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Foreigners looking for luxury homes in Spain

The real estate market continues to evolve positively after leaving behind its hardest stage. In the luxury home sales sector, Spanish investors are starting to heavily opt for purchasing real estate with a price above nine hundred thousand euros, although it is still the foreigners who continue taking the lead.

INE has just published its annual report highlighting a twenty-seven per cent increase in the luxury property sales. Areas such as Marbella and Costa Brava achieved thirty-one and thirty-seven per cent of the total transactions.

The Director of Expansion and Support at Engel & Völkers Spain, Constanza Maya, said that Brexit has not made an impact on the interest of the British buyer. Sweden, Norway, France, the Netherlands and Belgium are the nations with a high number of coastal home buyers. Whether it is the Balearic Islands or Catalonia, the passport of a high percentage of new owners is German. Lets us not forget China either as thanks to the Golden Visa, is also beginning to gain importance in this type of investment.

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Constanza explains the following reasons for the economic recovery of the luxury real estate sector, "the current international situation consists of: Brexit, the slowdown in China's economy, the economic expectations in the US, growth in Spain and greater ease of obtaining financing as well as higher returns on rental properties".

Barcelona, ​​Madrid and Valencia are the three cities in which more apartments or flats are sold - these properties usually turn into tourist accommodation or second residences. Mallorca, Andalucía and Catalonia are the favourite destinations for "second residences or places to settle in after retirement".

What is undeniable is that Spain continues to be the target of international investors in the first magnitude. Engel & Völkers is a real estate agency specialised in the luxury real estate market and knows, first hand, the behaviour and needs of these buyers.

Constanza's positive analysis of the real estate market's situation is a clear confirmation that the sector has already overcome an unfortunate crisis and that the image of our country around the world continues to improve. The fact that foreigners do not stop investing in the luxury homes that are for sale in Spain is the best indication of the real estate sector's future when it comes to the sale of prime homes. This trend continues in an unstoppable rise.

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