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Madrid has become a city of interest to overseas billionaires. It is comparable with cities like London or Paris.
Locals have expressed concern about the loss of culture.
A report by reveals that multimillionaires from around the globe are choosing Madrid to be their new home. The Times highlighted.
Spain’s Capital has attracted billionaires primarily from Latin America as well as the US, Russia, Asia, and Europe.
Salamanca is one of the wealthiest neighbourhoods of the city. Many wealthy foreigners have bought properties and settled in the area, especially Latin Americans.
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Serrano Street, in Salamanca, is famous for its luxurious fashion stores. Multitudes of luxury restaurants, an increase in the number of five star hotels, apartments worth millions of euros, and exclusive nightclubs all make up Madrid´s new urban outlook for the super rich.
Madrid is changing from a city of historic grandeur and old-world charm to a more modern one. Locals, as well as long-time residents of Madrid, are worried about the loss of cultural and historic importance. Some 19th century residential blocks are being transformed into luxury apartments.
The Spanish capital is particularly affected by the problem of house prices. This issue is not new, but it has been exacerbated in recent years. Idealista reported on a property website that the average price of a square metre had increased 24.3% in a single year in the Spanish capital.
The influx of money has led to concerns that barrios lose their character. New residents who have a lot of wealth but are not concerned about sustainability or integration also add to tensions.
Madrid is a highly desirable destination for international expats. It offers many advantages: cultural opportunities, a great airport, good transport links, private schools like the IE School and a friendly atmosphere. The Comunidad de Madrid’s tax relief programs, like the Mbappe laws and golden visas, make the city more appealing.
La Moraleja offers luxury homes and a retreat from the busy city center. Richard Gere, the Hollywood actor, recently moved there. Runnymede College is the first British private school in Spain. It’s located in La Moraleja.
Madrid is a beautiful city that offers a lot to its residents. It’s no wonder that many super rich people have decided to move there.
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