Survey identifies overseas property trends in Spanish expat destinations

Published:  2 Jun at 6 PM
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The survey, undertaken by an upscale property company with offices in 21 world locations, has identified Majorca as having the strongest price rises over the last year.

Beating out even London’s trendy Chelsea and Westminster districts’ price rises, luxury Majorcan properties are being snapped up by wealthy Brits as well as non-EU citizens looking to benefit from the island’s Golden Visa offers. Purchasers of properties worth over 1.5 million euros qualify for permanent residency.

Whilst real estate prices in Majorca soared by almost 16 per cent last year, Switzerland, Barbados and the Cote d’Azur aren’t lagging behind, attracting a large number of international buyers for luxury homes. Since 2008, foreign purchases of high-end homes have doubled, with a million euros upwards now the norm for a four-bedroomed villa in the Balearics and other hotspots.

Russian and Chinese buyers are in the majority, attracted by the thought of a Spanish bolthold including permanent residency. As a result, the Balearics islands are now home to a wealthy multinational community, even although many newer residents are referred to as snowbirds, arriving for the warm, winter weather.

In the rest of Spain, signs that the real estate market has bottomed out and beginning to edge upwards are causing optimism in the property trade but, according to experts, buyers still need to exercise caution. Budding expat entrepreneurs need to take into account the high cost of running a business as well as draconian government legislation, and prospective home-owners should keep in mind the infamous and still ongoing Spanish property scandal.
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