Else Beekman
In 2023, Spain’s luxury real estate market has seen a significant uptick in interest from American buyers, marking a record surge in purchases. Industry experts highlight that despite global economic uncertainties and inflation, the stability in Spanish property prices, particularly in the luxury segment, has made it an attractive investment haven.
Pérez Bravo notes that the luxury real estate sector has maintained more stability compared to other market segments, prompting buyers to use this sector as a safeguard against economic fluctuations.
Lifestyle and strategic location drive investments
The appeal of Spain for American investors extends beyond financial considerations. Alvise Da Mosto, director of Barnes in Spain, points out that lifestyle and quality of life are key factors driving investments. Spain’s strategic position in Europe, combined with its rich cultural heritage, sunny beaches, and dynamic post-pandemic recovery, has bolstered its popularity among North American buyers.
François Carriere, CEO of Coldwell Banker Spain, adds in the newspaper Expansión that Americans are drawn to Spain’s authentic regions, famous for their cuisine and charming villages. “They also highly value the Spanish education and healthcare systems, which are considerably less expensive compared to the U.S.,” Carriere explains.
American buyers: some numbers
In 2023, more than 2,400 Americans purchased homes in Spain, setting a new record, according to data from the Notaries. Real estate agencies agree that this group has become one of the most active, especially in the Spanish premium market. In 2021 and 2022, transactions signed by Americans surged by 69.9% and 52%, respectively; and in 2023, they continued to grow robustly by 8.2% to 2,414, a level of sales never seen before. Although their presence remains small compared to other international investors, accounting for only 1.8% of the total homes bought by foreigners last year, experts agree that it is a rising trend, particularly strong in the prime segment and in specific areas.
Continued interest despite policy changes
Experts remain optimistic about the continued influx of American buyers, despite the Spanish government’s recent decision to withdraw the Golden Visa program. “The Golden Visa has been active for 10 years, and those interested in it have likely already taken advantage of the program,” Da Mosto states, suggesting that the end of this program will not significantly impact the luxury property market.
Highlighting prime properties
Several high-profile properties are currently on the market, appealing to affluent investors. These include a newly renovated villa in Monport, Mallorca, with stunning views of the Andratx harbour, priced at €10.9 million. Remarkable is also a prestigious seventh-floor apartment in Madrid’s Paseo de la Castellana, available for €6.6 million. Another standout listing is a duplex penthouse in the Salamanca district, part of the exclusive Lagasca 99 development, which commands a price of €13.1 million.
These properties not only offer luxurious amenities and prime locations but also represent sound investments against the backdrop of Spain’s stable and inviting luxury real estate market.
Also read: Record number of homes in Spain bought by Americans