The most important spec is probably hard drive / SSD size.
Right now I have Xcode 7.3.1 (the current release version) and Xcode 8 beta installed. They take up 11.64 GB and 13.2 GB respectively in the Applications folder.
My Library/Developer folder (where the simulators "live") is 160 GB. Granted, I've been developing on this machine for 3 years, and I could probably reduce the Developer directory size some by doing things like a) removing older simulators and/or resetting the contents of the newer simulators to get rid of a bunch of miscellaneous apps that were just to test specific code and b) deleting the derived data for a bunch of miscellaneous apps.
My Xcode projects take up 530 MB (3 active Enterprise apps plus a bunch of apps to test things over the years).
Plus you will need swap file space, space to uncompress new versions of Xcode, plus space for whatever else you will want to install.
Also important since newer machines have the RAM soldered in is to get as much RAM as you can afford to begin with.
Search these forums for "xcode free space" to see other threads on the topic.