Luxury real estate in Spain continues to skyrocket

The average cost of luxury housing in Spain last year increased by 6% and amounted to about € 6225 per square meter, while in large cities and most popular tourist areas the growth rate was even more noticeable and reached 12%. This is reported by Noticia with reference to the Reuters news agency and the data of the Spanish division of Barnes International Realty.

According to current indicators, premium real estate with a huge margin ahead of the usual housing in new buildings, which in 2017 went up in Spain by about 5% — and costs an average of € 2200 per square meter.

The average term for the sale of elite real estate in the country is 5.5 months and is reduced to two months if it is located in the most sought-after areas. In the last quarter of last year, the situation was to some extent affected by the political conflict in Catalonia, but experts hope that the situation will soon stabilize.

The sector of the Spanish property market — luxury housing, which suffered huge losses due to the economic crisis, has been showing signs of recovery for several years. This is evidenced by the resumption of the activities of developers and other companies in the industry, as well as a steady increase in prices and the number of transactions.