As part of its 10th anniversary celebrations, international agency Lucas Fox has released a 10-year Spanish property report outlining the changes to the market and its investment potential.
‘Property Trends in Spain 2005-2015’ goes through the details of changes in the market, covering the peak of 2007, the subsequent fall and the beginning of the recovery in mid-2013, ending in what is generally seen as the start of modest growth today.
Lucas Fox co-founder Alexander Vaughan says: “The appeal of Spain is as strong as it has ever been and we are seeing a huge growth in what we call ‘lifestyle investors’. They want to make a wise property investment but choose Spain because of the quality of life it offers. This is a key trend in the recovering market today, which we believe offers ‘once-in-a-decade’ conditions.”
Prices fell up to 40% in most areas, though some of the enduring chic markets of Marbella and Ibiza suffered less. The report also shows that Madrid and Barcelona have yet to sustain quarterly increases in asking prices during 2015, indicating there is still a way to go before a national recovery can be announced with certainty.
“We are now beginning to see a higher number of quality properties and new developments coming onto the market,” adds Vaughan. “New developments appeal to everyone, local and international buyers, basically anyone who wants to own a brand new modern home.”