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Spanish highs
Ginetta Vedrickas takes a fresh look at Spain and discovers
that it is all systems go as high-end property buyers flock
back to the market
Spain may have been one of the worst hit destinations in the global
downturn but, as the fall in prices starts to slow and buyer confidence
returns, all agents report that the market is booming with buyers
seeking a slice of Spanish luxury and it’s the Balearic Islands which
are leading the way.
Recent data from high-end agency Lucas Fox reveals that prices in
some of Spain’s most desirable areas have fallen up to 50% since the
property crash of 2006/7 but that sales are now very firmly on the up.
In the ever hip city of Barcelona, Lucas Fox says that sales are up 13.5%
from January to May 2013 compared with the same period last year
and that the last two trading quarters have been the strongest since the
crash. But it’s not just the Catalan capital which is booming, the luxury
market is doing particularly well throughout the Costa Brava, Ibiza and
Mallorca where Lucas Fox says that the average sales price of properties
sold was over €1 million.
Brits and Scandinavians are returning to the market and there is growing
interest from Far Eastern and Russian investors. International clients are
driving the market in these areas in part because Spain recently approved
a new law granting non-EU nationals residency when spending €500,000
plus on a property, which has enticed overseas-based buyers. Co-founder
of Lucas Fox, Alexander Vaughan, says, “The first six months ▶
SON VIDA
PALMA DE MALLORCA
This six-bedroom property in Palma’s Son Vida golf zone
has been constructed around the principles of Feng Shui.
Harmonising modern and traditional style, water plays a
huge role in this home. First, a waterfall passes through the
hanging gardens of the courtyard with the support of a spray
system to provide natural cooling. To the rear of the property,
the south-facing swimming pool surrounded by decking has
crescent shape fountains at the sides, producing colourful
rainbows, as well as spa-style water jets.
Inside, a spacious wellness area with indoor pool includes a
whirlpool for up to six people, salt sauna, traditional dry sauna
and rainshower experience. Other features include a home
cinema, roof terrace, underfloor heating throughout and an
installed music system.
£8.34m / €9.8m / $12.96m
Mallorca Sotheby’s International Realty: +34 971 67 48 07
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SUPERMARESME BARCELONA
On the Maresme coast, 15 minutes north of the Catalan
capital Barcelona, in the sought-after residential estate,
Supermaresme, this property features stunning sea views as
well as Domotics music and security systems in every room.
Measuring 650m2 with an additional 1,100m2 of underground
space used as a spa/gym and for parking, the plot itself
measures a total of 2,350m2.
£6.81m / €8m / $10.58m
Lucas Fox: +34 935 952 490
CALACONTA IBIZA
of 2013 saw further encouraging developments
in the property market in prime areas of Spain.
In all regions we cover, the numbers of offers
and sales completed were significantly up on
the same period in 2012. It remains a buyer’s
market with even the best properties transacting
at 20% to 30% below their peak prices and
sellers increasingly open to negotiation on
asking prices.”
And, with opportunities to perhaps bag
yourself a bargain, Mr Vaughan’s sound advice
to potential buyers is to focus on location and
quality. “There are some great deals to be had
and we think that in most areas, particularly
Barcelona, the Costa Brava and Marbella, prices
are at, or very close to, the bottom. We expect
the trend of sellers lowering asking prices in
line with buyer expectations to continue for
at least the rest of 2013 and quite possibly the
next couple of years.”
Chic celebrity choice
But, if money is no object, perhaps consider
stylish Ibiza which continues to appeal to a
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younger, glamorous set. Naomi Campbell owns
a property on the island and Elle MacPherson is
regularly spied holidaying in the island’s chicest
spots which this year have expanded to include
new venues such as Nikki Beach, Cipriani’s and
Pacha’s luxurious hotel Destino. The latest
residential development Calaconta is Ibiza’s
first ever gated community and will appeal to
style and security conscious house hunters.
The chic clutch of just 32 villas is set within a
pristine bay in San Josep on the western coast.
Considered to be one of the island’s finest
beaches, the properties will have striking views
of the Illa del Bosc, and are perfectly positioned
for enjoying the island’s sunsets.
Engel & Völkers has two offices in Ibiza and
reports a 20% increase in sales this year with a
10% increase in prices for top-end properties in
prime locations. The agency has 54 offices across
the mainland and reports an overall revenue
growth of 65% in the first half year of 2013. In
Mallorca – where they have 16 branches – the
company experienced strong growth rate and a
total revenue which grew by 29% in the first ▶
A boutique development of 32 four to eight-bedroom houses, each with a private pool and patio and
landscaped gardens. On site the resort offers a spa centre with different water treatments, a gymnasium
and five-star 24-hour concierge service. There are three villa designs to choose from, ranging from
559.78m2 built area (to include four or five bedrooms, a garage, patio and a bright basement) up to a two
storey four or five-bedroom home with 661.91m2 built area. Located near other lifestyle hotspots such as
San Jose, Santa Gertrudis and Es Cubells, it’s a mere 20-minute drive from Ibiza airport.
