Prime property sales in Spain have increased by 27% year on year across all regions in the first half of 2018.
Spanish firm Lucas Fox’s latest market report shows that locations such as Marbella, the Costa Brava and Ibiza all saw significant growth compared to the same time last year. Most of these sales were a result of buyers from the UK, France and Scandinavia looking to purchase a secondary residence.
Lucas Fox partner Tom Maidment spoke of Costa Brava’s sales: “The volume of sales so far in 2018 has already exceeded our forecast for the whole year. Properties above €1.5 million and new homes are selling particularly well.”
In this specific region, sales have been dominated by Northern European buyers.
The cities of Madrid and Valencia also saw an increase in sales, whereas Barcelona’s sales decreased slightly – possibly due to the political issues in Catalonia. With that said, in the first half of 2018, offers received for new homes more than doubled compared to those received in the first six months of 2017.
Lucas Fox’s managing director said: “The knock-on effect of the political situation in Spain meant we saw a temporary drop in demand for homes from international buyers. The situation has now stabilised and we are now registering as many enquiries for Barcelona property as we were this time last year.”
He went on to say that sales from local buyers have remained constant throughout.
The fact that prices in Barcelona have adjusted in around the last six months, combined with the predictions of continued price rises and high demand for new homes, have intrigued buyers who see this as a good time to invest. Rentals have also seen an increase.
Sales to British buyers have increased in popular resort locations despite Brexit – especially in Marbella.
“The figures suggest that investors with more to spend are shifting money from the UK and acquiring European assets in anticipation of events to come when Brexit takes full effect. Buyer nationality in city locations continues to be more varied,” says the Lucas Fox report.
Data from property portal Idealista shows that prices at the end of the second quarter of 2018 increased by 7% in all of Spain – by 23% in Madrid, by 15% in Valencia, by 3% in Barcelona, by 2% in Girona Province, by 12% in Málaga and by 2% in the Balearics, compared to the price at the end of second quarter of 2017.
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