Madrid prime prices outpace london and paris
Prices of prime property in Madrid are now rising at a faster pace than property in both London and Paris, as the economy continues to recover.
Prime property prices in Madrid rose 5.2 per cent year-on-year in September 2015, according to Knight Frank. Sales are on the up too, according to Spain's Ministry of Development, with prime sales up 25 per cent year-on-year.
As demand climbs, the gap betwen asking and selling prices has shrunk, notes the agency, while the average time taken to sell a property has plunged from
The difference between asking and closing prices has shrunk considerably from 10 to 12 months to just three to six months.
Salamanca, Jeronimos and Chamberi are the main drivers of the market's improvement, withv over two-thirds of buyers focusing on those areas, with a preferred price range of between €1m and €2m.
The former two have enjoyed the biggest rise in prices, of 7 per cent and 8 per cent respectively.
Foreign buyers, meanwhile, are also playing their part: 30 per cent of buyers with Madrid's prime residential market are from overseas, twice as many recorded two years ago.