Lucas Fox today publishes comment and analysis for quarters three and four, 2011 for the Barcelona, Mallorca, Ibiza and Costa Brava property markets plus their market predictions for 2012.
Key insights from the reports reveal that:
- Prices in the prime locations of Barcelona in remained resilient through 2011 but it remains possible to purchase properties at discounts of up to 30% on 2007 prices.
- The Ibiza property market experienced a healthy 2011 with strong demand from international buyers for luxury properties cross the island
- The Mallorca market is currently very slow but there are signs that it will replicate the 2011 success of Ibiza with predictions of increased foreign property investment in 2012
The company believes that 2012 will be another very important year for the Spanish property market. Alex Vaughan, Director at Lucas Fox International properties qualifies,
“We are fortunate enough to be specialised in the sale of luxury property in prime locations to international clients and are still receiving strong interest from our buying clients many of whom are keen to take advantage of the discounted prices that are possible. The story elsewhere in the market is less positive with agents in some areas of Spain such as Murcia and Alicante reporting on large amounts of property stock on the market and a very low volume of transactions. In these worse affected areas 2012 looks set to be another crucial year for sellers and agents alike.
There are, however some positive signs in the market as a whole. Last year the Spanish government lowered the purchase tax payable on new build property which stimulated transactions in the last quarter and the new PP Government have announced that this measure will be continued through 2012.
The areas that Lucas Fox covers are some of the least affected. Properties in Barcelona and on the islands of Mallorca and Ibiza have proved to be very price resistant and there are few distressed properties on the market. The signs for 2012 are positive with a much larger amount of enquiries from international buyers across all of our offices than we normally experience at this time of year.”
“We are seeing that buyers who have been observing the market for the last few years have now decided that it is the right time to show their hand and start negotiating on their ideal property” commented Stijn Teeuwen, Director of Lucas Fox International Properties. “For those clients that get it right there are possibilities to buy prime properties in the best locations at major discounts on the prices that there were being sold at prior to 2007 / 2008.”
“There are still plenty of opportunities to purchase well-located, quality properties at interesting prices throughout Costa Brava, including in some of the established areas of interest around Begur / Tamariu / Llafranc and S’Agaro / Platja d’Aro,” said Tom Maidment, Director at Lucas Fox Costa Brava.
Lucas Fox releases half-yearly market reports based on property data from the Spanish and Catalan Statistics Institute, property and online data websites, and from its own data sources.