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May 9, 2017

Luxury homes in Spain strengthen their position in the European market

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Luxury homes in Spain strengthen their position in the European market

After experiencing the economic crisis and political uncertainty as a result of the Brexit referendum, luxury homes in Spain are regaining their popularity and are growing rapidly along with the more established markets of London, Paris, the French Riviera or the Swiss Alps. According to data from real estate consultancy Savills, investments in luxury properties in Barcelona, Ibiza and Mallorca are currently the highest of the last decade, not to mention the recognized luxury centers in Spain such as Marbella and Sotogrande.

Although it seems that investors in luxury residential real estate in Spain began to think twice before buying, all they have done is to postpone the date of the decision of buying for a couple of months, but not cancel it at all. Traditional markets both in large European cities and in major tourist centers have thus strengthened their position thanks to other parts of the Old Continent, which have received even more investment in their luxury homes and apartments.

Several economic factors have a particular influence on the growth of the investments made, according to Hugo Thistlethwayte, the head of the international department of real estate consultancy Savills. This expert named such factors as a decrease in the value of the pound sterling, which in turn has improved access to mortgage financing up to 60% -70% of the cost of the residential luxury object. At the same time, the incomes of the owners who rent a luxury apartment or a house in Spain have increased.

Among these markets, which experts attribute to the "reborn", are the Spanish islands of Ibiza and Mallorca; Barcelona and Madrid, along with other tourist areas that have not suffered during the economic crisis, such as Marbella and Sotogrande.

Experts also point out that the greater investor interest in luxury houses in these areas of Spain revived and became more noticeable by German and Scandinavian investors, along with the strengthening of the UK market.

Along with Spain, the Portuguese coast of the Algarve and the Greek island of Corfu have also awakened the interest of investors in luxury houses and apartments, along with already classic areas like Paris and London.

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