers is found in the apartment segment (25%), closely followed by villas (24.6%). In contrast, foreign demand in Madrid is more modest, with 14.5% of premium apartment sales attributed to international buyers and 12.8% for single-family homes.
British, German and French nationals continue to represent the most prominent foreign buyer groups across both cities. However, in recent years, interest from American buyers – and particularly Mexican nationals in Madrid – has grown notably.
Ciutat Vella, Sant Martí and Eixample attract the most foreign interest in luxury housing in Barcelona
In Barcelona, the districts of Ciutat Vella (39.1%), Sant Martí (33.4%) and Eixample (31.4%) have a luxury housing stock largely concentrated in premium apartments and penthouses. These areas attract the highest levels of interest from foreign buyers, with international demand exceeding one-third in each district – significantly above the national average of 20.7%.
Sant Pere – Santa Caterina i la Ribera and El Gòtic are the most sought-after areas in Ciutat Vella, with average prices ranging between €2.2 million and €2.8 million. In the Sant Martí district, the luxury property market is largely concentrated in Diagonal Mar and the Front Marítim area of Poblenou, where prices average around €2.5 million. Meanwhile, in the Eixample district, La Dreta de l’Eixample and L’Antiga Esquerra de l’Eixample stand out, offering high-end apartments priced between €2.1 million and €2.5 million.
In contrast, the districts of Les Corts, Gràcia and Sarrià–Sant Gervasi offer a more balanced luxury market, with stronger demand for villas over apartments. Within this area, Pedralbes leads in foreign interest, with 28.2% of demand coming from international buyers – far surpassing Les Corts at 11.5%. Average property prices in Pedralbes can reach up to €10 million.
Sarrià–Sant Gervasi is one of Barcelona’s most versatile luxury districts, offering a diverse high-end property market. The neighbourhood of Vallvidrera – El Tibidabo i les Planes stands out with an exclusive supply of villas, averaging €1.9 million, and a notable foreign buyer presence (32%). Meanwhile, Sant Gervasi – Galvany focuses more on premium apartments, with average prices around €2.5 million and international demand accounting for 16.9%.
Other prestigious areas within the district – such as Les Tres Torres, Sarrià and Sant Gervasi – La Bonanova – also contribute to the luxury housing stock. In these neighbourhoods, foreign demand is weighted more heavily towards villas than apartments, with an average of 20.1% of interest in villas compared to 14.5% in flats.
Foreigners are seeking luxury homes in the city centre, Salamanca, Chamberí and Moncloa: a total of 10 districts
In Madrid, the luxury housing market is expanding compared to Barcelona, and although the weight of interest from outsiders is diminishing in the face of rising demand, foreigners are appearing in all of the capital's prime neighbourhoods.
Foreign interest in luxury apartments in the city centre (18.4%) and Salamanca (17.3%) and villas in Moncloa (15%) exceeds the city average, with Chamberí (13.9%), Retiro (12.8%) and villas in Chamartín (11.2%) also standing out.
Prices vary widely, ranging from €3.2 million for villas in Chamartín and €3 million for apartments in Salamanca, to €1.6 million for apartments in Tetuán and nearly €1.8 million in Ciudad Lineal.
In Madrid’s most sought-after neighbourhoods, foreign buyers account for up to 24% of demand for luxury apartments in Sol, where average prices reach €2 million. Recoletos also sees notable foreign demand (20.7%), with apartments averaging €3.5 million.
Neighbouring areas of Sol, including Huertas-Cortes (18.7%), Chueca-Justicia (17.7%), Palacio (17.4%), and Malasaña-Universidad (14.8%), also attract foreign buyers. Apartments in these districts range from €1.6 million in Palacio to €2.9 million in Malasaña.
In nearby areas to Recoletos, such as Goya (16.3%), Castellana (15.9%) and Lista (13.7%), foreign demand remains significant. In Castellana, average prices reach €3.9 million, while in Goya, they stand at €2.1 million.
Additionally, 16% of demand in the Jerónimos neighbourhood of Retiro comes from abroad, with premium apartments priced at an average of €3.35 million. In Trafalgar, 13.7% of demand also originates from international buyers, with apartments averaging nearly €2 million.
Foreign interest in luxury villas is particularly high in El Plantío, Moncloa, where it accounts for 20.5% of total demand, with average prices around €3.4 million. The most expensive properties are found in El Viso, with average prices of €4.3 million and 12.2% of foreign demand, followed by Nueva España and Valdemarín, where villas average €3.5 million and foreign interest exceeds 11%.
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