For the first time, Madrid and Milan have knocked Paris, London and New York off the top spots. The high-end real estate market is shifting, and one European city is at the forefront of this trend.
Madrid has claimed the top spot in the 2025 Barnes City Index, a global ranking of the most sought-after cities among ultra-high-net-worth individuals seeking attractive, practical, and financially savvy locations.
Spain's capital rose to the top due to several factors. Aside from a laid-back lifestyle and pleasant weather, the city also offers top-notch healthcare, an efficient and well-oiled transport system, quality education and low crime rates.
Madrid also ranks fourth among European cities in terms of the number of multinational HQs.
What's the price tag for Madrid's luxury real estate market?
The price tag is as high as €7.000/square metre (m²) for a premium apartment in the charming Chamartín district, or €1 million for a 100 m² flat in the charming Chamberí district.
“Madrid's appeal as a centre for high-end real estate continues to grow", says Barnes Spain director Alvise Da Mosto. "With a favourable investment climate and a steady increase in the number of foreign buyers, the city is consolidating its status".
However, Da Mosto adds that Madrid's positive position in the real estate market could be in peril due to the Spanish government's plans to tax non-European buyers' property purchases.
