The New Prime Buyer
More international, more strategic
By Karen Silva & Vanesa Marcos
There is a new energy in Madrid. You can sense it in the cafés of Chamberí, in the façades being reborn in the Salamanca district, and in the city’s subtle hum, which sounds increasingly international.
The prime residential buyer does not arrive in haste, but with discernment.
It is someone who travels light, who understands the value of time and the power of what endures. Whether arriving from London, Miami or Mexico City, they settle in Madrid with the confidence of those who know that this city is the place to be — and to live.
According to Knight Frank’s The Wealth Report 2025, the global population of ultra-high-net-worth individuals (those with assets exceeding $10 million) grew by 4.4% over the past year (2024 vs 2023), surpassing 2.3 million people. In addition, 44% of them plan to increase their exposure to the real estate market over the next eighteen months. Behind these figures lies more than purchasing power: there is a new way of looking at exclusivity. A more conscious and analytical approach to value — not only in what is acquired, but in what is chosen.
The Spanish capital has become the perfect reflection of this mindset: a city that blends tradition and strategy, history and opportunity. One of Knight Frank’s latest residential reports, Madrid Insight 2025/26, confirms it: international demand continues to play an essential role in the prime segment, driving areas such as Justicia, Chamberí and Salamanca, where supply is renewed without losing its essence. Because here, elegance lies not in what is new, but in what endures — in what has soul.
That same search for authenticity defines today’s buyer profile, which now reflects a balance between domestic and international demand. In 2024, Spanish buyers accounted for 55% of the total, compared with 60% in 2023 and 70% in 2018. This gradual decline confirms the growing relevance of the international buyer, who now represents 45% of transactions.
By origin, buyers from Latin America stand out in particular (26%), followed by those from the United States (8%).
“Madrid has found its formula at the intersection of culture, climate and growth potential — a balance that reinforces its position as the new European capital of lifestyle.”
Origin of the Prime Residential Buyer
The arrival of American buyers deserves special attention. In 2018 they accounted for just 0.5% of total acquisitions, and their remarkable growth today is driven by a combination of factors, most notably political stability and Madrid’s rising appeal as a global city.
The presence of US investors represents a significant opportunity for Madrid’s prime residential market, given that the United States leads the global ranking of billionaires. On an international level, the country is home to nearly 40% of individuals with assets exceeding $10 million, as well as 40% of ultra-wealthy individuals with net worths above $100 million.
An increase in buyers from the United Kingdom is also being observed, driven, among other factors, by the search for more tax-efficient destinations. This further reinforces a broader European trend in which demand is shifting from north to south, with Madrid emerging as a key reference point on this new European map.
As for the new generation of high-net-worth individuals, they are showing a clear preference for real estate. According to Knight Frank’s The Wealth Report 2025 , 29.8% of Next Gen individuals (aged 18–35) rank prime residential property as their preferred asset, ahead of classic cars, private jets or art.
Where do high-net-worth individuals (HNWI) aged 18 to 35 invest?
The younger prime buyer, more current, more connected and more strategic, invests, but also lives. They understand that true luxury lies in being able to do both. Waking up to views over a park or walking to a favourite restaurant is a lifestyle that may seem aspirational, but which this new buyer now defines as a clear objective.
In this search for balance between enjoyment and strategy, many are finding Madrid to be the ideal setting.
Ultimately, Madrid has found its formula at the intersection of culture, climate and growth potential, a balance that has positioned it as the new European capital of lifestyle. Added to this is the continued rise in the number of high-net-worth individuals, who will go on driving demand for best-in-class properties in the city’s most strategic locations.
