Our « International Tour of Luxury Real Estate » conference has become a tradition over the years. For the 4th Prestige MLS Congress, it gathered as much as 6 Member agencies, introducing their primary property market in a casual interview by Matthew Ferrara. First one of our series is the Luxury Real Estate market in Spain, presented by Propiedades Singulares CBRE SPAIN.
Jordi Puig mixed fun videos with very sharp market data, creating a very accurate depiction of the Spanish Luxury Real Estate market
Country of honor during our 4th annual Congress, Spain had to be presented, both in terms of the culture and the current state of the luxury property market. As such, our Member CBRE Spain, the Spanish branch of the giant of corporate commercial real estate, was to be our best interlocutor.
CBRE joined Prestige MLS through their new luxury real estate services called “Propiedades Singulares”. The Spanish group was represented by expert Jordi Puig, Barcelona Deputy Manager.
Jordi Puig was very much at ease during his presentation and impressed the audience with the completeness of his presentation. He mixed fun videos with very sharp market data, creating a very accurate depiction of the Spanish Luxury Real Estate market.
Key elements of his presentation of the Barcelona market included:
An unequal market, that remains strong in Barcelona and Madrid
Regarding the price/sqm in Spain, four out of the 10 most expensive cities in Spain are dispatched between the Madrid and Barcelona area. The market remains very steady in those cities, in spite of the sharp decrease in the rest of the country. Especially, the two cities are at very similar levels in terms of price/sqm in all segments of the market: province, city, prime and super prime.
In Barcelona: a high-end real estate market driven by Swiss and Russian clients
If the Spanish prime real estate is still primarily purchased by Spaniards themselves, an increasing international clientele buys properties in Barcelona. Especially, Swiss and Russian clients represent a considerable share of the whole buyers.
In Madrid: Luxury Real Estate led by Latin-American clients
In Madrid just like in Barcelona, prime real estate is bought by Spaniards, but also increasingly by foreigners. The foreign client base in Madrid is mostly Latin-American. They include buyers from Colombia, Mexico and Venezuela.
In Balearic Islands & Coast: demand comes from Nordic and Saudi Arabian clients
The profile of buyers in the Balearic Islands and along the Mediterranean Coast is slightly different than the one in-land. The foreign buyers to the Islands come primarily from Northern Europe, such as Norway or Sweden. On the other side, Saudi Arabian clients represent an important clientele in the Luxury Real Estate market along the Coast.
The chart below summarizes the international clientele of the Luxury Real Estate market in Spain:
