No one doubts that Madrid is an expensive city for buying a home. It will become even more expensive next year. This is reported by the real estate consulting company Knight Frank, which published a study in which it predicts an increase in prices for luxury housing. Madrid ranks fourth on the list of the most expensive cities in the world to buy a home.
The consulting company’s forecast indicates a general increase in prices for luxury housing by 2.8% by 2023. Miami tops the list with an 8% projected increase in prices, followed by Los Angeles with 7% growth, and just below London and Madrid with 6%.
Curiously, according to The Economist, Madrid accounts for only 11.8% of luxury housing in Spain. Luxury housing refers to housing worth more than one million euros. At the same time, after the pandemic, many luxury hotel chains rushed to Madrid, which is ready to turn the capital of Spain into the capital of luxury tourism in Southern Europe.