Spain’s luxury real estate market has experienced significant growth recently, driven by increased demand from both domestic and international buyers. In the first half of 2024, the supply of prime properties—those priced above €2.5 million—increased by 7%, reaching over 14,000 available homes.
International Demand: Spain’s appealing climate, cultural richness, and economic stability have attracted buyers from the U.S., China, and Northern Europe. Notably, American buyers accounted for 10.4% of foreign purchases in early 2024.
Rising Property Values: The average price per square meter reached €2,182 in Q3 2024, marking an 8.7% annual increase. Cities like Málaga and Madrid saw price hikes of approximately 17.9% and 17.8%, respectively.
Emerging Luxury Hotspots: While traditional markets like Madrid and Barcelona remain significant, areas such as Málaga, Alicante, and the Balearic Islands have become prominent luxury property destinations. Málaga, for instance, leads the prime market with 30% of the total supply.
Evolving Buyer Profiles: The market is witnessing a diversification of buyers, including young tech entrepreneurs, athletes, and digital nomads, reflecting broader lifestyle trends and the rise of remote work.
This robust growth in Spain’s luxury housing sector underscores the country’s increasing appeal as a prime destination for high-end real estate investments
