Leading Spanish Luxury Property Agency sees volume of sales transactions nearly triple in the first half of 2012 in key Market Locations
2012 first and second quarterly results published in the Lucas Fox Luxury Real Estate Market Reports suggest continued solid interest in Barcelona, Ibiza and Mallorca, with Lucas Fox reporting almost three times as many sales transactions compared to the first half of 2011.
October 2012 (BARCELONA, Spain): Lucas Fox has released Q1 and Q2 2012 property market reports for:
Each half-year Lucas Fox publishes an analysis of trends within the luxury property markets of Barcelona, Ibiza, Mallorca and Costa Brava, using information collated from buyers and property owners in key luxury market locations.
Commenting on the report Lucas Fox Director Alex Vaughan said, “We have had a strong start to 2012, with almost three times as many sales transactions as in the same period in 2011. We have increasingly seen sellers adjust their prices to reflect the realities of market conditions, attracting new investors to the luxury property market in all our locations.”
Summarising the findings from Lucas Fox’s four key market locations, Alex Vaughan stated:
- “In Barcelona we have seen a pricing readjustment across-the-board, sparking a new wave of foreign investor interest in some of our most sought-after locations. Many buyers who have been carefully monitoring the market throughout 2011 are realizing that it is a perfect time to snare quality properties in Barcelona’s prime property hot spots”,
- “The healthy interest in Ibiza property seen in 2011 has been reflected in the first half of 2012, resulting in another strong year for this market. Ibiza’s image as a party island is giving way to a greater reputation as a luxury Mediterranean holiday destination and this is further reinforced with the recent completion of the stunning Life Marina Ibiza apartment complex.”
- “The second quarter of 2012 ended with an upsurge in investor interest and luxury property sales in Mallorca. There has been particular interest in seafront properties, country houses and large apartments in Palma Old Town amongst foreign buyers. Interest in prime Mallorca properties is expected to extend through the peak sales season until the end of the third quarter, at least.”
- “In the Costa Brava, the number of sales transactions remains low, though comparable with 2011 levels. Unique properties in exclusive locations are still attracting a lot of interest and in some cases still exchanging close to asking price. In these cases buyers are investing primarily as a lifestyle decision and many are attracted by the potential revenue from luxury rentals, providing a return on investment whilst the market remains uncertain. Sales transactions are expected to remain slow for the rest of 2012, but we expect an increase heading into 2013 as buyers begin to sense that we are nearing the bottom of the market ”
“At Lucas Fox, we expect to experience strong third and fourth quarters in 2012, particularly in Barcelona, Ibiza and Mallorca, and steady sales activity in the Costa Brava in what is traditionally the peak buying season. Lifestyle investors are carefully watching the local luxury property market and beginning to make their moves as they recognise that prices have neared their lowest points. This has been reflected in a growing trend which has seen investors reacting quickly to the availability of high-class properties in prime locations across each area,” said Mr Vaughan.
Founded in 2005, real estate agency Lucas Fox specializes in offering quality luxury properties, a professional approach and a high level of service. The company has offices in Barcelona, the Costa Brava, Ibiza, Mallorca and Portugal.