Spain: ‘the good stuff won’t collapse’

Spain’s economy may be slowing, but one particular real estate sector remains unaffected…

According to the website Expatica.com, while house sales have plunged in the middle and the bottom of the market, they remain buoyant at the top, as wealthy buyers remain unaffected by the current economic slowdown.

A spokesperson for Expatica commented: “With the economy slowing, unemployment rising and house prices falling, many people are currently put off buying real estate in Spain. However, properties priced at €1m and above are still selling as the wealthy keep spending, and the supply of such properties still falls well short of the demand.

Mark Stucklin from the website Spanish Property Insight added: “Quality property is always in short supply, even in recessions. The good stuff isn’t going to collapse in price. In Madrid especially, vast apartments and duplexes in restored buildings, airy lofts in converted industrial and commercial properties in the financial and shopping districts, and new designer apartments in exclusive buildings are highly sought after.

She concluded: “Frontline villas, with unobstructed sea views, in sought-after locations such as the Spanish islands have also maintained their value well, despite the current slowdown”.