{"id":1981,"date":"2011-09-05T13:40:56","date_gmt":"2011-09-05T11:40:56","guid":{"rendered":"http:\/\/taylorwimpeyspain.com\/?p=1981"},"modified":"2012-06-05T09:42:03","modified_gmt":"2012-06-05T09:42:03","slug":"spanish-luxury-property-market-resilient-analysis-suggests","status":"publish","type":"post","link":"https:\/\/taylorwimpeyspain.com\/blog\/spanish-luxury-property-market-resilient-analysis-suggests\/","title":{"rendered":"Spanish luxury property market resilient, analysis suggests"},"content":{"rendered":"<p><strong>The lack of property finance available and changes to mortgage taxation have led to an overall slowdown in Spanish property sales in the first half of 2011 but the luxury property market has shown more resilience than other sectors of the market, a new report suggests.<\/strong><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2011\/09\/twe01900.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1983\" title=\"Spanish luxury property market resilient, analysis suggests\" src=\"http:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2011\/09\/twe01900.jpg\" alt=\"Spanish luxury property market resilient, analysis suggests\" width=\"530\" height=\"795\" \/><\/a><\/p>\n<p>International buyers are acquiring luxury properties in Barcelona, the Costa Brava and Ibiza without mortgage financing, according to an analysis of the Spanish luxury real estate markets by Lucas Fox International.<\/p>\n<p>Its report on the first two quarters of 2011 also shows that there is a growth in property investment in Spain from Russian, Dutch, and Swiss buyers and investors. And tourism growth in Barcelona, the Costa Brava and Ibiza in 2011 has had a positive effect on demand for short term rental properties.<\/p>\n<p>\u2018While the first half of the 2011 has seen further drops on key housing indicators in Barcelona, the luxury end of the market has held steady in sales prices and seen some increases in rental price for exclusive properties located in the centre of Barcelona. The lack of quality luxury apartments and houses should mean that prices in this segment of the market will remain stable,\u2019 said Alex Vaughan, director of Lucas Fox.<\/p>\n<p>\u2018We predict that for the immediate future buyers will be able to secure Barcelona properties at competitive prices. Given the current economic conditions and lack of finance available to local buyers, international clients should be willing to hold on to their properties for longer as it will be several years before the next growth cycle,\u2019 he added.<\/p>\n<p>A high demand, for high end luxury properties in the Costa Brava region make these properties more price resilient than those in other parts of Spain, according to Tom Maidment, director of Lucas Fox Costa Brava.<\/p>\n<p>\u2018Demand for luxury properties continues apace, mainly driven by international clients from the Eurozone and a high level of demand for sea front villas from buyers from Russia and ex Soviet states,\u2019 he explained.<\/p>\n<div>Vaughan added that he expects a very positive second half of 2011 with a large amount of transactions in the \u20ac1 million plus segment of the market. \u2018We believe that the luxury property market on Ibiza has great potential and that there will be a return to annual capital growth next year,\u2019 he said.<\/div>\n<p>There are also incentives for those looking to buy across property sectors in Spain with the government reducing the amount of VAT payable on new homes. One developer, Taylor Wimpey de Espa\u00f1a, has announced that it will match the Spanish government&#8217;s 4% reduction in IVA (the equivalent of VAT) on new properties meaning that no VAT will be due on new stock properties delivered before the end of 2011.<\/p>\n<p>\u2018Whilst this action will not fully solve the problems of oversupply in some areas of the Spanish property market I believe it will stimulate action both with potential buyers who have been cautious to commit and the Spanish construction industry which is extremely keen to get moving once again,\u2019 said Ignacio Osle, sales and marketing manager at Taylor Wimpey de Espa\u00f1a.<\/p>\n<p>\u2018The Government has seen that price reductions by developers and agents in some cities of Spain such as Marbella and Alicante where there is oversupply has helped to reduce stock levels and it is hoped that by lowering prices through the halving of IVA will reduce excess stock even further,\u2019 he added.<\/p>\n<p>He also explained that second hand homes in Spain are still liable for an 8% transfer of ownership tax. In addition not all the stock properties in the market, many owned by banks, qualify as new homes and are eligible for this VAT reduction as there could have been a prior transaction between the previous owner and the bank.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2011\/09\/logo.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-1982\" title=\"logo\" src=\"http:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2011\/09\/logo.gif\" alt=\"logo\" width=\"300\" height=\"60\" \/><\/a><\/p>\n<p style=\"text-align: center;\">Source : <a href=\"http:\/\/www.propertywire.com\/news\/europe\/spain-luxury-property-market-201109055524.html\" target=\"_blank\">Property Wire<\/a><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The lack of property finance available and changes to mortgage taxation have led to an overall slowdown in Spanish property sales in the first half of 2011 but the luxury property market has shown more resilience than other sectors of the market, a new report suggests. International buyers are acquiring luxury properties in Barcelona, the [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7,8,12,4,5],"tags":[],"class_list":["post-1981","post","type-post","status-publish","format-standard","hentry","category-costa-blanca","category-costa-del-sol","category-mallorca","category-spain","category-taylor-wimpey-de-espana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin 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