To celebrate the 10 year anniversary of Lucas Fox, we have delivered a snapshot of the Spanish Property market since 2005 until 2015.
During this time, the Spanish real estate market has gone through a period of flux: first rising to a bubble-bursting point in 2007 and then slowly rebuilding with more integrity and a stronger focus on quality properties in the more desirable locations, with a long-term view on both investment opportunities and lifestyle enhancement.
All the areas in which we operate – Barcelona, Costa Brava, Sitges, Maresme, Marbella, Madrid, Ibiza and Valencia – saw property prices and the number of transactions peak in 2007 and have seen price drops up until midway through 2013. Prices have continued to steady since then and we are now beginning to see small prices rises in key cities and the most desirable second home destinations. The number of transactions, however, remains fairly muted as the demand for good quality properties currently outstrips supply.
“In the period 2007 to 2013 there was uncertainty about the market and this made a lot of people put their plans on hold,” explains Lucas Fox founding partner Alexander Vaughan. “In the last two years, thanks to more confidence in the recovery of the Spanish economy and the Euro in general, we have seen the market reactivating with price readjustments across the board. The appeal of Spain is as strong as it’s ever been and we are seeing a huge growth in what we call ‘lifestyle investors’. They want to make a wise property investment but choose Spain because of the quality of life it offers.”