economy
European Miami: Rich foreigners flock here, and a square meter exceeds 11,000 euros
The capital is becoming a "Mecca" for foreigners
TL;DR
- Madrid's Salamanca district, especially the "Golden Kilometer," is a luxury shopping and living hub attracting wealthy foreigners.
- The area is increasingly preferred by Latin Americans as an alternative to cities like Miami due to its architecture, culture, safety, and quality of life.
- Real estate prices in Salamanca are significantly higher than the city average, with some properties exceeding $39,000 per square meter.
- The proportion of foreign residents in Salamanca has grown from 18% in 2015 to nearly 30% by 2025, with nearly half originating from South America.
- The influx of wealthy buyers is shifting the commercial landscape towards high-end luxury stores and restaurants, displacing traditional businesses.
- This trend is causing a chain effect on the real estate market, pushing prices higher and affecting surrounding areas.