Uber-rich Latinos transforming Madrid into the new Miami

Luxury flats - Copyright Palomeque

By Jaime Velazquez

Published on 28/03/2024 - 17:30•Updated 17:31

Dozens of families from Mexico, Argentina, Colombia and Venezuela have chosen Madrid as a residential and investment destination, transforming the real estate, cultural and leisure fabric of the Spanish capital.

In the heart of Madrid's exclusive Salamanca district, on Calle de Alcalá, a two-bedroom en-suite apartment of just over 80 square meters has just come on the market. Decorated by Nordic Standard and priced at over one million euros, it will not remain on sale for long.

Homes like these have become the most sought-after assets by wealthy Latin Americans, who are transforming Madrid into a new Miami, both in terms of residence and investment destination.