Lucas Fox Spanish Real Estate Market Report / First half 2023
THE PRIME MARKET
PRIME PROPERTY SALES BY LOCATION Total Lucas Fox sales of €2.5m or more. H1 2023
PRIME PROPERTY SALES BY PROVENANCE OF BUYER Total Lucas Fox sales of €2.5m or more. H1 2023
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DEMAND FOR PRIME PROPERTY
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Our experience as one of the leaders in the prime and super-prime segment servicing both local and foreign clients suggests there was a substantial increase during the first half in demand for prime property with a price tag of €2.5m or more. Lucas Fox sales in this segment increased by 10% in the first semester, with transactions up by 43% in Barcelona, by 50% in Ibiza and Madrid, and doubling in the Costa Brava. The average price of our prime property sales increased by 41%, and the value of those sales by 54%. These results reflect the confidence and robust purchasing power of upmarket buyers, who are less dependent on mortgage financing, and can take rising interest rates in their stride. Buyers in the prime market are also less sensitive to rising prices than is the case in other segments, and guided more by confidence in their investments than price and financing considerations.
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43.5% 17.4% 13.0% 13.0% 4.3% 4.3% 4.3%
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BARCELONA CITY COSTA BRAVA MADRID & SUBURBS IBIZA VALENCIA CITY MARESME COSTA BLANCA
60.9% 17.4% 8.7% 8.7% 4.3%
EU EUROPE (NON EU) FAR EAST NORTH AMERICA LATIN AMERICA
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