The number of Mexicans who buy luxury housing in Madrid increases
Historically, the Latin American client has played an important role in the city of Madrid. And today, for many real estate agencies, the Mexican buyer is the main foreign investor in both luxury housing, hotels, offices, etc. The real estate agents consulted by idealista/news emphasize that it is a highly professional client with very clear ideas: they are looking for quality and large spaces in the homes.
Within Spain, the Mexican clearly focuses on the city of Madrid and, specifically, on the neighborhoods of Chamberí and Salamanca, where he is looking for homes in representative buildings. Jesús Gil Marín, CEO of Gilmar, assures that a clear example of the commitment to these areas is the presence of Casa de México, in Chamberí, as a benchmark for culture and gastronomy, with regular events... and great success among the inhabitants of the capital.
Bruno Cotta, director of Engel & Völkers Madrid Norte, maintains this same opinion and adds that the Mexican client not only buys luxury housing, but also rents this type of product. Many of the Mexicans who buy a luxury apartment rent it later, without forgetting that -with investments of 500,000 euros or more- they can obtain the Golden Visa, which allows them to travel without restrictions throughout the Schengen area.
For Gilmar, the Mexican client already accounts for 50% of the total operations carried out with foreign clients. In the case of Lucas Fox, they represent a little more, 60%. From the General Council of Apis of Spain they point out that Mexicans represent 10% of sales to foreign citizens.
Why there are more and more Mexican and Latin American buyers in Spain
From the General Council of COAPI of Spain they point out that in recent months there has been an upturn in citizens from Mexico, which makes them more visible at the moment. In addition, they add that the residential market in Spain is experiencing a new wave of Latin American fortunes, led by Mexicans. "It is very likely that the same phenomenon will occur as seven or eight years ago, when Venezuelan fortunes colonized Madrid's Golden Mile, only this time led by the Mexican buyer," they point out.
"The language, the customs, the idiosyncrasy and how much we share, make Madrid and Spain a destination that we consider quite logical and that allows them to keep their savings in assets in a safe and stable way", they comment from the COAPI of Spain.
From Lucas Fox they point out that they have also noticed an increase in demand for information on luxury homes between 150 m2 and 200 m2 in representative classic estates and with a doorman.
As for the housing demanded by Mexicans, it is high standing with two or more en-suite bedrooms, living room, open kitchen and with a price of more than 1.5 million euros.
Eduardo Crisenti, managing partner of Barnes Madrid, maintains that Mexicans have a predilection for homes located in classic buildings and in prestigious areas with a historical component that usually leads them to be interested in farms or "palatial buildings with some kind of history that contributes an added prestige to the property".
Profile of the Mexican who wants to live in Spain
These are families based in Mexico or the US who want to spend time in Madrid, with managerial professions and owners of large corporations. Jesús Gil, from Gilmar, points out that they are usually businessmen with high purchasing power, without mobility problems (used to traveling to Europe) and with a family; that is to say, that the house they are looking for does not respond to a small flat model.
Finally, the General Council of COAPI Spain, details that there are three types of real estate investments in Spain:
1. High profitability, which allows doubling assets in a short time, estimated in four years.
2. Average return: Less immediate; fewer risks. It facilitates access to a return of 8% for each year, within a period of 24 months.
3. Low return: Being the safest modality, it is the favorite among investors with high net worth, who prefer to generate less money, but with less risk.
