MARKET REPORTS SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
SPAIN 3 BARCELONA 8 MARESME 19 MARKET REPORTS INVEST IN YOUR PASSION 21 25 33 SITGES MADRID VALENCIA BARCELONA COSTA BRAVA GIRONA IBIZA MADRID MALLORCA MARBELLA-COSTA DEL SOL MARESME SEVILLE SITGES VALENCIA ANDORRA PORTUGAL WWW.LUCASFOX.COM COSTA BRAVA 41 46 53 MARBELLA- IBIZA COSTA DEL SOL
SPAIN We ve had an extremely successful first half to 2017, particularly in Spain s top three cities, Madrid, Barcelona and Valencia, as well as along the Barcelona coast. Spain s economy is the fastest growing in the Eurozone, bringing with it greater confidence back the property market. We have seen greater interest from property investors in the last year or so, who now regard Spanish real estate as offering excellent potential for capital gains as well as good profitability through short and long term rentals. We expect that the price recovery now taking place in Madrid, Barcelona and desirable second home destinations will extend to the suburbs and other parts of the country in the forthcoming months. MARKET OVERVIEW ALEXANDER VAUGHAN Co-Founder Lucas Fox
4 LUCAS FOX / REAL ESTATE MARKET / SPAIN: LUCAS FOX OVERVIEW LUCAS FOX VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data VOLUME OF SALES TRANSACTIONS Source: National Institute of Statistics 46.53% 13.15% 208,282 235,672 LUCAS FOX VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data -47.28% 54.67% 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 750,000 LUCAS FOX AVERAGE PROPERTY PRICE 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
5 LUCAS FOX / REAL ESTATE MARKET / SPAIN: LUCAS FOX OVERVIEW LUCAS FOX BUYER (ALL REGIONS) COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data Spain 9% 4% 1% 5% 3% 11% 10% 3% 6% 10% 38% UK / Ireland France Canada / USA Middle East Scandinavia Asia Latin America Other Europe Other 32% 1% 9% 3% 23% 32% Primary Residence Secondary Residence Investment Relocation Other Unknown Unknown LUCASFOX.COM WEBSITE INTEREST Source: Lucas Fox website data UK / Ireland 22% Spain 32% Canada / USA Netherlands Sweden Belgium 2% 2% 2% 3% 5% 11% 21% Russia Germany Other
6 LUCAS FOX / REAL ESTATE MARKET / SPAIN: ECONOMIC AND PROPERTY INDICATORS GDP ANNUAL GROWTH RATE 2016 Source: International Monetary Fund 3.20% 2.10% 1.90% 2.20% 1.20% 1.00% SPAIN USA GERMANY UK FRANCE ITALY GDP ANNUAL GROWTH RATE PREDICTIONS 2017 Source: International Monetary Fund 3.10% 2.10% 1.80% 1.70% 1.50% 1.30% SPAIN USA GERMANY UK FRANCE ITALY EVOLUTION OF THE EURIBOR Source: Euribor-rates.eu 0-0,1-0,2 OCT NOV DEC JAN FEB MAR APR JUN JUL AUG SEP 2016 2017
7 LUCAS FOX / REAL ESTATE MARKET / SPAIN: ECONOMIC AND PROPERTY INDICATORS NUMBER OF TOURISTS VISITING SPAIN Source: United Nations World Tourism Organization TOURISM Source: Ernst & Young 57.5 M 60.7 M 64.9 M 2012 2013 2014 11% PERCENTAGE OF SPAIN S GDP FROM TOURISM 1 IN 8 PEOPLE IN SPAIN WORK IN THE TOURISM SECTOR 68.2 M 75.6 M 2015 2016 TOURIST SPEND Source: United Nations World Tourism Organization AVERAGE TOTAL 800 2016 60 billion 2016
BARCELONA MARKET OVERVIEW Demand for property in Barcelona during the first half of 2017 continues to follow an upward trend with both the number of mid-market and prime market transactions increasing significantly over 2016. International investors from Northern Europe and Scandinavia remain the dominant nationalities amongst enquiries. There has also been a notable increase in interest from the United States and Middle Eastern countries such as Turkey and Egypt. Renovated apartments located in Modernista buildings situated in Eixample continue to be in high demand, although other areas in the Old Town are becoming more and more sought-after. Driving this demand is the development of luxury renovation projects and the transformation of these areas with the opening of new trendy bars, restaurants and shops. ROD JAMIESON Managing Director & Partner Lucas Fox Barcelona & Madrid WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
