The Spanish property market is beginning to take a turn for the better,
with the descent in prices finally beginning to slow, and increased
foreign investment.
In recent data collected by luxury Spanish estate agency
Lucas Fox, it has been discovered that property sales in Barcelona are
up 13.5 per cent from January to May 2013 in comparison to the same
period last year. Furthermore, an increase in sales transactions has
been noted, with a particular interest coming from the British and
Scandinavian buyers. Luxury properties have also been seen to have been
selling well, with the average sales price of properties sold by Lucas
Fox in the first six months of 2013 being €1million in areas including
Barcelona, Mallorca, Ibiza and the Costa Brava.
These factors combined have led to Lucas Fox experiencing
the strongest two quarters of trading since the property crash of
2006/7, implying that there is a light at the end of the tunnel for the
Spanish property market.
The research showed that Mallorca was the most popular
tourist destination in Spain throughout the former half of 2013, with
many UK and Scandinavian buyers. Interest has also been noted from those
in Russia and the Far East, with Ibiza remaining popular for younger
European buyers between the ages of 30 and 40. It is thought that the
increased foreign interest, particularly from China and India, comes as a
result of a new Spanish law granting non-EU nationals residency when
spending €500k or more on Spanish property.
Lucas Fox co-founder Alexander Vaughan comments: “The first
six months of 2013 saw further encouraging developments in the property
market in prime areas of Spain. In all regions we cover, the numbers of
offers and sales completed were significantly up on the same period in
2012. It remains a buyer’s market with even the best properties
transacting at 20 to 30 per cent below their peak prices and sellers
increasingly open to negotiation on asking prices. Our advice to
potential buyers is to focus on location and quality. There are some
great deals to be had and we think that in most areas, particularly
Barcelona, the Costa Brava and Marbella, prices are at, or very close
to, the bottom. We expect the trend of sellers lowering asking prices in
line with buyer expectations to continue for at least the rest of
2013.’
Source: www.fly-2let.co.uk
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