The sale of luxury homes soars 27%
Why have you bought more luxury homes this year in Spain?
The sale of luxury homes soars 27%
The real estate sector reaffirms its recovery in Spain with the 'prime' market boom.
The strong interest shown by investors in the real estate market triggered the growth of the sale of luxury residential properties in the first half of 2018. This happens after the uncertainty generated by the turbulent political situation in Catalonia caused a significant drop in the number of high-end housing transactions in said area.
It is estimated a 13% decrease in the number of operations carried out in Catalonia during the first six months of the year. Despite the Catalan atony, the number of residential real estate transactions grew in the Spanish real estate market by 27% during the first half of 2018. This translated into a sharp increase in the average sales price, which went up by 19% in the first half of the year.
According to the data of the Ministry of Development, luxury real estate transactions (those carried out for an amount greater than 900,000 euros) increased by 34% in 2017 compared to the twelve months Previous. 13.4% more year-on-year, symptom of the good time experienced this segment of the residential market, thanks to the strong interest of investors seeking returns of more than 10%. The increase in the volume of business in Barcelona, Madrid and Valencia, which was 27%.
These data also serve to confirm the good moment in which the Spanish real estate sector is in general. According to the National Institute of Statistics (INE), 217,539 housing transactions were carried out between January and May this year, which represents an increase of 13% over the same period last year. The sale of new housing accounted for 18% of total transactions, with a total of 38,328 new residential properties transferred. In fact, the number of unemployed decreased by 458,900 people in the last twelve months, which represents a decrease in unemployment 10.97% higher than that registered during the same period of 2017.
The areas in which the sale of luxury housing were the main Spanish cities and holiday destinations, which recorded a historic record in the number of prime residential property transactions. The balance of 2017 offers splendid news to the real estate sector in the luxury segment, gathered all the reports and the figures, the data confirms the expected: the investment has grown by more than 30%.
The data of this real estate record revealing news also for the rent of luxury, the ascent is overwhelming: 60% with respect to last year. They rent luxury houses businessmen and managers of companies that move from other provinces, foreigners who settle in Spain and Spanish of upper class. The demand for housing purchases, not counting those for investment, has risen 18% compared to last year.
Americans have also turned their attention to homeland housing and, in the last 6 months of the year, have joined the race for buying French, German, Dutch and Scandinavian investors, who completed their transactions after seeing in this market great expectations of success in the return of your investment in the medium and long term.
The Asian market is focusing its interest in Spain, so much so that the national luxury real estate are adapting their qualities to the attractive Asian client, especially in Marbella, Madrid and Barcelona.
Central European, Asian and Spanish with clients with liberal professions pay close attention to the area of the Costa del Sol.
