The La Liga side are not only one of the best teams in the world, but also highly experienced in the Champions League, winning the competition for the last two years.
Wales star Gareth Bale will be looking to lift a fourth Champions League trophy next week and Giggs, his global manager, hopes he succeeds to get one over Liverpool.
Real Madrid will trying to win their 13th European Cup when the teams meet on 26 May, while it will be the Reds' first appearance in the final since 2008.
Real Madrid midfielder Luka Modric heaped praises on Liverpool for their good run of form in the Champions League this season.
Some fans are angry that they will miss the party back in the city center while others are being more philosophical; who cares if they miss the party, that means Liverpool will be European Champions.
He is joint-second in the competition alongside team-mate Mohamed Salah and behind only Real Madrid's Cristiano Ronaldo, who has scored 15 goals.
Meanwhile, Jurgen Klopp's charges have rampaged their way to the final by seeing off Porto, Manchester City and Roma while smashing in 40 goals. I like giving them as much time as possible with their global squads.
'For Gareth, to win it four times...forgetting about the Liverpool aspect.
Salah this week admitted he always had a drive to return to the Premier League to prove his critics wrong and now hopes the season will have a special end to it. It would be an unbelievable achievement'.
Giggs added that he is looking forward to an open, goal-heavy game, saying: 'It's a fantastic game.
"Because of how we did it", Klopp told UEFA when asked what his most impressive memory of the Champions League season has been.