Prices for luxury property in Spain has increased by some 75 in the first half of 2017 according to a recent report from French property specialists, Barnes.
Prices for luxury Spanish property now average € 6,500 per square meter which is over 4 times the price of the average property in Spain. Significant price increases have been seen in the coastal areas, from Cadiz all the way through to Barcelona, where many expatriates reside and many luxury properties can be found.
Significant price increases have also been seen in the Balaeric Islands. Mallorca, for example, showed a ten per cent price increase.
Madrid and Barcelona saw increases of more than 10% in the price of luxury housing and in some neighborhoods, price increases of almost 20% were recorded.
According to Emmanuel Virgoulay from Barnes International in Spain, Spanish real estate is “experiencing its best moment since the economic crisis”. The market in Spain is becoming more consolidated and investors are growing increasingly confident. “Investors in luxury housing now trust Spain as a country with highly profitable assets”, he said.
Luxury properties are also selling slightly faster. Properties priced at over €1 million are frequently being bought in under 3 months.