Luxury House Prices to Fall by 4% in Madrid and by 2.5% in the Rest of the World

The experts at Knight Frank predict that the relaxation of travel and airline restrictions will be essential for the recovery of the prime property market, but they are not expected to return to their previous levels until 2021.

Mobility restrictions are affecting the price of luxury homes, which are expected to drop by 4% in Madrid and by 3% around the world, on average.

In an online presentation on Tuesday, several experts from the consulting firm Knight Frank shared their first forecasts about the impact of Covid-19 on the prime residential market in 20 globally important cities.

International Buyers Now Account for Just 20% of Luxury Home Sales in Barcelona

20 August 2019

Luxury homes in Barcelona are attracting fewer foreign buyers than just a few years ago. At that time, they accounted for 50% of all transactions, while now that has fallen to one in five.

Several factors have combined to lead to the decline. According to Barnes, a real estate agency, Spanish buyers have become more prevalent, while foreign buyers have increasingly turned their attention to other places like the Balearic Islands, Greece, and Portugal. Geopolitical factors such as the independence movement in Catalonia have also taken a toll.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Qatar’s Emir Acquires Property in Granada

28 July 2019 – Richard D. K. Turner

The emir of Qatar, Tamim bin Hamad al Zani, has just acquired an at least 6,000-m2 carmen, a Granada-style home, overlooking the Alhambra and Sierra Nevada. The emir paid 15.3 million euros for the property, acquiring the house in a personal capacity. The estate has two gardens, several buildings and excellent views.

The carmen belonged to the late businessman Rafael Pérez-Pire, founder of the Puleva dairy company, who acquired the property in 1943. The word carmen comes from the Aramaic kermel, meaning mountain with vineyards and water.

Original Story: Periodista Digital – Manuel Trujillo

Berkshire Hathaway Teams Up With Larvia to Enter Spain’s Real Estate Brokerage Market

16 July 2019 – Richard D. K. Turner

Warren Buffett’s Berkshire Hathaway, the largest real estate brokerage in the United States, will form a joint venture with Larvia’s Petrus brokerage in an attempt to replicate its success in the US.  The American firm followed its usual strategy of teaming up with a local company with in-depth knowledge of the market.

Berkshire will focus on the upper-end of the market, with flats in Madrid costing at least 600,000 and single-family homes above €2 million. The new company will also focus on homes in areas nearby golf courses, in central Madrid, Barcelona and the Canary and Balearic Islands. Larvia’s existing network of offices in Madrid and Barcelona will start off as a basis for the new partnership, with plans to double or triple their presence in Spain by early 2021.

Original Story: Expansión


Property Developer Vital Inmobiliaria Launches its First Development in Marbella

17 April 2019 – Eje Prime

Vital Inmobiliaria is launching its first residential development in the centre of Marbella with the construction of 16 villas spanning 8,000 m2 in total. The properties are going to be located on Avenida Huerta Belón and will comprise thirteen terraced houses and three detached homes.

Each home will have a surface area of 360 m2 distributed over two floors and an attic, as well as a communal garden and swimming pool. The construction work is due to begin in September, and the homes are expected to be ready for delivery by the summer of 2021.

The property developer is currently marketing nine other residential developments across Spain, two of which have already been constructed. The other seven are located in Tenerife (3), A Coruña (2), Asturias (1) and Marbella (another 1).

Original story: Eje Prime (by Milana Mishchenko)

Translation/Summary: Carmel Drake

Les Rivages to Invest €12M in 55 Luxury Homes in Almuñécar

10 April 2019 – Eje Prime

The French property developer Les Rivages is planning to invest €12 million in the construction of 55 beachfront homes in Almuñécar (Granada). The building work will begin after the summer and the homes, which will each have between 2 and 3 bedrooms (one will have 4 bedrooms) and a terrace spanning between 30m2 and 40m2, are expected to be ready within less than a year.

This represents Les Rivages’s first venture outside of Estepona (Málaga) and the company specialising in luxury coastal second homes is reportedly planning more projects in the area.

The French firm made its Spanish debut in Estepona in 2015 with the construction of 12 luxury beachfront apartments in the Guadalobón area, which had sales prices of between €1 million and €1.3 million.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Arcano Buys EFE’s Former HQ in Chamberí to Build Luxury Homes

1 April 2019 – El Confidencial

Arcano has just acquired the property at number 32 Calle Espronceda in Madrid, which previously housed the EFE Agency for several decades.

The firm’s new real estate fund has just purchased the building, which spans 8,000 m2, for more than €40 million from the fund Eurostone, where it plans to promote 50 luxury homes. The property is distributed over seven floors and has more than 200 parking spaces. Moreover, it has already been granted all of the licences necessary for the redevelopment work.

The operation has been advised by Colliers, Doble Dígito and TC Gabinete Inmobiliario and partially financed by CaixaBank.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Avintia Invests €50M to Build 38 Luxury Homes in Baqueira

17 March 2019 – El Confidencial

Baqueira Beret is Spain’s most exclusive ski resort but no new urbanisations have been built there for more than 30 years because there is hardly any land left.

Nevertheless, a few months ago, the Avintia Group purchased the last major block of buildable land, spanning 60,000 m2, where it is planning to build the town’s most luxurious development yet: 38 homes with starting prices of €2 million at the foot of the mountain. Half of the properties have already been reserved and the group expects to invest more than €50 million in the project, known as Pleta Arriu.

All of the homes, which will measure between 350 m2 and 470 m2, will have direct access to the slopes and no expense will be spared in terms of luxury. Each property will be equipped with a swimming pool, spa, sauna, cinema room, ski room and elevator, given that the homes will have five storeys. The design will be contemporaneous and the homes will have huge windows for light with spectacular views of the Arán Valley.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Avantespacia Buys Land in Pamplona to Build 164 Homes

11 March 2019 – Europa Press

Avantespacia, the property developer owned by Manuel Jove’s company Inveravante, has purchased two plots in Pamplona for the construction of 146 new homes, whereby expanding into Navarra for the first time.

The plots are located in the city centre, close to Plaza de los Fueras, where it will build 18 luxury homes and next to the Glorieta de Cuatro Vientos, where it will construct 128 luxury homes.

These developments will be added to projects that the company is already working in premium areas of Madrid, Andalucía, the Canary Islands, Asturias, Aragón, the Balearic Islands and Galicia.

Original story: Europa Press

Translation/Summary: Carmel Drake

Impar Group Invests €20M in the Purchase of a Building on c/López de Hoyos

22 February 2019 – El Mundo

It has become one of the real estate groups that is revitalising the luxury residential real estate market in Madrid. Impar Group has identified its particular niche in the market with the renovation of classic buildings in the historical centre, as well as in the neighbourhoods of Chamberí and Salamanca, as “a way of restoring the urban heart”, said Roberto Perri, CEO of the group.

The company backed by Latin American capital has just added a new building to its portfolio of projects underway in Madrid, bringing the total to seven. It has purchased a building on Calle López de Hoyos, 171, with a buildable surface area of 9,000 m2, which will house between 60 and 70 homes, and which will have services such as a swimming pool and gym. The investment amounts to €20 million, plus the cost of the building work (…).

Original story: El Mundo (by M. J. G. Serranillos)

Translation: Carmel Drake