The fastest price increase in 2015
In just one month, the Spanish capital has surpassed the real estate prices of London and Paris. In Madrid, the price of luxury residential real estate increased by 5% per annum in September 2015.
According to Knight Frank, in September 2015 the price of luxury apartments in Madrid increased by an average of 5.2% compared to the previous year, and the number of sales also increased by 25%.
Almost 30% of all buyers of luxury real estate in Madrid are foreigners. Among foreign investors, a large share is made up of Latin American investors who purchase real estate as a profitable investment and further income.
In general, luxury real estate is concentrated in such areas of Madrid as Salamanca, Geronimo and Chamberi. The average price of a house in these areas of Madrid, which is in the greatest demand among buyers, is from 1 to 2 million euros. Also, the growth of real estate prices in Salamanca and Geronimo exceeded the average for Madrid and amounted to 7-8% per annum.
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