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September 16, 2016

The luxury real estate sector in Spain is not affected by the crisis

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The luxury real estate sector in Spain is not affected by the crisis

The interest and search for luxury homes in Spain, with a price of more than one million of euros, increased by 78.8% compared to 2013. If in August 2013 the 3.6% of Internet searchings were related to luxury real estate in Spain, this proportion increased to 4.2% this year. This is evidenced by statistics by known Spanish website Idealista.

Meanwhile, the existing offer in the property market in Spain confirms that the average price of a house or a luxury apartment in Spain is almost two million of euros (1,982,939 euros), which is 6% more than in 2013. Moreover, the percentage of luxury homes in total properties for sale in Spain increased during recent years: in 2013, 2.3% of the objects were worth more than one million euros, today this figure is 2.7% of the total.

Four provinces in Spain accounted for 75% of luxury real estate with a value of more than one million euros, and they are situated in Madrid, Barcelona, ​​Malaga and in the Balearic Islands. In addition, 87% of luxury homes in Spain have 4 or more rooms, and the 65% of them offer their new owners the area of ​​200 m2 to 600 m2. One of the ten of luxury homes in Spain also has a surface of more than 900 m2.

The statistics also provide data on other characteristics of luxury real estate in Spain. For example, the 60% of houses and apartments costing more than one million euros, has a swimming pool, and is located in the following provinces of Spain: Sotogrande (Cádiz) with a share of 92.1% of luxury properties for sale, Los Monteros (Marbella) with 89.8%, Javea (86.5%), La Sierra Blanca (Marbella) with 80%, Castelldefels (Barcelona) with 77.1%, Sitges (Barcelona) with 70.2%, and Montealina (in Pozuelo de Alarcón, Madrid) also with 70.2%.

Meanwhile, the evolution of prices of luxury homes in Spain since early 2013 is different depending on your geographic location. For example, the coastal areas with an international reputation recorded a significant increase in the prices of luxury properties: Sotogrande at 34.9% compared to 2013; the growth in the old part of the capital of the island of Ibiza amounted to 27.3%; by 24% in Sant Feliu de Guixols (Costa Brava, Girona); by 21.8% in the urbanization Sierra Blanca, and by 18.2% in Los Monteros, both in Marbella.
In Palma de Mallorca, on the other hand, prices of luxury homes remained stable over the last three years (-0.8%). A similar situation was registered in the districts of Salamanca (2.3%) and La Moraleja (2.7%) of Madrid, and in Pla del Remey of Valencia (2.9%).In addition, the

Spanish regions where there is a greater number of luxury homes are the four districts of Madrid: La Moraleja (97% of real estate on sale has a value of more than one million euros), La Villa (96.9%), Montealina (89.6%) and El Viso (73.8%). The prestigious neighbourhood of Barcelona, Pedralbes (62.9%), follows these.According to the statistics of website Idealista, the interest and search for homes and luxury apartments in Spain have doubled since 2013 at least in 12 of the 18 markets analysed by the experts. The greatest growth occurred in Sant Feliu de Guixols (279.8%), on the Costa Brava, followed by the city of Ibiza Sant Josep de Sa Talaia (177.3%), in Palma de Mallorca (173.4%), in Jávea (158.2%) and in the urbanization of Sierra Blanca in Marbella (150.8%). By contrast, the lowest growth of rates was recorded in the outskirts of Madrid: La Villa (21.8%), Montealina (25.3%), La Moraleja (31.1%) and El Viso (46.3 %).

Furthermore, according to Fernando Encinar, the head of research department of the portal Idealista, "the market of the Spanish coast is different from the main capitals of the provinces. For example, the coastal regions and the Spanish islands are major focus of foreign buyers of luxury real estate in Spain, especially of Europeans, Arabs and Russians, while in big cities like Madrid or Barcelona, ​​dominate Spanish buyers or Latin American large investors and funds".
In any case, Fernando Encinar also notes that "these are people with high purchasing power, who, as a rule, do not need financing to buy a luxury property in Spain, and often they pay in cash."

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