Luxury real estate in Spain

Spain's luxury residential market is experiencing a boom. Climate, infrastructure, quality of life and security are the main reasons why buyers of luxury and ultra-luxury homes (over €5 m) choose Spain to live in. Marbella is one of the epicentres of ultra-luxury. Specifically, the most expensive square metre is in homes on Marbella's beachfront in Marina Puente Romano complex, reaching €30,000 per square metre. And when the property is good... the sale takes place “off market”, that is, it does not go on sale publicly and takes only between one and three months to sell.

Nestled in the prestigious enclave of Nova Santa Ponsa in the southwest of Mallorca, this newly constructed designer villa epitomises contemporary luxury living.

Pure Living Properties, an agency specialising in the premium market, has designed a guide analysing all the steps and current costs of the process. According to this study, the price of designing, building and providing technical facilities and furniture for a luxury villa with gardens and pool is currently around €5.1 million.

Looking to make your dream of owning a holiday home or luxury villa in Spain a reality? Whether you're actively searching or simply exploring your options, you've come to the right place.

The high-end residential market in Madrid continues to attract foreign investment, especially American buyers, who consider the region as the “European Miami”, according to Lucas Fox, the real estate agency specialising in luxury housing. According to its data, renovating a home in the capital's 'prime' neighbourhoods can increase its price by more than 70% to over €10,000/m2. Jerónimos (€20,800/m2), Recoletos (€17,300/m2) and Goya (€15,000/m2) stand out the most but La Moraleja (€12,000/m2) and Pozuelo (€11,500/m2) are also noteworthy.

One segment that knows very little about recession is the luxury housing market. As it continues at a good pace, experts predict it will grow during the second quarter of 2024. It should be noted that, while the rest of the residential segments have been slowing down during 2023, it has remained resilient and Spain is ranked as the fourth destination luxury worldwide. Madrid, Murcia and the Canary Islands will be the most appealing areas for non-residents.

Knight Frank's latest 'Wealth Report 2024' on the luxury market reveals what $1m can buy in the most expensive real estate markets in the world. Prime housing prices remain high in Monaco, Hong Kong and Singapore, where $1m can barely buy 15 to 30 m2 of luxury property. In Spanish destinations, the values change from 96 m2 in Madrid to just 50 m2 in Ibiza.

Colliers ramps up its commitment to luxury housing and opens an office in the heart of the Costa del Sol. According to idealista/news, the real estate consultancy firm chose Bulevar Príncipe Alfonso de Hohenlohe on Marbella's Golden Mile for this new space.

Madrid and Barcelona are among the top 10 cities in the world where the price of luxury housing will grow the most in 2024, according to forecasts from Savills' 'World Cities Prime Residential' index.

According to the latest Global Property Handbook report by Barnes, Madrid has been ranked the fourth favourite city by high net worth individuals (HNWI), or in other words, wealthy people, to buy a home.