The European attractiveness survey ‘Comeback time’ compiled by the accounting firm Ernst & Young put Barcelona and Madrid among the top 10 cities for investment in 2015 alongside the likes of London, Paris and Berlin. The growing number of property purchases is expected to be one of the key drivers of economic growth in Spain, which has already surpassed forecasters’ predictions.
“This is a really exciting time for Spanish real estate,”
comments Lucas Fox founding partner Alexander Vaughan.
“The tide is turning and people’s faith in the market is being renewed. Transaction numbers are up, and prices – after falling up to 40% – have leveled out and in some prime areas are beginning to slowly rise again.
“The recent correction in property prices in Barcelona and the rest of Spain has once again ignited interest in properties for investment purposes. The price adjustment combined with a growing economy and more favourable mortgage conditions all point to it being an opportunistic moment to invest in Spanish property, especially in prime locations. With a yield on rental properties of up to 5-6%, investing in Spanish property in some cases could be viewed as a safer bet than the stock market.”
Mo Henkel of 39º North 3º East in Mallorca reports that there are a number of select clients who are searching for an exquisite coastal villa, a luxurious yet easy maintenance pied-a-terre or one of the island’s very few remaining large traditional manor houses.
“Investors are looking for good opportunities and safe havens where Mallorca has proven over the past years that it exceeds all expectations,”
she explains.
“However, more and more investors equally want to enjoy their acquirements, spend summers with family and friends in one of those fantastic locations: a mansion or a traditional farmhouse with magic courtyards, sunny terraces and splendid views. The temporary residents enjoy above all the discreet and relaxed lifestyle that can be relished to the fullest, especially in the north of the island.”
Significantly, El Colegio de Registradores, Spain’s Land Registry, states that a fifth of all foreign property sales were by British investors, up from 16% during 2014 as low interest on UK savings accounts, high housing costs and the strong pound have all been catalysts in luring Brits back to the Spanish property market.
La Zagaleta Golf & Country Club, Benahavis
A contemporary seven-bedroom villa with breathtaking views of the golf course, Mediterranean Sea and Gibraltar to the coast of Africa. Beautifully designed over three floors, it includes every possible amenity. Highlights include numerous private terraces, a fully fitted kitchen, cinema room, games room with full size bar, gym, spa and a climate-controlled bodega. A fully fitted, self-contained apartment with separate entrance, garage with parking for four cars and two golf buggies, landscaped gardens and a heated infinity swimming pool complete the impressive scene.
£8m / €11m / $12.1m
Fine & Country Marbella +34 952 76 4010
[email protected]
Pollença, Cala San Vicente, Mallorca
This manor house is one of the few traditional ‘possessions’ still available in the north of Mallorca. It dates back to the 16th century and retains many original details, such as the elegant proportions of the 19th century and wooden doors from the 18th century. Window surrounds also show the significance of Arabic influences in the area. The property comprises a large main house, ample outbuildings, meadows, an oak forest and a fountain which carries fresh water from the mountains. The foothills of the Tramuntana Mountains form part of the property making its position on this enormous plot of land very private and the views from the house and terraces spectacular.
£10.9m / €15m / $16.5m
39° North 3° East +34 971 53 15 35
[email protected]
