Urban culture or dream destination?
Comparing lifestyle choices between major European cities and the most exclusive tourist destinations
Based on articles by Cathy Hawker for The View
In a recent Knight Frank survey of 700 HNWIs (high net worth individuals) from 11 different countries, representing 28 nationalities, on where they would choose to settle permanently, the results were clear. Our European Lifestyle Report 2024 showed that 83% of respondents prefer an urban environment to a sun, ski or rural resort.
While some groups, such as Generation X (ages 44 to 59) and younger Baby Boomers (ages 60 to 69), showed a greater interest in resorts, more than 70% of them also chose a city as their preference. And, among those cities, Madrid ranks high, not only for its vibrant cultural and social life, but for the balance it offers between tradition and modernity.
In fact, along with Paris, Berlin, Vienna and Barcelona, the capital ranks among the top five most attractive cities for those looking for a permanent base. For the 17% who prefer a more relaxed resort lifestyle, the top choices were Verbier in the Swiss Alps, followed by Monaco, the South of France, Chamonix and Marbella.
"The selected cities offer unique cultural, economic and lifestyle benefits that appeal to affluent residents," explains Kate Everett-Allen, Head of European Residential Research at Knight Frank. "On the other hand, the selected resorts offer exclusivity, sunny climates and high-end amenities. Each location has a distinctive appeal to potential residents."
Today, more people than ever live in cities, exceeding half of the world's population, and this percentage is expected to rise to 70% by 2050. In Europe, the best cities offer opportunities, a wide variety of activities, culture and history at your fingertips.
In addition, today's property buyers are more mobile than ever and many high net worth individuals are choosing to relocate for a variety of personal, fiscal and lifestyle reasons. Knight Frank's European Lifestyle Report highlights these aspects to help stakeholders choose the best location to suit their needs.
"The European Lifestyle Monitor evaluates 20 top-tier destinations in Europe, 10 cities and 10 resorts, on five key metrics," comments Ellen Soberman, Global Research Data Manager at Knight Frank. "These metrics include Economy, Human Capital, Quality of Life, Environment and Infrastructure and Mobility. Based on extensive data from sources such as Oxford Economics and the European Commission, this analysis provides a comprehensive comparison for those considering relocation."
Quality of life is measured through factors such as life expectancy, income levels, housing costs, access to sports facilities, safety and cultural amenities to assess the well-being of residents and determine the livability of a city.
"The selected cities offer unique cultural, economic and lifestyle benefits that appeal to affluent residents"
Life in the city Under this analysis, Madrid is among the 10 cities with the best quality of life, along with Vienna, which tops the list, Stockholm, Dublin, Berlin, Lisbon, Barcelona, Paris, Milan and London.
Vienna is classical, traditional and cultured, but behind its elegant Habsburg architecture and grandiose art collections, it is also bohemian, with fashionable boutiques in districts 5 and 6 and the Zaha Hadid-designed library in district 2. The lifestyle is enriched by 23 spas, 12 riverside lakes and numerous green spaces; there is even a vineyard within the city limits.
Berlin is a vibrant urban success story, with a dynamic arts and technology scene that attracts a young, well-educated workforce. It has more than 400 galleries, 300 museums and theaters, an innovative fashion industry and a growing list of architecturally significant buildings. The best locations within the city for international shoppers include Charlottenburg, the sophisticated heart of West Berlin, and historic and central Mitte.
Like these major cities, Madrid offers an unbeatable quality of life. With its elegant architecture and world-renowned museums, the capital attracts buyers from all over the world, especially from North and South America, driven by its strategic location in the center of the Iberian Peninsula, its sunny climate and excellent transport connections both internationally and domestically. It also boasts a high-quality educational offering, with international schools that are highly valued by expatriate families.
"No other market in Europe is experiencing faster growth than the prime segment in Madrid, a phenomenon that reflects a sustained trend since the third quarter of 2021," says Carlos Zamora, Residential Area Director at Knight Frank. "Since then, annual growth has ranged between 2% and 6% each quarter," he adds.
Resort living The top spot for quality of life among resorts in the European Lifestyle Monitor goes to Monaco, the tiny principality that regularly ranks first as the world's most exclusive residential market. It is followed by Lake Geneva, Tuscany, the South of France, Verbier, Chamonix, Spain's Balearic Islands, Marbella, the Algarve and Bordeaux.
Lake Geneva combines the physical beauty of its views of alpine peaks with excellent transport connections, personal and financial security, and superb international schools. The best locations include Geneva itself, either on the left bank, where most private banks and international companies are located, or on the right bank, closer to Lausanne and Geneva airport.
The South of France is one of Europe's most established tourist destinations, a Mediterranean jewel that has attracted royalty, celebrities and great fortunes for generations. The most exclusive locations include Cannes and St. Tropez, both within easy reach of Nice airport. Inland, medieval hilltop Provençal villages such as Mougins and St. Paul de Vence have been a source of inspiration for world-renowned artists and today vibrate with local life and weekly markets.
Among Spanish resorts, Marbella continues to stand out as a preferred choice for its warm climate, relaxed atmosphere and exclusivity.
In the image, homes for sale in La Medina de Banús, (Marbella). Private community with security and exclusive common areas.
Among Spanish resorts, Marbella continues to stand out as a preferred choice for its warm climate, relaxed atmosphere and exclusivity. The Balearic Islands are also among the top choices thanks to their natural beauty, Mediterranean lifestyle and access to luxurious amenities and amenities, which ensure an exceptional quality of life. "People are now looking for properties that can truly suit their lifestyles," concludes Jack Harris, Partner in Knight Frank's International Residential Team. "Ibiza, offers the perfect combination of global appeal, idyllic landscapes and a growing focus on wellness, making it an increasingly attractive proposition for those looking for a home away from home."