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Buying a luxury home is still a good investment in Spain

Foreigners find in the current Spanish crisis an opportunity to buy luxury homes at low prices. New constructions of these unique properties are maintained, particularly in locations with more stable markets such as Madrid and Barcelona, and the Balearic and Canary Islands.

Figures prove it: foreign investment in luxury housing in Spain grew by 27% last year and in 2012 it will remain as the best real estate bastion facing the sector crisis.

While products are chosen with much more detail and commitment in safer destinations, foreign investors still see luxury products in Spain as an attractive business opportunity, offering class distinction.

The luxury housing construction hasn’t stopped yet, and experts say that this will continue in the coming months, although in recent years there has been a slow decline in the number of villas and mansions built in Spain.

The sector has seen prices drop slightly, hovering down 4%, setting the average price for this sort of housing by a million and a half Euros.

This way, buying a villa by the sea in Mallorca or a cottage in the countryside has become an opportunity to many foreign investors during the financial crisis, confirming the Balearic Islands as prominent Mediterranean resort.

By Iris Gruenewald

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