Tag: sun

Lucas Fox Triples Presence in Valencia to meet Demand from International Clients

31 January 2018 – Eje Prime

Lucas Fox has multiplied its network in Valencia by three. The real estate agency has opened the doors of its third office in the regional capital. Located in the Ciutat Vella neighbourhood, the company’s newest branch is located at number 42 Calle del Mar.

The objective of the multinational firm with this opening is to be closer to vendor clients to increase its portfolio in Ciutat Vella, in order to respond to demand from international clients in pursuit of the Spanish sun.

Currently, Lucas Fox’s delegation in Valencia employs a team of twenty professionals, including five architects. In 2017, the real estate firm launched a portal for prime transactions as one of the new drivers of its growth. It is also considering expanding into other regions of Spain, including Madrid.

Original story: Eje Prime

Translation: Carmel Drake

Servihabitat: 9 out of 10 Non-Resident Buyers Prefer the Beach

18 December 2017 – Eje Prime

17% of the homes purchased in Spain today have a foreign accent. During the first half of 2017, 83,675 homes were acquired by foreign buyers, which represents an increase of 10% with respect to the same period last year. Nevertheless, that increase weakened slightly if we look at the previous quarter, according to the Servihabitat Trends report published by the national servicer.

The reason for this annual increase is found in the climate: 83.7% of non-resident buyers in Spain during the first six months of this year focused their attention on just seven provinces, all of which offer sun and sand. Málaga leads the ranking, exceeding even Alicante according to the latest figures. According to data from the Ministry of Development, 30% of all house purchases by foreigners were recorded in Málaga, compared to 23% in Alicante (…).

The data is clear. Almost nine out of every ten foreign buyers in the Spanish market values the quality of life offered by the Mediterranean climate. Another factor to take into account is the reason for the purchase. In this sense, the Government reports that 95.8% of new foreign house buyers in Spain are resident in the country, which accounts for 80,191 properties in total (…). ,

Besides Málaga and Alicante, the other most sought-after provinces by these investors are: Almería (9.6%), the Balearic Islands (9.2%), Las Palmas (5.2%), Tenerife (4.7%) and Murcia (3.5%). Beyond these coastal areas, the remaining 12.7% is spread over the rest of the country, with large cities such as Madrid and Barcelona accounting for a large share.

Influence in the regional market  

As well as the growing number of international investors, their influence in the regional markets where they are interested in buying homes is noteworthy. In regions such as Alicante and Tenerife, overseas investors account for almost half of all residential property purchases in the regions. Similarly, in the Balearic Islands, Málaga, Las Palmas and Girona, the figure exceeds 30%.

In Cataluña and the Community of Madrid, house purchases by foreigners account for 15.9% and 8.8% of the total number of operations, respectively.

At the other end of the spectrum, the regions where fewest foreign investors are active are Extremadura (2.2%), followed by Galicia (2.5%) and País Vasco (3.3%).

Brits lead the investor ranking

In terms of the country of origin of overseas investors in Spain, British buyers continue to constitute the largest community of house buyers in the country, although their market share decreased during the third quarter of this year, from 19% to 15.13%, according to data from the College of Registrars.

The collateral damage from Brexit may have led to that decrease, although the loss in the purchasing power of UK households will have also played its part, due to the depreciation of the pound against the euro, according to the servicer’s report.

After Brits in the ranking of foreign investors in Spain, come the French and Germans, although neither group manages to account for 10% of the total market. The Swedes, Belgians, Italians and Romanians, all with a percentage market share of around 5%, buy similar numbers of homes in the Spanish residential market, which is speaking more languages every day.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

Why Did Foreigners Buy 72,000 Homes In Spain In 2014?

8 May 2015 – Expansión

When it comes to buying homes in Spain, foreigners are primarily motivated by the quality of life, the sun and good flight connections to their home countries.

The volume of house sales increased by 21.6% in 2014. In total, 365,594 transactions were closed, according to the Ministry of Development. It is clear that the real estate market has begun its recovery and, to a large extent, that is due to the interest that the real estate market is sparking amongst investors from overseas. Purchases by foreign residents in Spain have grown in recent months, partly due to the incentives that the Government has introduced – mainly the residence visa – but above all due to the opportunities offered by the real estate market here. Foreigners purchased more than 72,000 homes in Spain last year and the average transaction value was €152,000.

But, who are these foreigners that are purchasing homes in Spain and what is it that draws them to our country? “Many of these overseas investors are tourists who come to Spain on holiday and after spending time here, decide to invest in a second home”, says a study performed by TM Grupo Inmobiliario, which has a stand at the SIMA (Salón Inmobiliario de Madrid or Madrid Real Estate Fair) being held until 10 May. “They are primarily motivated by the quality of life, the sun and good flight connections to their home countries”, says the report, which concludes that the profile of the average purchaser is a man, aged 53 years-old, with children. On average, these purchasers have an annual income of €66,000. There is also a significant percentage of resident buyers in our country who are making Spain their new home given the improvement in the economic environment.

Britons are the nationality most interested in purchasing homes in our country; they accounted for 18.62% of all transactions closed by foreigners (in 2014). They are followed by the French (9.39%), Germans (7.25%), Belgians (6.90%), Italians (6.13%), Russians (5.83%), Swiss (5.83%), Chinese (4.14%) and Norwegians (3.74%). In recent years, interest from Russian nationals in Spain had increased significantly, but the decline in the Ruble and in the price of petrol (last year) reduced their desire to purchase. There is also a great deal of interest from Mexicans and Colombians in buying a home in our country, but in absolute terms the numbers are not yet significant. The vast majority of them have a high purchasing power and are buying second homes here.

The decrease in house prices has not affected all areas equally, but overseas investors are primarily interested in three main areas: the Mediterranean Coast (Barcelona, Alicante, Girona and Málaga), the Islands (above all Mallorca, Ibiza and Tenerife) and Madrid.

Original story: Expansión (by E.V.)

Translation: Carmel Drake