Housing affordability is a problem that everyone is talking about today, they talk about it in different countries and, of course, they discuss it abundantly in Spain. But while many are tearing their hair out, trying to figure out where and how to find at least something that will cost, even a mortgage, some people have the means to continue buying housing like the last time. Although, given the current situation in the global economy, this may indeed be their last chance to save their savings.
But who is the main group of such wealthy buyers in Spain? At least we can look at the largest category of buyers in the field of luxury housing in the country. After all, it is one of the main "shelters" for wealthy people in difficult economic circumstances.
Let's turn to the "Wealth Report" report from the international real estate consulting agency Knight Frank. It indicates that Spain ranked second in the world in popularity of luxury housing among foreign buyers. Only France, with its vast Mediterranean coast, surpassed Spain in terms of purchasing interest.
The remaining ten popular countries in Europe are: Italy, Great Britain, Greece, Switzerland, Portugal, Croatia, Ireland and Germany. If we consider individual cities, the top five in Europe are Madrid, which occupies the first place, as well as Monaco, London, Paris and Berlin.
What about nationalities? The information can be provided by the German company Engel & Völkers in their report on the Spanish real estate market for 2022-23. Perhaps it will be unexpected, but in Spain, as in Europe in general, the first places in the list of the largest categories of buyers are occupied by Australians and Americans. Germans, Belgians, French and Italians can also be mentioned.
The overwhelming number of transactions they make cost more than 2 million euros. These buyers also very rarely use credit funds for their purchases, which indirectly indicates the low attractiveness of borrowed funds even for the wealthiest people in the world.
At the same time, it shows that at least in the elite market there are enough people with large own savings, whose demand does not depend much on the situation with lending rates.