Real estate transactions of more than 3 million euros in Spain increased by 55% in 2022 compared to the previous year, a percentage that doubled that of 2019, before the pandemic, according to the 'Report on the Luxury Housing Market in Spain' .

Luxury homes

According to a study by Hiscox, a company specializing in insurance for companies, professionals and high net worth, the luxury segment accounts for around 5% of the total residential market in the country and, despite the strong slowdown in the luxury residential market due to covid- 19, the evolution of the consumption trend of buyers in this segment is one of those responsible for the good health of the sector, which translated into a substantial increase in transactions in 2022, exceeding 8,000 operations.

By province, 85% of the homes with a value of more than 3 million euros were concentrated in Barcelona, Madrid, the Balearic Islands and Malaga. In addition, since 2019, the prices of these homes have increased between 10% and 20%, depending on the area.

•      Barcelona, the fourth spanish market, concentrated 6% of all buyers of luxury homes.
•      Malaga led this market, with a total of 2,500 luxury homes worth more than 3 million euros, representing 34% of the national total
•      The Balearic Islands was the second reference market, with 3,300 of these exclusive homes, 33% of the total for this market
•      Madrid was the third with 10% of the total 'stock' of luxury homes.

At the end of 2022, the average price in Barcelona was between 4.8 and 5.3 million euros, Malaga reached 5.9 million euros, while in Madrid the average was between 4.7 and 5.1 million euros.

Spain, fourth most attractive country for investors who buy luxury homes

The complex market for buying and selling luxury real estate is currently experiencing growth and more and more high net worth clients are choosing to invest in Spain.

The list of most attractive destinations for investment in these luxury homes worldwide is headed by the US, followed by the UK, Australia and, in fourth place, Spain.

If the main foreign buyers in this market are attended to, it can be deduced that Spain is chosen as a "safe investment and as an ideal destination" to establish a second residence for foreigners coming from the United Kingdom, Germany, France, Latin America, Russia and China , mainly, and prefer the coast.

The British remain the largest buyers of luxury homes

British investors continue to lead the share of transactions of these exclusive homes carried out by foreigners, with 20% of the total in 2022.

As for national buyers, it is the people of Madrid who most demand this type of home as their first residence, especially after the pandemic, due to the flexibility of remote work.
Source: Hiscox