Engel & Völkers

Luxury real estate in Spain continues its upward trend, both in terms of price and demand, resulting in a strong and consolidated market. However, there are locations where supply is insufficient. During the presentation of the real estate market report prepared by Engel & Völkers, the company's president for Iberia and South America, Juan-Galo Macià, stated that they currently have more than 80,000 clients interested in purchasing luxury homes in Spain, while they only have 8,000 properties in their portfolio.

Engel & Völkers has listed Villa Bellagio, one of Marbella’s most exclusive mansions, for sale at €70 million. Located in the prestigious Sierra Blanca area on the Costa del Sol, the property was designed by renowned Spanish architect Jesús del Valle and earned the Macael Award for Best Design in 2022.

Valencia’s historic centre is increasingly popular with international buyers. According to Engel & Völkers, 66% of the property sales the agency handled in Ciutat Vella during Q1 2024 involved foreign purchasers. In total, the firm completed 57 sales in the area – a 39% rise compared to the same period last year.

Real estate agency Engel & Völkers has reported that its properties in Madrid are rented to foreign students within "hours".

The luxury real estate agency Engel & Völkers assures that Americans have increasingly more weight in their portfolio. In 2023, this nationality represented 2% of all the company's transactions in Madrid, while in Barcelona it represented almost 5% and in Valencia, close to 7%.

The Council of Ministers approved removing golden visas for foreigners investing over €500,000 in housing, just one day after the President Pedro Sánchez, announced the decision. idealista/news speaks with Spain's main luxury real estate agents to see what they think. They believe that, although it is a blow for the sector, since it removes an appealing option in some cases, they expect limited damage, since most foreign investors do not invest in Spain to obtain a residence permit. Furthermore, only 0.1% and 0.5% of homes sold to foreigners from 2016 to 2023 received golden visas.

One in three foreign home buyers in Spain finance their purchase in our country, and two in three pay in cash. According to Engel & Völkers Finance Spain, the reason for this is that the mortgage offer is more competitive than what they can find in their home countries.