Why are young wealthy individuals looking for luxury real estate in Spain?

The most expensive villa is currently available on the Idealista real estate portal - a frontline property by the sea, with 22 rooms and 3,200 square meters spread over three floors, all for 79 million euros, with a monthly mortgage payment of 300,000 euros. This elite property is located in Puerto de Andratx and is offered by Private Placement Properties. There is another property available for 41 million euros in Calviá. Nearby, there is a property from Marcel Remus - seven bedrooms and six bathrooms for 65 million euros. Marbella also offers luxury homes ranging from 30 to 35 million euros.

It's impossible for everyone, but demand in recent years has been so high that the luxury real estate market in Spain is experiencing its best times. "Sales of homes priced between 10 and 20 million are becoming increasingly common," confirms Christopher Clover from Panorama Properties. Mallorca and Marbella host the majority of homes that are only affordable for billionaires.

Spain is grabbing attention in the luxury real estate market, surpassing Mykonos and Corfu in Greece. They are not far behind Dubai, where prices for properties worth 25 million dollars doubled in 2023.

Spain has attracted wealthy buyers, among whom there is a preference for real estate investments. Eastern buyers are not as active as they used to be; now, it is entrepreneurs around 50 years old, connected to telecommunications companies and construction. After the pandemic, buyers from the Netherlands, Northern European countries, the UK, Sweden, and Ukraine have increasingly shown interest in the luxury real estate market in Spain.

Clients are looking for modern homes with open spaces, energy-efficient features, and entertainment areas (spa, gym, home theater, etc.). Young entrepreneurs are investing the profits from their online businesses into luxury homes. There is a preference for privacy, quality of life, and connections for remote work. Marbella, Malaga, and Mallorca have become a magnet for a new wave of luxury real estate buyers.