REWIND to the arrival of the new millennium, and Spain’s capital Madrid was not high on the list of destinations for international tourists, visitors or those seeking to buy a property. But that has clearly changed in recent years, with tourism from the US booming and the city now appearing fourth on the list of preferred destinations for high net-worth individuals to purchase a home.
That’s according to the latest Global Property Handbook report from international real estate company Barnes, and which basically breaks down where the rich are seeking to invest in apartments, houses or other properties.
At the top of the list for 2023 is Dubai, which has knocked Paris off the number-one spot, according to a report on Spanish real estate portal Idealista.com. The French capital is now in fifth place, below Madrid, while Miami and New York have held position in second and third, respectively.
There are two other Spanish destinations on the list, however: Barcelona in 19th, and Malaga, which has made its debut appearance and comes in at 47.
The report draws on a number of factors, such as the interest a destination has for investors, as well as climate, safety and infrastructure.
The Barnes report predicts that Madrid will stay among the five top spots on the list for the coming years, given a spike in interest among European citizens to invest there, as well as Latin Americans who already have homes in the city but are seeking something bigger either to spend more time there or to move there permanently.
The report also points to the ‘excellent investment opportunities’ in Barcelona, as well as the attraction that the Catalan capital’s ‘Mediterranean lifestyle’ holds for clients from the US, in particular those from California.
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