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Demand for Spanish prime properties set to spiral in 2015

 5th March 2015

Those considering whether to sell their flat fast to invest in the Spanish prime property market have been urged to make their move now by one global estate agent.

Lucas Fox International Properties conducted an analysis revealing that Spanish prime residential property is becoming increasingly sought-after among UK, US and Swiss buyers due to the strong performance of the pound, dollar and Swiss franc against the Euro.

Conversely, there aren't expected to be as many Russian purchasers of such property with the declining fortunes of the rouble.

Lucas Fox co-founder Alexander Vaughan commented: "With unemployment falling, the economy growing faster than predicted and property reaching the bottom, 2015 is set to be a pivotal year for Spain's property market. Prices are on average 40 per cent below what they were since the start of the crisis in 2007 and we predict a slow and steady recovery. This is an opportune time to invest."

According to the report, prices in Barcelona have been more stable over the last year, the demand for prime residential property being driven by new interest from overseas. This should help to make 2015 the most significant year of recovery for Barcelona's prime market since 2007.

Lucas Fox sales data indicated that 12.5 per cent of all purchases during 2014 was by Middle Eastern buyers, with the Spanish and French accounting for 11 per cent each. They were followed by the Germans and the British at 8 per cent and 7 per cent respectively.

Two in every five of those purchasing Barcelona prime market property in 2014 did so with investment use in mind, a change from the situation in 2013, when the prime motivator was for use as a primary or secondary residence. There were more transactions last year than in the year before, with properties that exceeded €1 million in value also selling in great numbers than in 2013.

Vaughan added: "We see 2015 as the recovery year for the Spanish prime residential property market, driven mainly by increasing numbers of overseas buyers. We expect that those who were deterred by falling prices during the past seven years or so, will enter the market, enticed by some real opportunities."

Those opportunities won't last forever, so current British homeowners wishing to enter the Spanish property market - but who are finding their current abode difficult to sell on the open market - are urged to get in touch with Open Property Group, to whom they can sell their flat fast.

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