According to “The Wealth Report” by Knight Frank, Spain is one of the most popular countries for buying a home abroad among the ultra-wealthy, those with a fortune of more than $30 million. It ranks third on their list of preferences, ahead of Australia and France and behind only the USA and the UK.
In 2022, four out of ten ultra high-net-worth individuals (UHNWIs) increased their wealth, not least through investments in property and foreign currency and through tactical investments on financial markets. According to a survey of more than 500 private bankers, wealth advisers and family office managers, over 70% of respondents are confident that in 2023 their clients will keep growing their wealth through investments in property and cutting-edge technology.
At the same time, rising interest rates will reduce demand for residential property. In 2023 about 15% of the wealthy plan to buy a home, compared with 21% last year, but this will not have a serious impact on investment volumes. When buying a home, multimillionaires increasingly pay attention to the energy source used (57%), the potential for renovation (33%) and the quality of building materials (30%). Their main investment areas will be healthcare, logistics, industry, offices, hotels, private buildings for rent and leisure properties.
