Spain ranks fourth in global luxury demand as lifestyle, outdoor living and climate resilience drive UHNWI purchases, says Engel & Völkers Private Office Market Report 2026.
Spain has entered the top four global luxury real estate destinations, trailing only Italy, France and the United Arab Emirates, according to the first Engel & Völkers Private Office Market Report 2026. The study finds that improving quality of life — rather than purely investment motive — is now the dominant driver behind where Ultra High Net Worth Individuals (UHNWI) choose to buy overseas homes.
Engel & Völkers’ network of 160 private office advisors reports that Italy saw the largest rise in international enquiries from UHNW buyers over the past year, followed by France, the UAE and Spain. Greece and Switzerland are also gaining momentum, while Canada and the United States recorded a slight dip in demand.
The report highlights a shift in priorities among the world’s wealthiest: “improved lifestyle” is the top motivation for overseas purchases, followed by “downsizing ownership” and “climate security, stability and resilience.” Advisors note buyers are increasingly willing to trade property size for lifestyle benefits — privacy, exclusive locations, access to leisure and proximity to nature.
Outdoor living is now the single most sought-after feature in luxury homes, cited by 55% of private office experts worldwide. Other top priorities are privacy and security (15%) and culture and experience (8%). Engel & Völkers writes that luxury residences have become both lifestyle assets and tools for preserving family heritage and resilience.
Price trends in the luxury segment were broadly stable or slightly up over the past year, but regional differences emerged. Andorra, South Africa and the United Arab Emirates recorded the largest price increases, while France, Canada and Germany experienced modest price declines.
The report combines the on-the-ground experience of Engel & Völkers’ global advisors with wealth migration forecasts from Henley & Partners to map where high-net-worth capital is flowing and why. It concludes that lifestyle considerations — from outdoor space to climate security — will continue to shape residence decisions for high-net-worth buyers as geopolitical uncertainty and rapid capital mobility persist.
“Interestingly, luxury real estate buyers are increasingly willing to sacrifice property size to achieve more lifestyle-oriented goals,” the report notes, underscoring a longer-term redefinition of what it means to “live well” at the top end of the market.
