BARNES Global Property Handbook 2025

Where to Invest in 2025? BARNES deciphers the trends and outlook for the international residential property market in its latest edition of the Global Property Handbook.

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Madrid Tops the List of Most Coveted Cities

As every year, BARNES releases its Global Property Handbook 2025, an annual report analyzing trends in the luxury real estate market and the preferred destinations of Ultra High-Net-Worth Individuals (UHNWI) — those with at least USD 30 million in net assets.

This year, Madrid takes the lead as the most attractive city, a rise driven by:

Exceptional quality of life: sunny climate, modern infrastructure, and easy access to public services.

Favorable tax regime: increasingly appealing to expatriates and businesses

Strong economic momentum, bolstered by the arrival of major corporations and investment funds

Behind Madrid, Dubai, Miami, Monaco, and Milan round out the Top 5 most sought-after destinations, while Paris and New York see a slight drop, ranking 6th and 7th respectively.

A Luxury Market in Full Transformation

The study also highlights a shift in the expectations of major international buyers. With the rise of remote work and increased mobility, UHNWI now own multiple residences around the globe, choosing each according to their professional and personal needs.

A strong trend is emerging: a growing appetite for properties with history and soul. These buyers seek exceptional homes, meticulously restored, with a deep respect for heritage and the environment.

This movement aligns with the principles of the “7 Rs” of real estate circularity:

Resell
Repair
Renovate
Rehabilitate
Reuse
Recycle
Reinvent

Monaco and Milan on the rise, Paris and New York loose Ground

Among the fastest climbers, Monaco and Milan have seen remarkable growth, driven by:

Attractive tax regimes

World-class infrastructure

A refined life style

Conversely, Paris and New York — historically top contenders — have slipped in the rankings. While they remain key players in the luxury real estate arena, both face fiscal and regulatory constraints that are deterring certain investors.

A Market in Constant Evolution

The Global Property Handbook 2025 highlights a profound transformation in the luxury real estate sector, where property is no longer seen solely as an investment. Today, UHNWI are seeking a true lifestyle experience — properties that are unique, sustainable, and tailored to an ultra-connected, highly mobile way of life.

Madrid, Dubai, Miami, Monaco, and Milan have emerged as the new hubs of high-end real estate, confirming that prestige is no longer measured merely in square metres, but in quality of life and potential for growth.

To explore the full ranking and insights, discover the Découvrez le Global Property Handbook 2025.

The printed edition will also be available soon at our BARNES Bordeaux office, located at 38 Cours Georges Clémenceau, Bordeaux.