After years of doom and gloom in Spain, the country’s property market is starting to improve with the high-end market leading the way. According to international real estate agency Lucas Fox, the country is seeing renewed confidence amongst buyers, low prices and a willingness by the Spanish banks’ to offer competitive mortgages This is in turn attracting a growing number of new buyers in the country.
International buyers, including those from China and Southeast Asia, are starting to compete against local buyers to secure the best properties in prime locations throughout Spain’s major cities, the reported from Lucas Fox noted. The report covered the first half of 2015 and marks a significant change of fortunes for the European giant. For close to a decade, the country’s property market has struggled along with the Spanish economy.
The firm’s founding partner Alexander Vaughan stated that Spain is seeing a spectacular turnaround in its property market. This starts in Barcelona, which will see the most significant recovery because of strongest demand for prime residential property since 2008. With a growing number of international looking to purchase turnkey properties alongside renewed confidence amongst local buyers, the market looks set for a strong rebound this year, the reported added.
In Marbella on Spain’s southern coast, there is now a shortage of quality properties in prime locations because of increased sales. The Lucas Fox report added that prices for turnkey properties coming onto the market continues to increase.
Madrid is still the biggest hotspot for international buyers with investment from both national and international investors continuing to grow in the first half of 2015. The data revealed by Lucas Fox shows that a majority of clients, 60 percent, buy property in the city for investment purposes while another 20 percent purchased properties for the golden visa offered by the Spanish government that allows non-European Union citizens who invest in the country’s real estate market to live in the country.
Image via housinginmadrid.com/blog/
