Much of the capital flight in the five main Latin American economies, equivalent to 137,000 million dollars, landed in Miami, but also in Madrid. The counterpart was that luxury housing prices shot up 6% in 2022, according to the Knight Frank consultancy.
Around the upscale neighborhoods, new restaurants sprang up to cater to the new tenants. In addition, there are new investments in niche services. BBVA opened two offices in Madrid for people with a high level of wealth.
Although Latin American millionaires first arrive as tourists, they later develop an appetite for real estate, said Víctor Matarranz, head of wealth management at the Santander Bank in an interview with Bloomberg.
Mexican tycoons with investments in Spain
Carlos Slim He is one of the Mexicans who has significant investments in real estate companies in Spain, such as Metrovacesa and Realia.
Carlos Fernandez Gonzalezwho served for many years as CEO of Model groupis the second largest shareholder of one of the largest Spanish real estate operators, Inmobiliaria Colonial, in addition to having resided in Spain for several years.