Millionaires choose Spain for holiday homes. Top cities: Mallorca, Marbella, Madrid and Barcelona
The Wealth Report published by Knight Frank and the City Private Bank highlights Spain as one of the most attractive places, amongst the wealthy, to buy a home in which to spend their holidays.
The study distinguishes between the options for investing in second homes among wealthy Americans, Latin Americans, Europeans (including Russians), Africans, Arabs and Asians.
Among the world’s wealthiest, Spain comes out as the fourth preferred country to buy a holiday home in, after the United States, the UK and France. Among Latin America’s richest, Spain is the second favourite, only behind the United States, and the fourth best destination for European millionaires’ holiday investments, after the UK, France and the United States.
The Wealth Report for this year includes the cities which cost most per square metre. Monaco is at the top of the list, with a price of 45,000 euros per square metre, followed by Cap Ferrat (France at 40,000 euros), London (37,800 euros), Hong Kong (36,700 euros) and Courchevel (French Alps at 34,000 euros).
The first Spanish cities in the ranking, out of a total of 63, are two popular holiday destinations – Mallorca is ranked at number 32, with a price of 9,200 euros per square metre, two places above Marbella (34), with 9,000 euros per square metre. Behind these Spanish entries are such places as diverse as Venice (Italy), Miami, Milan (Italy), Bangkok (Thailand) and the Cayman Islands.
Cinco Dias reported that the millionaires surveyed for the present edition of the report were also asked what the most important factors are that influence their decision to purchase a second home in a particular country. The majority of them, 67 per cent, placed more importance on lifestyle, rather than the possibilities of investment, education or tax incentives.