The world’s ultra-rich are choosing Spain as a paradise for their dream homes. High-income people are increasingly opting for properties with views of the Mediterranean Sea, away from the hustle and bustle, with a temperate climate and legal security for their investments.
In recent years, ultra-high net worth individuals (so-called UHNWIs) Ultra High Net Worth Individuals) have put Spain in their sights, catapulting the country to fourth place globally in demand for luxury properties, as revealed by the Private Office Market Report 2026 by the real estate agency Engel & Völkers in collaboration with the consulting firm Henley & Partners.
Spain: preferred destination for millionaires. Spain has slipped into fourth place in the world in demand for luxury homes, only behind Italy, France and the United Arab Emirates. Analysis carried out by 160 international advisors reveals that prices in the premium real estate segment rose in Spain (as in Italy) driven by the Mediterranean lifestyle. In contrast, destinations such as France and Canada registered moderate decreases.
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According to data from a study by the luxury real estate platform LuxuryEstate.com collected by the specialized portal Funds Societythe interest of millionaires from all over the world in Spain is solid. 77% of searches for luxury properties come from foreign buyers, with the ultra-rich Germans standing out with 27% of the total, above the French (17%) and Americans (5%). This translates into a record of almost 93,000 luxury homes acquired by non-residents in 2024, consolidating Spain as a safe destination for investors in luxury properties.
Reasons that attract fortunes. It’s no longer just about saving money: the rich want to live (even) better. The Engel & Völkers report highlights that more than 50% of international advisors highlight an increase in preference for destinations that invite you to live life outdoors (such as gardens or terraces accompanied by temperate climates) as the main feature for selecting luxury properties.
This figure rises to 69.5% for requests in Europe and 54.8% worldwide. Jawed Barna, CEO of Engel & Völkers, sees it clearly: these properties act as “lifestyle assets.”
Hans Lenz, an advisor in Mallorca, tells how “we have a growing group of clients moving here thanks to the incredible climate, security, connectivity and schools, with 19 international schools in Mallorca.” The exemption from wealth tax of up to three million euros and the absence of inheritance tax in the Balearic Islands accelerate the arrival of wealthy families to the Balearic Islands, combining remote work with the beach and golf.
Classic destinations. According to what was published by IdealisticMadrid, the Balearic Islands and Marbella are the most common destinations for these wealthy buyers. In Marbella, 8,708 luxury transactions were closed in 2024, an increase of 5.64% year-on-year, with 92% in foreign hands such as Mexicans and Russians. These operations seek absolute privacy, panoramic views and luxury equipment such as infinity pools. Millionaires, along with Latinos, choose a formula that mixes the business potential of the destination with relaxation.
When you clear the Neighborhoods like Salamanca in Madrid or Pedralbes in Barcelona see apartments worth more than a million euros go to American and Latin American millionaires.
In 2026 it will go further. According to data from the Engel & Völkers study, the luxury market in Spain generated 20,550 million euros in 2025, which represents a growth of 6.2% compared to the previous year, with Chinese tourists responsible for 20% of total spending in this segment.
Stuart Siegel, of Engel & Völkers Americas, predicts that the rich will continue to invest in homes designed for long-term enjoyment, prioritizing quality of life over quick profits. For his part, Daniel Hadi, CEO of the real estate agency for the Middle East, warns that the lack of exclusive villas and mansions will drive up current property prices even more.
Faced with this shortage of luxury housing, buyers will begin to look towards Branded Residences from prestigious brands such as Four Seasons or Dorchester, equipped with private spas and other luxury services managed by the brands.
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Imagen | Unsplash (Norbert Buduczki)
