Thibault de Saint Vincent (President of BARNES) and Heidi Barnes (Founder of BARNES) analyze the trends in the high-end residential real estate market over the past year.
What are the major trends emerging from this 10th edition of the BARNES Global Property Handbook?
Thibault de Saint Vincent: The dominant trend is one we have termed "From Resort to Residence." Destinations once reserved for holidays—Marbella, Aspen, Mallorca, Whistler—have become permanent living places for a wealthy international clientele. This phenomenon, amplified by the pandemic and the widespread adoption of remote work, has profoundly restructured local real estate markets.
Heidi Barnes: What strikes me is the growing maturity of buyers. Ten years ago, our clients were primarily seeking financial performance. Today, they are seeking meaning—a sense of place, of heritage, of legacy. Prestige real estate has become a vehicle for values, not merely an asset.
How has the global market evolved in 2025?
Thibault de Saint Vincent: 2025 was a year of consolidation after the turbulence of 2022–2023. The most dynamic markets remain those that combine fiscal attractiveness, quality of life and security: Madrid, Dubai, Miami, Marbella. Madrid performed particularly strongly—our local office recorded a 40% increase in revenue.
Heidi Barnes: What sets the winning markets apart is their ability to offer a complete ecosystem. It is no longer simply the beauty of a destination that attracts buyers—it is the quality of its schools, hospitals, air connections and cultural scene. UHNWIs have become extremely demanding across all of these criteria.
What is your analysis of the BARNES City Index 2026?
Thibault de Saint Vincent: Madrid retains its top position for the second consecutive year—deservedly so. The city has successfully combined economic dynamism, quality of life, international appeal and a real estate market that remains accessible relative to its European peers. Milan is rising fast, driven by the flat tax and the Winter Olympics. Dubai remains a safe bet for investors seeking both return and lifestyle.
Heidi Barnes: What interests me most in the City Index is the emergence of new destinations. Comporta, Aspen and Whistler enter our ranking this year. These places perfectly embody the quest for meaning we are observing: destinations that prioritise authenticity, nature and quality of life over ostentation.
Paris and New York remain outside the Top 5. Is this a structural trend?
Thibault de Saint Vincent: No, I do not think so. Paris and New York have suffered exogenous shocks—taxation and political instability in Paris's case, crime and cost of living for New York. But these are very long-term markets, extremely liquid, with structural international demand. They remain in our global Top 10 and I am convinced they will return to the podium.
Heidi Barnes: Paris in particular has regained remarkable momentum in 2025, with the legacy of the 2024 Olympic Games and a political stabilisation. The prestige market there is in clear recovery, with prices that remain attractive in relative terms compared to London or New York.
How does BARNES support its clients in this context?
Thibault de Saint Vincent: Our network of 144 offices across 22 countries allows us to offer exactly what our clients are looking for: irreplaceable local expertise combined with a global market vision. When a client wants to settle in Marbella, invest in Dubai or pass on a patrimony between Paris and Miami, we have the teams to address every dimension of their project.
Heidi Barnes: We have also developed complementary services—yachting, vineyards, hunting estates, family office—that correspond to this broader vision of patrimony. Our clients are no longer simply seeking a property; they are seeking a global art de vivre, and we are building our offering accordingly.
"Prestige real estate has become a vehicle for values, not merely an asset." — Heidi Barnes, Founder of BARNES
"Our network of 144 offices allows us to deliver irreplaceable local expertise combined with a global market vision." — Thibault de Saint Vincent, President of BARNES