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Spanish Luxury Property Demand has Increased
As reported by the leading Spanish property portal, idealista.com, the number of international clients interested in luxury properties (those valued at more than €1 million) has increased by an extraordinary 78.8% in the last three years.
With reference to prices, the average price tag of a luxury property in Spain is now around €2 million, which is 6% higher than in the country’s worst year in real estate business, 2013.
The amount of luxury homes currently on the market has also gone up from 2.3% of the total for sale in 2013 to 2.7% that are currently on the market.
Three quarters of the total amount of luxury properties are concentrated in just four zones within the country: Madrid, Barcelona, Malaga and the Balearic Islands.
If we look at the features of these kinds of properties, as you might expect, 84% of these are four bedroom houses or more, while 65% have an area of between 200 and 600 square metres.
However, not all of these properties, boast a swimming pool; only 60% feature this luxury, although this is directly connected to the area where the property is located.
In the last three years, prices have varied continuously, and have increased more in some areas than others. For example, properties situated on the coast, in destinations that are popular with international buyers, have seen their value increase as much as by 35%. Areas where luxury property prices have increased by more than 15% include Vila de Eivissa (Ibiza), Sant Feliu de Guixols (Girona), Sierra Blanca (Marbella) and Los Monteros (Marbella).
There are some areas where prices have remained stable since 2013 – Palma de Mallorca, the Salamanca district of Madrid, La Moraleja (Madrid) and Pla de Remei (Valencia).
As with everything, trends keep changing and what was once popular, no longer is. This can be applied to the property market and the area where people choose to live. In the last three years, some destinations have become more popular, while others have seen their appeal decline.
Idealista report increasing interest in luxury properties in the following areas: Sant Feliú de Guixols (279%), Sant Josep de Sa Talaia (177%), Palma de Mallorca (173%), Javea (158%) and Sierra Blanca (150%).
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