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Luxury estate agency bullish for 2016
The luxury estate agency Lucas Fox is looking forward to a strong 2016 for the Spanish property sector with the firm’s Director in Madrid, Rod Jamieson, seeing falling unemployment and the fact that Spain’s economy is forecast to be among those registering highest growth this year as signs that the property sector will capitalise on the progress made in 2015.
Jamieson states that “the market’s recovery is already underway and is gaining momentum”, Lucas Fox illustrates Spain’s improving fortunes with the graphic below using statistics from the Urban Land Institute which show Madrid and Barcelona placed 4th and 12th respectively in the table of the European Cities with the Best Investment Opportunities 2016, above Paris and London among others.
Lucas Fox predicts an increase in demand led by a return of national buyers whose re-entry into the market is being assisted by the increase in lending and low interest rates as well as of course the drops in unemployment, signs that prices have bottomed out and rising confidence in the Spanish economy.
2016 should see price rises and Juan Luís Herrera, Lucas Fox’s Valencia Director believes increases will be around 3-4% for the year. The agency’s Marbella and Barcelona Directors also predict that prices will increase this year although they stress that the growth in prices will not be large.
The agency predicts that foreign buyers will continue to be as important as in previous years and highlights the fact that currently 65% of all second-homes in Spain are purchased by foreigners. Karen Storms, the firm’s Sales manager in Barcelona, believes that a unique combination of factors will converge in 2016 making it a great year for both national and international investors.