Produced by Knight Frank and Citi Private Bank, the 2012 edition of The Wealth Report: A Global Perspective on Prime Property and Wealth has just been published. And since it covers topics such as wealth creation, spending habits, prime property markets around the world, plus attitudes towards investment and succession, it sure makes a fascinating – and revealing – read. Especially since the 68-page Report highlights the fact that among the wealthiest, Spain is one of the world’s most popular places in which to buy a holiday home or second residence…
According to the Report’s findings, globally Spain ranks 4th after the US, the UK and France. Fourth again for European millionaires, this time with the UK coming first followed by France and the US; while as far as Latin America’s rich set are concerned, Spain is the 2nd favourite, pipped to the post only by the US.
When it comes to the world’s five most expensive cities in terms of price per square metre, Monaco is top of Knight Frank’s PIRI (Prime International Residential Index) at €45,000/m2), followed by Cap Ferrat (€40,000), London (€37,800/m2), Hong Kong (€36,700/m2) and Courchevel, in the French Alps (€34,000).
Out of the total of 63 cities featured on the PIRI index – which by tracking the performance of the world’s leading prime property markets provides a unique guide to the capital value of luxury homes – Mallorca currently holds 32nd place at a price per square metre of €9,200, closely followed by Marbella, ranking 34th with €9,000/m2. As you’d expect, the two other Spanish cities appearing on the list are Madrid, ranked 41st with €7,800/m2, and Barcelona in 56th place with €4,100/m2.
Interestingly, when asked which are the most important factors influencing their decision to purchase a second home in one particular country rather than another, the majority of the millionaires surveyed for the Report – 67% – chose lifestyle over investment or tax incentives.