By the end of 2021, over 30% of the demand for luxury properties in Madrid is expected to come from large investment portfolios and international executives. Madrid is a leading vacation destination among people from the United States, Latin America and Asia.
Investment properties or second homes are especially popular among foreign investors. According to the 2021 BARNES Global Property Handbook, 89% of luxury homebuyers said they plan to spend more time during the year in their second homes, while 72% said they plan to live in their primary residences and second homes equal periods of time.
The Golden Visa will be granted to investors willing to build their own home on a purchased land plot. “The aim is to attract buyers by enabling them to build their primary residence in Spain. However, there are still not so many purchases on this express visa,” Eduardo Crisenti, director of BARNES Madrid, said.
Salamanca, Centro and Cameri are the most sought-after areas in Madrid. An average price for existing housing in the capital stands at 6,700 euros per sq.m., while prices for new homes exceed 9,300 euros per sq.m.