Luxury houses get a rebound in sales on the Costa Brava
In Spain, the luxury homes market sector has traditionally been dominated by the foreign buyer, and has been weighted heavily towards buyers from the countries around Europe: Germany, Norway, the UK and as far afield as China and Russia, as well as citizens from the Arabian countries belonging to OPEC. The rise is documented by the National Statistics Institute (INE), which states that the sales of luxury houses, those costing than one million euros, recorded an increase of 37% over the previous year on the Costa Brava.
To the well known factors of lovely weather, good food and a great cultural and leisure offer, is added the growth of the Spanish economy, uncertain times because of the slowing down of the Asian giant, the possibility of obtaining Spanish citizenship for the families of foreign buyers (spouses, parents and minor children) with investments exceeding 500,000 euros, we are referring to the “Golden Visa”. Other factors involved in promoting this upturn in luxury property sales are the extremely easy access to finance that is currently available and the high returns that can be generated by premium houses for rent.
Barcelona, with its privileged geographical location, good connections with France, access to the Mediterranean and the many excellent transportation networks available, has managed to attract so much tourism that it has become the number one national destination and this generates strong revenue and business opportunities that are exploited by the investors and entrepreneurs who settle there.
It is important to rely on a professional to do the research and offer an adequate selection that matches your needs. You can get very interesting business opportunities that generate handsome profits for their owners, always with the required documentation and ensuring the legality of transactions with specialists in the area who know how to find the home that best suits the requirements of quality, location, dimensions and community services. You can invest in real estate for its expectations for growth and profitability in the medium and long term, which is achieved through the rent; a particularly worthwhile option for second or seasonal homes as they are sometimes known.
Some of the opportunities we are anticipating in response to growth expectations have to do with the high demand for luxury properties that, however, is not being met at present with the scarcity of luxury homes. This shortage favours a rise in rents for rental houses, always targetted towards an audience with high purchasing power and with great financial strength. Because of this, other ways are being found to meet this demand with reforms and renovations to bring many new properties to market. In this way, it is possible to remodel villas and farmhouses that had previously offered lower potential with fewer output options, offering an extra product in sought after premium zones. We believe that this option can be highly valued.