“The last quarter of 2016 already showed a marked increase, not only in the number of completed deals but also in high-end sales. So far 2017 has continued along the same line with a significant amount of high-end sales completed. This is due to our increased portfolio of quality properties to suit all budgets, which in turn leads to more enquiries, particularly enquiries from serious buyers.
We are continuing to see a cross section of buyers from several different countries with a range of budgets. Generally, high-end buyers tend to be Scandinavians and Northern Europeans or wealthy national buyers looking for investments. Buyers looking for a second home around the €400,000 to €600,000 mark are predominantly British and French. Approximately half of our buyers are looking for a property they can use as a second home as well as rent out to tourists to provide an attractive income. As new tourist licences have been temporarily suspended in Sitges since December, those properties already possessing the licence have added value.
Approximately a third of buyers are looking to relocate and set up home here, often those with young families who want to take advantage of the cosmopolitan environment and choice of international schools in the area.
Judging from the type of enquiries we are receiving we expect the momentum to continue, closing deals at all levels but with a significant increase in high-end operations. Demand outstrips supply for quality homes, which is reflected in the amount of new property development currently in progress. There is also increased interest in purchasing land on which to build for either personal use or to sell on.”
Director, Lucas Fox Sitges
Sitges Property Prices
According to leading property portal Idealista (which bases its figures on asking prices), Sitges average property prices ended Q1 2017 on €3,847 per square metre, up €103 per square metre over the end of 2016 average. The average price is up €234 since the end of March 2016, showing an annual growth rate of 6.5%.
The first quarter of 2017 has also seen average sales prices rise in Castelldefels, where they ended Q1 2017 on €2,963 per square metre, representing an annual growth rate of 9.4%. Having fluctuated during 2016, average prices in Gavà have shown a substantial increase, ending the first quarter of 2017 on €2,575 per square metre, €120 above the average price at the end of March 2016 and representing an annual growth rate of 4.9%.
Lucas Fox Sitges Sales
Lucas Fox Sitges has had an excellent first quarter with the number of sales transactions showing an annual growth rate of 200%.
Lucas Fox Website Interest
In the first quarter of 2017 the number of British visitors to the Lucas Fox website looking for property in Sitges continues to dominate, with over a third of all visitors coming from the United Kingdom. National visitors made up just over 20% of all website visitors, the same percentage as in the first quarter of 2016. The first quarter of 2017 saw an increase in the number of visitors from the United States seeking Sitges property, with 9.8% of website visitors, compared to 4.4% of US visitors in Q1 2016.
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