Average price of luxury property in Spain rose by 6% in 2017

The average price of luxury property in Spain increased by 6% year-on-year at the end of 2017, to an average of €6,600 per square metre. Despite the paralysing effect of the Catalan independence struggle in the region until mid-November.

In large cities such as Madrid, Barcelona, Seville, Valencia or Alicante, as well as in regions with a large tourist flow, such as the Andalusian Costa del Sol, the Valencian coast, the Catalan Costa Brava, the Balearic Islands and the Canary Islands, price increases were above 12% year-on-year. With values above 10,000 euros per square metre.

In this sense, the average time to sell luxury real estate during 2017 was 5.5 months across the country (6 months in the second half of the year). And only 2 months in areas of greatest tourist demand (2.5 months in the second half of the year).

By nationality, the French were the fastest buyers of luxury properties. On average, 2.5 months and 4 visits to the home. Next came the British (3.5 months and 6 visits). The Belgians (4 months and 5 visits). And the Germans (6 months and 6 visits).

Meanwhile, the Spanish and Italians needed an average of 7 months and 8 to 9 visits to make a final decision on buying a property. The Chinese again increased the home buying process. With an average period of 8.5 months and an average of 14 visits.

In terms of financing, Spanish luxury home buyers required 42% financing to complete their purchase. The French required less financing (15-18%), followed by the British and Belgians (20-23%). While the Germans and Italians required more financing to close a real estate transaction (25-40%).