Viewings of luxury homes in Spain have increased by almost 80 %, with average prices standing at an incredible but true €2,000,000. After the blow of the housing market collapse in 2004, it seemed like the market of luxury homes in spain, would stagnate and would never fully recover. It now seems that the opposite is happening in the luxury real estate market, with more people becoming interested in buying a luxury homes in spain over €1,000,000.
This trend doesn´t seem to be slowing down at the moment, with four main provinces in Spain accounting for 75% of households with a price tag of over €1,000,000: Madrid, Barcelona, Malaga and the Balearic Islands.
Rising Prices to luxury homes in spain
Prices for these types of houses have risen slightly compared to 2013. Houses situated on the coast are those which have thrived, especially those from some of the best known areas. For example, currently in Sotogrande an owner can give an asking price of 35% more than they could in 2013. This same trend has happened in Ibiza, where the prices have increased by 27%, as well as on the coast of Catalonia in Sant Feliu de Guixols which has seen an increase of 24%. However Marbella, previously a very typical destination for people wanting purchase a property, has seen a decrease of 21%.
In Palma de Mallorca prices have remained stable for the past three years, as is this case in Salamanca, Madrid, with a slight increase of only 2.3% and in La Moraleja of 2.7%.
The characteristics of these homes all seem to be similar. Most have 4 or more bedrooms and are between 200 and 600m². Although recently more and more households are exceeding 900m². Swimming pools seem to be a major factor with these properties; with over 60% of the houses that are more than €1,000,000 having one. The locations where there is a higher chance of finding a home with a pool are mostly on the Mediterranean coast. In the southern municipalities of Sotogrande and Marbella approximately 85% of the properties have a swimming pool.
A similar trend can be seen on the Catalan coast and in the municipalities of Castelldefels and Sitges, which both have a similar percentage of houses with pools, being in both cases around 80%.
It seems like if you are looking for your dream house in Spain, now is the time to invest as the housing market is now attracting many more foreign investors than previously expected.