Beautiful European cities are becoming the continental capital for billionaires, a new report suggests. The Times report calls the capital a place where billionaires flock to for many reasons. Madrid is the capital of Spain and has always been a hub of commercial, culture and development. However, in recent years, there has been a “influx” of billionaires.
Spanish cities are experiencing a “historic boom,” according to the report, and there is a flood of ultra-rich people from Latin America and Russia. They have been founded in neighbourhoods such as Salamanca, one of the city's richest regions, and in recent months, a huge number has been moving. The region is known for its high-end fashion stores and clearly offers something attractive to the wealthier people around the world.
A Spanish businessman told The Times: “All the best restaurants are fully booked, and if you want to make a reservation, it is best to add a Mexican accent.
“They'll give you a table because Mexicans like Americans leave huge hints.”
The city also found its share of five-star hotels is rising sharply. This is another indicator of how rich it is. In fact, billionaire Jeff Bezos recently celebrated his stag party in the Spanish capital.
Additionally, 19th century residential blocks have been converted into luxurious flats. Venezuelan banker Juan Urdanate says the influx happened “quickly.”
He revealed, “The scene now has been like high frier's points like London and Paris. It happened very quickly.”
He added: “I bought it for 2.1 million euros in 2018, and recently an Argentine billionaire offered to buy it for 11.5 million euros. Instead, I paid 16.5 million euros for another property here.”
For those who already live in the city, this may mean less than the positive change. The reports show that home prices are rising. Idealista, the real estate sales website, said a year later, the average average price in Madrid rose 24.3%.
Humphrey White, Managing Director of Knight Frank, commented: “It happened overnight. People over 30 million euros are now geographically agnostic and are no longer tied to their roots, and are younger.
“They choose Madrid for their weather, cultural offers, safety, excellent airports and world-class business schools for kids. They weren't thought of a few years ago and are now a global competitor.”
Other parts of the city that attracted the rich, and sometimes famous, include La Morareja. Hollywood star Richard Gere recently bought a property here and now calls it a home.
One historian pointed out some concerns that Madrid people have. Fernando de Pardo said, “We discovered that Madrid has deteriorated. The Barrios (neighborhood) has lost its personality and traditional shops and bars have disappeared.
