FOLLOWING political shifts in the states, Americans are fleeing to Spain and hoovering up Spain’s luxury property in a new ‘Mamdani boost’, according to Idealista.
The arrival of Zohran Mamdani as New York State Mayor-elect has amplified the existing uncertainty surrounding property regulation in America that emerged after Trump’s election – Idealista says that this is accelerating the exit of Americans to Europe, with many choosing Spain as the place to settle down.
Picking up property in Madrid, Costa Brava, Alicante, and across the Costa del Sol, these Americans are leading a general market push in Spain.
READ MORE: Affordable housing all but disappears in Malaga and Valencia as luxury homes increasingly dominate
This push has led to discussions around over pricing in ‘prime’ areas with some Madrid neighbourhoods, like Tetuan and Orense, showing a growth gap between starting prices and closing prices.
Some sales people are increasing prices to values that ‘the area can not absorb’, says property expert, Paloma Pérez Bravo, CEO Residential of Lucas Fox – this then requires corrections causing this price gap.
For Americans making the journey to Spain, high prices are no problem.
‘A buyer accustomed to paying 30,000 dollars per square metre in Manhattan does not consider it crazy to pay €25,000 or €30,000 in Madrid’, says Pérez Bravo.
These new Spanish property buyers are searching for homes which bring the outside in through natural light and integrated vegetation, are sustainable with solar power and low emission materials, and offer a hotel experience with terraces, security, spas, and even private chefs.
These aspects of homes have been identified by Pérez Bravo as growing trends in Spain.
Another trend she reports is that of branded residences; Spain already has 38 projects with premiums of 20% to 40% from brands like the Four Seasons and Mandarin Oriental.
These residences are most common in Madrid, Marbella, and Tenerife.
As a result of US investment, Pérez Bravo, predicts that property investment in Spain will have grown by 20% by 2026 and that the ‘prime’ segment of the residential market will have increased its share to 1.6%.
Currently, in Spanish sales above five million euros, nine in every ten buyers are foreign.
With a declining dollar and political uncertainty in the US, it seems that Americans will continue to flee to Spain and invest their capital into areas across the Costa del Sol and in Madrid.
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Americans started leaving this nation because of TRUMP and the GOP. They’ve taken AWAY OUR RIGHTS. Mamdani has NOTHING to do with any of this and your inference is absolutely RACIST against Muslims.
This assertion is without basis in fact. There is no increase in emigration from NYC, or any U.S. city due to the election. Your writers should cite their sources and comment on the source accuracy. Fox is rarely accurate.
Well Fox is owned by Murdoch so what do you expect?
A little bending of the truth from time to time, perhaps?
The truth is most American started coming to Spain a year when Trump got back in… And that drift continues.
Communist Mamdani is not a New York State Representative, he is the Mayor of New York City. You might want to issue a correction. The Mayor of New York City is a MUCH more powerful and influential position! That is why people are fleeing – he is going to destroy New York City. Sorry, Joy, they are not now leaving because of Trump (who was elected over a year ago). And he hasn’t taken away any of your rights. Is any and all criticism of Mamdani and his policies automatically racist? Nice way to insulate him from any criticism. Too bad we see right through that tired old tactic…..