By Andrew Shirley.
A number of buyers do have roots abroad, with 11% of those taking the survey reporting a significant number of clients with homes on Latin America – a much higher percentage than average. This probably reflects the political and economic turmoil affecting parts of Latin America that has persuaded a number of HNWIs to relocate to Spain.
Of course, the wealthy often like to invest in property as well as live in it, and real estate seems particularly popular in Spain. Almost 55% of those questioned said their clients had invested into property within the country, and just over 30% overseas. Offices are the commercial investment of choice. Again, this reflects a fairly conservative investment strategy, focusing on tangible assets in known locations.
To finish our brief snapshot, let’s look at some of the finer things in life. When it comes to life’s luxuries, the wealthy in Spain tend to look more towards the sea than the sky. Ownership levels of motor and sailing yachts are among the highest around the world, while private jet numbers are relatively low (for more details see our private aviation trends article).
Given the stunning Spanish coastline, not to mention the lure of the Balearic Islands, this affinity with the ocean is entirely understandable.