Tuesday, April 17, 2012

Murcia real estate sector is poised in pole position for recovery

Murcia looks set to be the next big destination in Spain as rising number of people want to consider their investment options here with real estate firms revealing enquiries about properties in the Spanish region are outpacing those for other destinations.

Steve Long, chief executive officer of CasaCalida Property Group, has highlighted several attractions that make the Spanish region stand out which includes Europe's largest shopping mall, a new continental airport and the proposed development of the Paramount theme park.  In addition, there are plans to construct a business and leisure complex on adjacent land to the theme park. There are quite a few   developments on the market in the area, which means demand will far offset supply should the estimated visitor numbers - five million tourists each year - for the new theme park prove to be correct.

Jon Ainge, Director of International Property Success said that there are numerous reasons why investors should consider this part of the country, including the construction of a new Paramount theme park. "Building is to start in May and we expect demand for property to increase as a result," he stated. The company highlighted figures from a study conducted in Dallas in the US in 2001, which revealed that properties facing a theme park cost 22 per cent more than equivalent properties further away from the attraction.

Although Murcia is an appealing prospect for investors seeking properties in Spain, Mr. Ainge urged interested buyers to be selective about the assets they purchase. He highlighted five-star resort properties as "the best places to invest".

Meanwhile, Chris Mercer of local estate agent Mercers told Propertywire that property prices in the region could rise significantly once the park has been finished. He highlighted the fact that prices in the area have reached their lowest point and highlighted the potential for rental opportunities to accommodate the needs of both employees at the park and those visiting it.

Monday, April 9, 2012

One of the top destinations for high-net-worth property buyers

An increasing number of investors believe this year is a good time to invest in the Spanish property sector particularly in luxury Spanish market.
Recently Lucas Fox International Properties announced that 2011 was its "most successful operational year to date", with the firm citing its strong client base and portfolio of desirable assets among the factors that have helped it perform well. While there is still a large inventory of empty and  unsold properties available, the problems surrounding the Spanish property sector do not extend to the Luxury property market, with the firm completing transactions worth £19.5 million during the Q3 of this year. According to an analysis from the organization, International buyers are acquiring luxury properties in Barcelona, the Costa Brava and Ibiza without mortgage financing.

Alex Vaughan, Director of Lucas Fox International said that Spain continues to be one of the top destinations for high-net-worth property buyers. He added that the projections for Barcelona, Costa Brava and Ibiza, as published in the firm’s recent market reports, have become a reality. He also highlighted the company's strong position at the start of 2012, explaining that more than 5,000 active buyers have registered with the firm. The firm noted that both Barcelona and the Costa Brava during the second half of this year were set to benefit from high levels of demand coupled with a lack of supply of properties in the Luxury property market.  

‘The luxury end of the market has held steady in sales prices and seen some increases in rental price for exclusive properties located in the centre of Barcelona. We believe that the luxury property market on Ibiza also has great potential and that there will be a return to annual capital growth next year,’ he added.
Meanwhile, Aimar Valls, head of commercial and investment property at the organization, commented: “In the last year, we have received a dramatic rise in both the quantity and quality of enquiries for commercial and investment property."

He added properties in central Barcelona are particularly desired, with hotel developments and tourist apartment rentals among the main targets for investors.

 Real estate experts in Spain point out that top quality properties with a sea view will always sell well. Sotheby international reality in Mallorca has reported an extending price gap between first line sea view homes and the countryside equivalent.  Reports reveal that Mediterranean-front property requests are outweighing inland by a huge ratio of five to one. buyers might pay €10million for a 900 square meter property on a 4,500 square meter plot in a high-status seafront location, they could have a attractive 500 square meter property on a vast 25,500 square meter countryside plot within 20 minutes of the capital, Palma, for less than a third of the cost at €3 million.

Stephen Dight, Sotheby's managing director on Mallorca commented: ‘We really only deal with top end clients who have fantastic budgets and can afford the very best and the very best in Mallorca is a sea front home. For this reason there's a vast chasm between coastal and inland prices.”