The Golden Visa program in Spain has attracted many foreign investors since its launch in 2013, during the economic crisis. The resident investment program provides foreign buyers who invest at least €500,000 in real estate with a 20-day permit.
The Spanish luxury real estate market in the third quarter of 2019 is at the peak of financial profitability. The reasons for this are the positive economic climate of the country, attractive opportunities for foreign investors, and, of course, the benefits that an attractive lifestyle in the country offers. At least, such arguments are cited by Lucas Fox experts in a recent report.
In the first nine months of the year, sales of luxury apartments, that Lucas Fox was engaged in, grew by almost 40% compared to the same period last year. The average selling price increased by 27% to 2.1 million euros. The minimum price for residential real estate provided by the company is about €900,000. A brokerage company that collects data from its 24 offices across the country did not provide a specific number of sales though.
According to company management, the general elections that took place in November and at which all 350 seats in the Congress of Deputies were elected, as well as 208 of 265 seats in the Senate, should not affect the premium property market. Experts say that the outlook for the economy remains positive and the country will continue to remain an attractive investment proposal and a fantastic place to live.
- In the first three quarters, about 40% of luxury buyers in Spain came from other European countries.
- In addition, buyers of secondary housing accounted for 40% in the high-end market in Spain.
- According to the report, half of the luxury apartment sales were in Barcelona and Costa Brava – the main tourist destinations and country house markets.
To sum up, it’s possible to add that premium class real estate is a special segment of the Spanish market that lives by its own rules. Owning such objects is not only pleasant, but also very profitable. The cost of the most luxurious apartments and houses usually practically does not decrease even during a crisis in the real estate market. By investing in such facilities, you are more likely to save your money in any case.