Independent estate agency Lucas Fox International believes that the cities of Valencia and Madrid could be set to top investors’ wish lists in the coming year.
“Five years ago, Madrid was a city in decline due to the meltdown of the financial sector and bursting of the property bubble, two sectors upon which the Spanish capital was very much dependent,” says Rod Jamieson, director of Lucas Fox Madrid. “Today, following several key structural reforms and an important price correction in the property market, Madrid is back on the map as one of the best places in which to invest. The last year has seen a large increase in foreign investment from many different parts of the world.”
Valencia is a business and investment hub as well as a popular tourist destination. The city has had a government cash injection of nearly €4million. Latest figures suggest that the number of property sales in Valencia has increased by as much as 30% compared to 12 months previously.
“Madrid and Valencia offer foreign property investors three key things: value for money, an excellent quality of life and a safe long term investment,’ adds Lucas Fox founding partner Alexander Vaughan. “Both are quintessentially Spanish offering a vibrancy and cosmopolitan atmosphere less palpable in some of Spain’s popular coastal areas.”