Idealista’s reports confirm that the housing market is luxury housing is becoming increasingly widespread in Spain. A study by the real estate portal points to an increase in the supply of luxury homes in Spain properties above 1.5 million eurosof which 20 percent of them exceeded three million euros.
The interest of foreigners in acquiring a luxury property has increased in recent years. In fact, there are areas of the Balearic Islands that register a demand for properties of high ‘standing’ above 60 percent.
The study reveals what type of housing the foreign market demands. On the national territory, according to Idealista’s latest report on foreign residential demand in Spain for the fourth quarter of 2014, the 77 percent of the luxury stock is single-family homes, versus the remaining 23 percent of ‘premium’ apartments, apartments and penthouses.
The interest of foreigners in villas above 1.5 million reaches 32.8 percent of the relative demand at the national level, while 20.7 percent of the demand for luxury apartments comes from abroad.
The Balearic Islands, Malaga, Alicante, Madrid and Barcelona have the largest stock of luxury housing in Spain. In the archipelago the 86 percent of the supply of luxury homes are villas with an average price of three million euros, compared to 14 percent of apartments.
The foreign demand for villas in the islands reaches almost 52 percent of the total, while the interest of foreigners for apartments in the archipelago reaches 47.5 percent.
Luxury homes in Ibiza
Among the 32 residential areas with luxury housing prices, there are four areas in Ibiza. With an average price of 2.5 million for single-family homes, the neighborhoods of the Marina and Dalt Vila receive 72.9 percent of foreign demand. Germans, Dutch and British are the most interested in buying a villa here. Although they also stand out in the interest in luxury apartments (51.8 percent), with an average price of 1.9 million euros.
Marina Botafoc and Talamanca receive 58.8 percent of foreign demand for villas with an average price of 4.5 million. Interest in apartments is very similar, with 45 percent and an average price of 2.65 million.
At Sant Carles there is a foreign demand for single-family luxury housing of 58.2 percent with a average price of seven million euros. Together with the villas of El Velerín, in Estepona (Málaga), with an average price of 7.5 million, the parish has the most expensive prices in luxury destinations in Spain. The demand in Sant Carles comes from Germans, Dutch and French mostly. The apartments in this area are sold at an average price of 1.75 million and foreign demand amounts to 56.9 percent.
Finally, in Jesus the foreign demand for villas is 51.6 percent, with an average price of 3.95 million euros, while for high-end apartments it is 46.3 percent and the price amounts to two million euros.
For the full article, please visit Diario de Ibiza website here.