Millennials are making a significant contribution to the luxury housing market. With a total of 3 million euros of luxury home transactions, they already represent 25% of all sales in this market.
As the Millennials and Centennials spending habits will grow to 3 times more than other generations, they will account for 60% of luxury home buyers in 2025. However, currently, the purchase and sale of luxury properties continues to be led by the generation Z (Centennials).
In 2022 the number of millionaires in Spain exceeded the 1,13 million. The majority of clients looking for luxury homes in Spain worth more than 3 million euros are international. Their goal is to find a safe investment or, alternatively, a second home they can use for a few months a year. The main foreign buyers of luxury mansions in Spain come from the United Kingdom, Germany, France, Latin America, Russia and China
Compared to earlier generations, these young people have digital literacy, hyper-connectivity, and high social and ethical values. Their main professions are those related to health, science, and technology. They put quality of life above other interests, and therefor prefer new construction or recently renovated ones. The main keys that will define luxury housing for them, is flexibility in design and nature along with physical and technological connectivity.
