Global Property Handbook 2024

Spain’s capital climbs five places and confirms itself as the fourth most searched city worldwide by HNWI.

Madrid is so cosmopolitan, prosperous and upbeat that it has become a prime place of residence for buyers from around the globe. These insights come from the BARNES Global Property Handbook (GPH), our annual report—essential reading to understand the luxury market in depth. Notably, in the latest GPH, Spain’s capital ranks as the world’s fourth most sought-after city for HNWI (high-net-worth individuals). In a ranking led by Dubai, followed by Miami and New York, Madrid has climbed five spots since the previous edition, thanks in part to its urban quality of life, safety, climate and excellent transport system.

The report we published at BARNES is so comprehensive that multiple media outlets have echoed many of its findings. laSexta and business daily Cinco Días both highlight Madrid’s five-place jump since the last GPH and the 9%–13% increase in prime price per square metre. In its coverage, the Prisa group’s business newspaper also focuses on the factors considered in the GPH ranking, including the market’s investment appeal.

As Alvise Da Mosto, our Managing Director at BARNES Madrid, explains on Radio Intereconomía’s Con I de Inmobiliaria: “Madrid remains highly attractive for investors compared with other cities in the ranking—such as Paris, where prices fell 6%, and London, which saw around a 1% drop in transactions—while our Madrid office recorded a 25% increase in sales. Madrid is positioning itself as Europe’s economic capital.”

Undeniably, the economic angle and the interest cities spark among foreign capital are key factors in our study. This is why 20 Minutos underscores that “cosmopolitan, festive and bustling Madrid is becoming a very popular place of residence among buyers worldwide.”

The favourite neighbourhoods, per our GPH

El Español, drawing on our GPH, examines the Madrid districts most in demand among these new, financially solid investors: Justicia, Chamartín, Chamberí and Cortes. It also describes the properties: “High ceilings, many with balconies—though many require major refurbishment. Judging by the target audience, that hardly seems an issue.”

On buyer profiles, the Idealista blog echoes a point made crystal clear in the GPH: “We are seeing growing interest from European citizens investing in the city, adding to Latin Americans who already own in the capital but are seeking larger homes to spend more time or even settle permanently.”

The luxury segment is performing well, and our BARNES Madrid office grew turnover by 20% in 2023. We expect 2024 to follow suit, with plentiful high-quality properties above €3 million, aimed chiefly at international clients.

Barcelona and Málaga also captivate the luxury market

Madrid isn’t the only HNWI dream. As highlighted in the GPH, Barcelona and Málaga have also made the ranking of the most desired capitals for luxury real estate.

It’s only fair to emphasise Barcelona’s fifth position: “The Catalan capital offers excellent investment opportunities—for primary and secondary homes as well as the rental market. Its value for money is outstanding.”

Diario de Sevilla focuses on Málaga’s appearance in the list of favourite cities for the wealthy to buy homes. Málaga Hoy also notes that “the Costa del Sol’s capital joins Madrid and Barcelona as Spain’s preferred cities for this economic elite to acquire property.”