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Property news in Spain: Who is buying luxury properties and where are they?

Property news in Spain: Who is buying luxury properties and where are they?
Property news roundup. Photo: Claudia Stekelenburg / Pixabay
From the most popular places to buy luxury property in Spain to where home renovations are the most expensive in the country, stay up-to-date on the latest Spanish property news with The Local's weekly roundup.

The Balearic Islands and Malaga are the most popular places for luxury properties in Spain

The Balearic Islands, Malaga and Madrid are the most popular places where foreigners are looking to buy luxury homes in Spain, according to data from a study published this Tuesday by online real estate website Idealista. This is based on the searches for homes that cost over one million euros.  

The Balearic Islands of Mallorca, Ibiza, Menorca and Formentera were the most popular with 29 percent of the searches, while Malaga came in second place with 16 percent of the searches by foreigners. The nationalities with the greatest interest in luxury properties in Malaga are British and Swedish.

In third place was Madrid with 15 percent of the searches for luxury properties, followed by Barcelona with 11 percent.

Germans, British and French are the most interested in buying luxury property in Spain 

The Germans are the most interested in buying luxury homes Spain that cost over one million euros, according the report by Idealista, representing 18 percent of searches on their site.

This is followed by the British with 11 percent, then the French with 10 percent of the searches. The Americans with nine percent of the searches for luxury properties and the Dutch with seven percent, take fourth and fifth place. 

Home renovations in the Basque Country are the most expensive in Spain

The Basque province of Álava is the of the most expensive place to carry out comprehensive home renovations in Spain, according to home renovation site Plan Reforma portal, which claims to have carried out more than 200,000 calculations of housing construction costs in the last eight years. Here, the company estimates that a major home renovation would cost around €35,000.  

The is followed by another Basque province, that of Guipúzcoa, which is the second most expensive on the list. The Balearic Islands and Navarra come in third and fourth place, with the province of Pontevedra coming in fifth place.

Boom in demand for cave home properties 

There has been a rise in demand for cave home properties in Spain according to local real estate agents, such as those in the small town of Guadix near Granada. Here, there are more than 6,000 cave homes, one of the greatest concentrations of cave homes in Europe.  

Because of the rise in demand, prices for cave homes have also increased exponentially. Prices of cave homes go for varying amounts, however, and you can still grab some bargains. The Local Spain found one five-bedroom cave property being sold through real estate site Tecnocasa for 89,000 and another luxury five-bedroom cave home on Idealista for 495,000.

A town in the Valencia region creates the first bank of houses to combat depopulation

Depopulation affects much of rural Spain and to try and fix the problem in their town, residents of the town of Vistabella in Castellón, have launched a pioneering project to stimulate the housing rental market and stop the loss of useful agricultural land.

The bank of rental homes aims to turn the City Council of this small municipality, with just over 300 inhabitants, into an intermediary between owners and potential tenants that stimulates local supply and demand. They hope that by doing this, they will attract new families and opportunities to the town. 

Mayor of Vistabella, Jordi Alcon, explained that the objective of the Compromís bank of houses is to create a registry of empty houses. “We have many houses but no offers to rent or buy, he said. The bank will “put the owners of empty and unused houses in contact with people interested in renting a home in Vistabella,he explained.

If you want to read more property news, you can see last week’s round-up here

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