Spain, still a good choice for a second home

Luxury home, Málaga

SPAIN The Wealth Report, which describes itself as 'a global perspective on prime property and wealth', has for the last five years reported on investment tendencies among some of the largest fortunes in the world. Investment still centres on London, New York, Beijing, Paris, Shanghai and Singapore, mainly because they are perceived as the most attractive, fortune-wise, as well as the centres of political and financial power - at least for the next ten years. So where is Spain in all that? In the 68 pages of the report, Spain turns up again as one the millionaires' favourite places to buy a holiday home. It also makes distinctions among options to buy a second home of buyers from North America, Latin America, Europe (including Russia), Africa, Arabs and Asians. Overall, Spain is fourth on the favourites list, after the US, UK and France; and second on the list of Latin American super-rich, second only to the US. Among Europeans, Spain is fourth, followed by the UK, France and the US. The most costly square meter in Spain is in>>>

Mallorca, ranked 32nd, where it costs some €9,200, compared to Marbella, in 34th place, at €9,000, according to Knight Frank, who put out the report in conjunction with Citi Private Bank.

Monaco is the most expensive

The square meter in Monaco is valued at €45,000, ahead of Cap Ferrat, France (€40,000), London (€37,800), Hong Kong (€36,700) and Courchevel, French Alps (€34,000). Behind these are such disparate places as Venice, Miami, Milan, Bangkok and the Cayman Islands.

Other Spanish places on the list include Madrid (41st, €7,800/m2) and Barcelona (56, €4,100).

The Wealth Report also researches the most significant factors that determine a decision to acquire a second home in a particular place. Most of those questioned, 67%, say that the local lifestyle is preponderant among other factors such as education and tax considerations.