From £1.84m / €2.15m / $2.85m
Calaconta: +34 659 364 224
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six months with five major sales ranging from
€7-10 million in Puerto Andratx and Palma.
David Scheffler, director general of Engel &
Völkers Spain says, “Mallorca is a leading
second home destination where demand for
top property in prime locations has seen a
dramatic increase in the last few months. We
are seeing a renewed confidence in the island’s
second home residential market as clients want
to put their money into safe investments which
they can either enjoy or earn a rental income.
In addition, prices have leveled out since the
highs of 2007 and investors can now find
excellent value.”
Sotheby’s also has offices in Mallorca and
Ibiza and says that last year the Balearic Islands
topped the charts for property sales of over €1
million to foreign purchasers, a trend which
remains for the first quarter of 2013. In 2012,
729 sales were made to foreigners, with an
average price of €1,080,361, compared with just
41 in Madrid averaging €584,433.
Balearic boom
Statistics from Spain’s General Council of
Public Notaries show that Brits, Russians, Swiss
and Scandinavians were the major foreignnationality players in Spain’s 2012 market and
continue to be for the first half of 2013. The
Germans have slipped down the rankings but
still feature strongly amongst the top buyer
nationalities. Sotheby’s MD Daniel Chavarria
Waschke, says, “The Balearics simply tick all the
boxes luxury house hunters require – security,
privacy, good airline connectivity, excellent
leisure facilities and infrastructure, alongside
a restful ambience for a wind-down getaway.”
Taylor Wimpey España build throughout
mainland Spain and the islands and Marc ▶
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PGA CATALUNYA GIRONA
The latest phase of this development includes 14 large villa plots at La Balca with
spectacular views of the Tour Course over the 15th hole with the lake and pine
tree forest beyond. Phase three of the apartments has also begun which will be
made up of eight spacious units with master suite plus two additional bedrooms.
Four different apartment types are on offer, all have uninterrupted views over the
18th hole of the Stadium Course.
La Balca phase will incorporate a stunning show villa with four bedrooms,
double-height ceilings, and huge windows. Construction of this new villa is
expected to be completed by the beginning of 2014.
From £336,265 / €395,000 / $522,675 for plots
£1.064m / €1.25m / $1.654m for the show villa
PGA Catalunya: +34 972 47 25 77
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LA ZAGALETA COUNTRY CLUB MARBELLA
This elegant nine-bedroom villa has unrivalled
panoramic views of the La Zagaleta golf course,
Gibraltar and beyond to North Africa. Newly
built, to a very high standard, it includes a
cinema room, entertainment room, indoor pool
and two outdoor pools.
£12.8m / €15m / $19.8m
Lucas Fox +34 67353 9578
ES CUBELLS SAN JOSE, IBIZA
With spectacular views over the south coast and the island of Formentera, this
villa is in an exceptional location and offers total privacy. Combining modern
and classic Ibizan elements, it has six en suite bedrooms (including independent
guest accommodation) a large living and dining room, indoor and outdoor
kitchens as well as large terraces, a gymnasium and swimming pool. The master
suite has its own fireplace, office and bathroom with beautiful views. Other
rooms on the upper level also have access to the roof terrace.
£4.68m / €5.5m / $7.272m
Ibiza Sotheby’s International Realty: +34 971 310 799
Pritchard, sales and marketing director, has this
to say about the Balearic boom. “The islands are
actually not outperforming, they are performing
well! Property values have kept much better on
all of these islands and there has never been the
oversupply which we have seen on the Spanish
mainland as there is hardly any land left to build
on in the Balearics – that is the main reason
why they are performing well.”
Parts of the mainland may have seen oversupply but some high-end resorts are not only
holding their value but also experiencing
growing consumer confidence. PGA Catalunya
Resort in Girona is an ever-popular choice
thanks to an infrastructure which includes two
world class golf courses and a stunning set of
design options. The resort is owned by a team
with a credible track record of successful villa
developments, including the award-winning
Quinta do Lago in Portugal. Evidence of the
sales success at PGA Catalunya Resort is the
continued investment and growth, for example
the new La Balca development which will accommodate 14 large villa plots with spectacular
views of the Tour Course over the 15th hole
with the lake and forest of pine trees beyond.
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PUERTO ANDRATX MALLORCA
Within a quiet, private road, this property has panoramic views of the harbour of Andratx, Dragonera
island and the open sea. In addition to its three fabulous suites, the house includes a separate guest
suite, an ample living/dining area and a high-quality kitchen.
Outside is a large infinity pool and plenty of space for relaxing with open and roofed terraces of
approximately 91m2 and another chill-out area bordered by a lawn next to the house. Further
features include air conditioning, underfloor heating, a Bose sound system, utility room and spacious
double garage.
£5.85m / €6.85m / $9.17m
Engel & Volkers Puerto de Andratx: +34 971 67 47 80
[email protected]
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