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Interview with Óscar Larrea, Team Leader of Fincas in the area of the MMC in Madrid

1. What defines a luxury finca?

A rural farmhouse is not categorised as a "luxury estate" for its price, but the value this type of asset brings to the buyer. It also depends on the supply / demand in the area, exclusivity of the property and the features according to the needs of the customer: comfort, amenities, innovation, security, etc ...

2. What elements characterise the exclusive Spanish farmhouses that Engel & Völkers offers?

They are characterised by their location, amenities, and their variety ... based on their price and exclusivity. Our portfolio offers different types of farmhouses: hunting, recreation, vineyards, palaces, castles, coastal, country houses, etc.

Madrid - Entrevista a Óscar Larrea, Team Leader de Fincas en España de Engel & Völkers Madrid

3. How do you see the market prospects of luxury estates around Madrid? 

In terms of demand, the growth expectations are very high. We believe that the location in areas near Madrid and its surroundings, being less than an hour away from the airport is one of the fundamental reasons for international investors to be encouraged to buy country houses.

We have two types of buyers, the first seeking recreational or hunting estates in order to spend short periods of time in Spain enjoying these activities. The latter looking for an investment or business over the medium to long term so they choose properties that offer special attractions such as wineries and vineyards, olive groves, cattle ranches, palaces or castles.

4. Given the shortage of such properties on offer, what will happen when supply ends?

There is still a lot to get through before the supply shortage of such properties occur. We can talk about shortages in terms of offering very exclusive farmhouses in highly appealing locations.

5. How much profitability does the farmhouse market offer for the investor?

Depends on the type of each farm, vineyards, cattle ranches, bull farms, hunting farms, olive groves and facilities. At Engel & Völkers we have all the information on the economic performance of each of our properties in the portfolio.

6. Has the market for luxury estates in Spain remained mainly for domestic investors or has it become attractive for foreigners?

The current demand for properties in Spain is basically international customers. We also have customers from local farms demanding a lower price.

7. When do you think is the right time to invest in fincas? 

This is the right time to invest in such properties. The political and economic instability in certain countries in South America and the housing bubble in Miami make the Spanish market even more attractive, especially the second homes.

8. Would there be room for the SOCIMI luxury estate market?

Yes, we are located in urban areas to help companies make a profit from their rental properties. 

Engel & Völkers

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

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