A booming market for luxury properties in Spain

For most of us, properties with a price tag over a million are simply to be ogled at.  As Place in the Sun presenters share a ‘top end’ property in their location we might dream a little but never consider it within our reach. However, the luxury property market is healthy and growing and those with the cash to splash are choosing Spain.

• The Costa del Sol and Madrid remain firm favourites
• Rich Americans are on the rise
• Some high-profile celebrities are choosing Spain

Infinity pools, private beaches, luxury suites and even helipads are amongst the fixtures and fittings of some of the most desirable properties in Spain. If some of us are tightening our belts there are plenty of people out there who are able to expand theirs.

Popular locations for the rich

It is no surprise that Madrid and the Costa del Sol remain particularly popular locations for the super-rich. The Golden Triangle of Marbella, Estepona and Benahavís remain firm favourites with property advertised with the eye-watering price tag of between €3 million and €20 million. Almost half of the demand comes from foreign buyers. In Madrid, however, there is a more national rather than international market with only 11% of purchases being made by foreigners.

Types of property

Our wealthy buyers aren’t settling for any old two-up and two-down, of course. Detached villas are more or less the order of the day, particularly when it comes to coastal areas. Since Covid perhaps, more respect has been given to the benefits of having outside space. When it comes to buying in some of Spain’s major cities however, apartments are prime choice in the luxury market.

Who is buying?

Buying high-end property isn’t confined to any one nationality. The wealthy, with an interest in Spain, come from world-wide locations. However, there has been a recent surge in interest from Americans. Perhaps fuelled by political reasons as well as economic confidence, Americans are targeting luxury properties in Spain for their own personal use as well as investment potential.  

With the conflict in the Middle East, some of those who would normally be attracted to the Dubai market are also considering a Spanish property instead. Gulf- based property buyers are increasing and there is also continued interest from many wealthy Europeans with the Polish market on the up.

High profile names

Perhaps one of the most sought-after neighbourhoods within easy access to Madrid is La Finca residential estate in Pozuelo de Alarcón. This has been chosen by Kylian Mbappé as his home whilst playing for Real Madrid. Valued at 11€million it is out of the price range of many wealthy purchasers but for an internationally successful professional footballer, it’s a mere snip of a price.

Other famous names indulging in the top-end of the Spanish property market include tennis player Novak Djokovic. His Marbella home, located in Sierra Blanca, is estimated to be valued at €10 million. So, what do you get for a figure like this? Included is a private tennis court, spa, pools, 9 bedrooms, marble fireplaces and chandeliers. Novak can also enjoy his own, personal cinema room, games room with billiard table and, of course, a sea view comes as standard.

Struggling to choose between a luxury apartment and a well-appointed villa then why not join Penélope Cruz and Javier Bardem and have both! Their main residence is in Valdelagua, a private, gated urbanisation just outside Madrid. When they want to be more in the centre of it, they can stay over at their penthouse in Chamberí. one of the most exclusive areas of Madrid.

These properties and lifestyles might be out of reach for most of us but Spain’s luxury house market still represents good value for money when compared to other top-end, international locations. And, after all, it is always reassuring to know that the rich and famous are opting for Spain too.