Lucas Fox has opened its fifth Property Lounge in the beautiful medieval town of Begur on the Costa Brava. Located in Calle Forgas i Elias, in the heart of this upmarket tourist destination, the office will be a base to its 6 sales and administrative staff. Lucas Fox celebrates its 10-year anniversary this year and over the course of the past decade the Costa Brava has consistently been one of the company’s best performing regions. Lucas Fox Costa Brava boasts one of the most comprehensive portfolios of quality coastal and inland property in the area – covering the coastal region from Begur to Blanes and some of the most sought-after inland areas of Girona province. The company has closed some of the region’s largest residential transactions of recent years.
Lucas Fox Costa Brava Director Tom Maidment comments:
“For a while now we have been looking to strengthen our business in the region and we believe that market conditions are now ripe for us to open a local office to even better serve our national and international clients. Begur is the ideal location for us from both a geographical and commercial point of view.”
Sales in the Costa Brava in the first half of the year have once again been dominated by Northern European buyers, particularly British, French, Swiss, Dutch and Scandinavian clients. There has also been a notable increase in demand from British and American clients taking advantage of the weak Euro as well as the area’s low property prices. 2015 has also seen the highest level of activity from national buyers since the start of the property crisis.
“We have seen a significant increase in demand from local buyers and a number of transactions closed,” comments Mr Maidment. “Domestic interest is focused primarily on the low to mid end of the market, from around €400,000 to €1m. With the continuing political and economic troubles in Russia, this segment of the market has all but disappeared and has had a major impact on areas of the Costa Brava that have traditionally attracted large numbers of Russian buyers, particularly Lloret de Mar and Blanes in the southern area of the coastline,” added Maidment. “Whilst most of the sales activity has focused on properties in the €500,000 to €1.2m price bracket, we have also seen a handful of sales between €5m to 15m, suggesting that buyer confidence at the very top end of the market is also on the rise.”
Lucas Fox believes that the next few years will be a very exciting period for the Costa Brava real estate market with some opportunities available that may not be repeated for a generation. In areas such as the exclusive bay of Aiguablava there as many as eight first line properties currently on the market – an unusually high level of seafront product and a situation that, prior to the start of the crisis, would have been unimaginable.
“A significant number of these properties have been owned by the same families for generations but, primarily due to the economic crisis of the past 7 years, many owners have taken the tough decision to sell. Many of these properties will sell over the course of the next 12 to 18 months as the recovery continues to gather pace and it could be many years before buyers have the opportunity to acquire prime seafront properties in these exclusive coastal areas again,” adds Mr Maidment.
From the Begur office Lucas Fox also covers the inland Girona region, offering an extensive portfolio of rustic properties and luxury country estates in some the most sought-after areas of Girona Province, including the Baix Empordà.