“Our market analysis shows that home sales across the cities and most desirable second-home destinations maintained a steady upward trend in the first quarter of 2017. We expect that the recovery will extend to the areas surrounding the cities and other parts of Spain during the next 12 to 18 months. With easier financing and continued low interest rates, we predict that the demand for homes will continue to rise.”
Director, Lucas Fox Madrid
Madrid Property Sales Transactions
The Comunidad region of Madrid continues to closely match national sales transactions patterns. According to the National Institute of Statistics (INE), sales transactions in Madrid in the first two months of 2017 (for which the latest data is available) saw an annual growth rate of 10.8% over the same period in 2016, with a total of 11,134 transactions.
Madrid Property Prices
According to leading property portal Idealista (which bases its figures on asking prices), key luxury districts in Madrid have continued to show rising average prices so far in 2017, as greater demand for properties influences asking prices. The affluent districts of Chamartín, Chamberí and Salamanca ended Q1 2017 on €4,207, €4,291 and €4,782 respectively (annual growth rates of 8.1%, 8.7% and 8.3%). Despite showing a very slight decrease in the first quarter of 2017, the city’s average price has also risen in the last year, ending Q1 2017 on €2,919, representing an annual growth rate of 3.1%.
Lucas Fox Madrid Sales
The total value of sales transactions by the Lucas Fox Madrid office increased substantially, showing an annual growth rate of 109.2%.
Lucas Fox Website Interest
Spanish interest in Madrid properties represented just over 20% of Lucas Fox website visitors in the first quarter of 2017, a similar percentage to Q1 2016 when 23.2% of website visitors came from Spain. This figure, however, is disproportionate to the proportion of actual buyers (75% of Lucas Fox Madrid sales in Q1 2017) in the Spanish capital. Amongst international buyers the majority of interest continues to come from the United States (18.5% in Q1 2017 and 15.2% in Q1 2016) and the United Kingdom (17.2% in Q1 2017 and 18.5% in Q1 2016).
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