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Mexico's real estate boom in Spain

Mexicans, although not the most numerous group, stand out significantly due to the volume of their real estate investments in Spain.

The Real Estate Boom of Mexico in Spain

Mexicans, although not the most numerous group, stand out significantly due to the volume of their real estate investments in Spain. They have formed a small investor nucleus in Madrid, especially concentrating in the Barrio de Salamanca. In this exclusive and expensive area, they have made many acquisitions, particularly in super-luxury or prime properties.

Various factors have facilitated the growing interest of Mexican citizens in purchasing real estate in Spain. Increasing numbers of people and larger sums of money are coming from Mexico to invest in the Spanish real estate market. Let’s explore the reasons behind this phenomenon.


The acquisition of the 'Golden Visa,' in effect since 2013, has been a key factor for the growing investment of Mexicans in luxury properties in Spain, especially in Madrid. This visa, which grants residency to foreigners who invest more than 500,000 euros in real estate, has attracted foreign capital, including 648 million euros from Mexicans, placing them third in terms of investment, behind the US and China.

Since 2018, only 67 Mexicans have applied for this visa, but with an average investment of 9.67 million euros per person. A notable operation of 579.5 million euros in 2021 highlights their investment potential. Until 2023, Mexicans have made 368 Golden Visa applications, representing 2.53% of the total, placing them in the eighth position by nationality. In total, 22,646 Mexicans reside in Spain, with 6,900 in Madrid.


To understand the impact of foreign investment on the Spanish real estate market, it is noted that 15.12% of purchase operations in 2023 were made by foreigners, totaling 583,000 transactions. However, Mexico represents a very small fraction of these acquisitions, not appearing among the top 18 nationalities active in buying homes, which are dominated by the British and Germans.

In Madrid, Mexicans do not prominently figure in the rankings of foreign home purchases, with the capital only occupying the 20th position with slightly over 7% of acquisitions. Despite this, Mexican investment is concentrated in exclusive areas of Madrid, such as the Barrio de Salamanca, where they can represent up to 70% of clients for some luxury real estate agencies. They also invest in high-end areas like Paseo de Recoletos, Paseo de la Castellana, Retiro, Chamartín, and Chamberí, as well as premium areas outside the city center like La Finca and La Moraleja.

Prices in these areas can reach up to 9,000 euros per square meter, with properties including luxuries such as pools, spas, gyms, and wine cellars. According to the Prime Global Cities Index by Knight Frank, the prices of 'premium' homes in Madrid have risen by 5.5%, with an increase of 4.3% in the last six months and 2% in the last quarter.

The reasons behind this trend include the search for residency, though it is not the main objective, and other factors such as language, gastronomy, cultural ties, and safety. The Spanish capital and its institutions seek to strengthen ties with Mexico to attract more real estate investments.


Mexican real estate investment in Spain is concentrated in the luxury sector, especially in Madrid. Companies like Abilia, owned by María Asunción Aramburuzabala, the richest woman in Mexico, market super-luxury apartments on streets like Claudio Coello. Be Grand, another Mexican real estate company, has invested more than 100 million euros in luxury residential promotions in Madrid and Málaga.

The fund manager Admara and the developer Be Grand have made acquisitions in exclusive areas of Madrid, such as Calle Padilla, Puerta de Hierro, El Viso, and Santa Engracia, as well as Limonar in Málaga. Quonia, a Mexican SOCIMI, is present in Barcelona, Seville, and Langreo, while DaVinci Capital invests in various real estate projects in Spain.

These Mexican investments are focused on high-quality and luxury properties and are not affected by the European Central Bank’s interest rate hikes, as many operations do not require bank financing. Madrid has become a second or third residence for many Mexicans, even displacing Miami as their preferred destination.

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