New construction in the real estate market
The demand for second-home destinations is growing
In the luxury real estate market the British continue to make up the biggest proportion of foreign buyers all over Spain (11% but down from last year’s 18%), followed by buyers from the Middle East (8% compared to 5% in 2015), Scandinavia (7% compared to 4% in 2015), France (6% compared to 9% in 2015) and the US (5% compared to 4.5% in 2015). Asian and South American buyers are also on the increase. Spanish buyers accounted for 35% of Lucas Fox sales in 2016, up from 19% in 2015. National and international demand for homes in leading cities and desirable second-home destinations is growing, showing that Spain’s economic recovery is on course despite last year’s political paralysis.
Three-quarters of the new or renovated properties were bought by foreigners, 46% of whom were buying for investment reasons. The average selling price of a new home in Barcelona during 2016 was 6,200€/m2 (€720,000), significantly above the Barcelona average.