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Exclusive Finca properties, the new division of Engel & Völkers

• The real estate company opens a new department with a portfolio of 18 finca properties, equestrian, hunting and recreation facilities in Madrid, Toledo, Extremadura and Andalusia

• The aim of Engel & Völkers is to become the benchmark of fincas in the Iberian Peninsula and achieve a market share of more than 5 per cent

• Most of these properties are in a price range of between five and 20 million euros

Engel & Völkers, one of the leading German real estate brokerage firm in the world, is taking a step further in its diversification and opens the Exclusive Finca properties division in the Iberian Peninsula. "We entered the market of fincas and stately homes to offer our clients and investors assets that have great prestige," says Christian Völkers, CEO and founder of the company.

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The new division, which has its centre of operations in the Metropolitan Market Centre (MMC) of Engel & Völkers in Madrid, was launched with winery, equestrian, hunting and recreational properties that are very representative of Madrid, Toledo, Extremadura and Andalusia. However, the real estate company, which is already involved in the process of promoting livestock and agricultural estates, also includes in this segment historic houses, monasteries and castles that can be transformed into a unique second residence.

"Many of our clients in Madrid own a property as a second home and have asked us to sell them," says Paloma Pérez Bravo, general manager of the MMC of Engel & Völkers in Madrid. "The need for the clients to sell, together with the strategic alignment that this unit has with the brand positioning has made us embark on this division that already exists in other countries," added Pérez Bravo.


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With a total of 4,823 farms registered in Spain, the objective of the company "is to achieve a market share of more than 5 per cent and become the benchmark of farms in the Iberian Peninsula," says Pérez Bravo when estimating a potential market of 1.4 billion Of euros.

'Fincas Exclusivas' begins its journey with 18 properties in the portfolio to which five more will be added soon. Most of them are within a price range of between five and 20 million euros and meet several common characteristics: their location being near the capital city, an airport, being more than 500 square metres and have the potential to extend. 

Client's profile

Buyers interested in this type of property can be categorised into two large groups. The first is made up of managers and businessmen residing in Madrid who are looking for a place to stay for weekends, while the second are foreign clients, mainly from northern Europe, Russia, South America and China, who wish to invest in Spain. Americans interested in hunting would also be willing to invest in such properties. 

"The current demand for farms in Spain is basically from international customers," said Óscar Larrea, director of the new division, stating that expectations of demand growth are very high because "this is the right time to appreciate this type Of property. " "The political-economic instability in some South American countries and the housing bubble in Miami make the luxury second-home housing market in Spain more attractive," he explains.


Engel & Völkers has a key competitive advantage for these customers thanks to its extensive international network and access to a very exclusive buyer profile. However, Pérez Bravo points out that a new generation of executives in Madrid is emerging. These people want a second home near the capital city. 

This growing demand explains that the length of marketing such a property is approximately 12 months. This is a period necessary to deal with the purchasing process of a property as special as a farm.

International experience

Engel & Völkers has extensive experience in the intermediation of historic properties by having an exclusive division for manor houses at the headquarters of the German real estate company in Hamburg. The demand for stately homes, palaces, castles and fincas in European countries such as Germany, Italy, Belgium, France, Switzerland and Spain by US, Russian, Chinese and Arab investors encouraged the creation of this very specific segment.


In recent years, the company has proven that buyers of this type of asset make the decision in an emotional way and it is important to provide them with good advice. The experts at Engel & Völkers will show these investors the rational part that entails the purchasing process. It should be noted that apart from the price of the property, it is necessary to take into account the high cost of maintaining these fincas as well as the regulations to which they are subject to when it comes to undertaking a renovation or new construction project.

Engel & Völkers

Madrid
Génova, 27 - 5th floor
28004 Madrid
Spain
Phone
+34 91 277 45 00

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