Top End of Market Buoyant in Spain
June 16th, 2008
Although the economy is slowing down in Spain the high-end of the housing market remains unaffected.
With the economy slowing, unemployment rising and house prices falling, many people are currently put off buying real estate in Spain.
But according to the website Expatica.com, while house sales have plunged in the middle and the bottom of the market, they remain buoyant at the top, as wealthy buyers remain unaffected by the current economic slowdown.
Properties priced at €1m and above are still selling as the wealthy keep spending, and the supply of such properties still falls well short of the demand.
In Madrid especially, vast apartments and duplexes in restored buildings, airy lofts in converted industrial and commercial properties in the financial and shopping districts, and new designer apartments in exclusive buildings are highly sought after.
Mark Stucklin from the website Spanish Property Insight said recently: “Quality property is always in short supply, even in recessions. The good stuff isn’t going to collapse in price.”
Frontline villas, with unobstructed sea views, in sought-after locations such as the Spanish islands have also maintained their value well, despite the current slowdown.
Full story from homesworldwide.co.uk
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