Real estate for more than 3 million coins in Spain increased by 55% in 2022 compared to the previous year, a percentage that doubled in 2019, before the pandemic, according to the “Report on the Luxury Housing Market in Spain” by Hiscox. .
According to the study, the luxury segment accounts for approximately 5% of the country’s total residential market and, despite the strong slowdown in the luxury market due to Covid-19, the development of buyers in this segment is the trend of consumption “mainly responsible” for the good health of the sector, which translates into more transactions in 2022 is, exceeding 8000 operations.
From the province, 85% of the houses with a value of more than 3 million coins are concentrated in Malaga, the Balearic Islands, Madrid and Barcelona. In addition, since 2019, the prices of these houses have grown between 10% and 20%, depending on the area.
Malaga led this market, with a total of 2,500 luxury homes worth more than 3 million coins, which represent 34% of the national total; the Balearic Islands are referred to as the second market, with 3,300 of these exclusive houses, 33% of this total market; In the case of Madrid, it has 10% of the total stock of luxury houses, and Barcelona has a total of about 6% of them.
Malacca, the Balearic Islands, Madrid and Barcelona monopolize the market
At the end of 2022, around 2,900 real estate purchase and sale operations of more than 3 million dollars were registered in Malaga, 1,100 more than in 2021, corresponding to 3.5% of the total in this city, reaching an average price of 5.9 million dollars.
For its part, the Balearic Islands registered some 2,300 achievements of these luxury homes, representing 4% of the national total. In Madrid there were a total of 900 transactions, representing 0.5% of the total, while close to 600 luxury properties were sold for an average price of around 4.7 and 5.1 million euros.
In Barcelona, the operations of the house were more than 3 million coins, about 500 in 2022, compared to 370 in 2021. The average intervention was 4.8 and 5.3 million coins.
Spain, the fourth most attractive country for hostages
The list of the most attractive destinations for investing in these luxury homes in the world is topped by the United States of America, followed by the United Kingdom, Australia, and in fourth place, Spain.
If the main foreign buyers are paid attention to in this market, it can be deduced that Spain has been chosen as a “safe occupation and the best destination” to establish a second residence for foreigners coming from the Kingdom, Germany, France, Latin America. They prefer Russia and China especially and the coast.
The British are still the biggest buyers
British investors continue to lead the share of transactions of these exclusive residences completed by foreigners with 20% of the total in 2012.
For national buyers, people from Madrid are the ones who mostly demand this type of house as their first residence, especially after the pandemic, due to the flexibility of working remotely.
The director of the art and private clients division of Hiscox Spain, Eva Peribáñez, highlighted that the complex market for buying and selling luxury real estate is now experiencing “growth” and, each time, more and more clients are online. bet on investing