9 LUCAS FOX / REAL ESTATE MARKET / BARCELONA LUCAS FOX BARCELONA VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data 42.37% LUCAS FOX BARCELONA VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data 30.51%
10 LUCAS FOX / REAL ESTATE MARKET / BARCELONA LUCAS FOX BARCELONA MID-MARKET BUYER (BETWEEN 450,000 AND 900,000) COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data Spain 9% UK / Ireland France 18% 18% 14% 2% 2% 5% 4% 39% Canada / USA Middle East Scandinavia Asia Latin America 21% Primary Residence Secondary Residence Investment Unknown 7% 7% 2% 9% Other Europe Other 43% Unknown LUCAS FOX BARCELONA PRIME MARKET BUYER (OVER 900,000) COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 8% 8% 23% 31% 7% Spain UK / Ireland France Canada / USA Scandinavia Other 7% 8% 31% Primary Residence Secondary Residence Investment Relocation Unknown 23% 8% 46%
11 LUCAS FOX / REAL ESTATE MARKET / BARCELONA LUCASFOX.COM BARCELONA WEBSITE INTEREST Source: Lucas Fox website data Spain 27% 32% UK / Ireland Canada / USA France Russia 3% 2% 2% 2% 3% 10% 19% Germany Turkey Other Europe Other
12 LUCAS FOX / REAL ESTATE MARKET / BARCELONA LUCAS FOX BARCELONA VOLUME OF RENTAL TRANSACTIONS Source: Lucas Fox rental data 150% LUCAS FOX BARCELONA AVERAGE RENTAL PRICE Source: Lucas Fox rental data 2,721 AVERAGE RENTAL PRICE PER LOCATION EL BORN 1,834 GOTHIC QUARTER 2,150 EIXAMPLE 2,500 SARRIÀ-SANT GERVASI 3,530
13 LUCAS FOX / REAL ESTATE MARKET / BARCELONA VOLUME OF SALES TRANSACTIONS BARCELONA PROVINCE AND SPAIN Source: National Institute of Statistics BARCELONA PROVINCE SPAIN 18.81% 13.15% 23,159 27,515 208,282 235,672-43.68% -47.28% 8,728 JANUARY 2007 (PEAK) 4,916 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 4,586 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
14 LUCAS FOX / REAL ESTATE MARKET / BARCELONA TOTAL VALUE OF SALES TRANSACTIONS BARCELONA PROVINCE ( 000 ) Source: Spanish Department of Development 1,670,207 Q1 2007 (PEAK) -86.51% NEW PROPERTIES 154,467 225,350 Q1 2017 45.89% Q1 2016 4,150,128 Q1 2007 (PEAK) -41.10% RESALE PROPERTIES 1,817,847 Q1 2016 2,444,302 Q1 2017 34.46% The figures for 2017 are provisional and may be subject to change.
15 LUCAS FOX / REAL ESTATE MARKET / BARCELONA MID-MARKET VOLUME OF SALES TRANSACTIONS (BETWEEN 450,001 AND 900,000) BARCELONA PROVINCE AND SPAIN Source: Spanish Department of Development BARCELONA PROVINCE 1,734 2,310 2015 2016 33.22% SPAIN 9,820 11,695 2015 2016 19.09% PRIME MARKET VOLUME OF SALES TRANSACTIONS (OVER 900,000) BARCELONA PROVINCE AND SPAIN Source: Spanish Department of Development BARCELONA PROVINCE 321 395 2015 2016 23.05% SPAIN 1,843 2,264 2015 2016 22.84%
16 LUCAS FOX / REAL ESTATE MARKET / BARCELONA AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista CIUTAT VELLA EIXAMPLE GRÀCIA 4,607 Q1 2007 (PEAK) -0.98% 5,124 4,718 Q1 2007 (PEAK) Q1 2007 (PEAK) -1.30% -17.87% 3,902 Q2 2016 4,562 16.91% 5,057 3,875 4,132 3,227 22.39% 20.07% Q2 2016 Q2 2016 LES CORTS SANT MARTÍ SANTS-MONTJUÏC 5,469 Q1 2007 (PEAK) -6.87% 4,505 Q1 2007 (PEAK) -6.09% 4,314 Q1 2007 (PEAK) -23.44% 4,544 Q2 2016 5,093 12.09% 3,440 Q2 2016 4,231 22.99% 2,693 Q2 2016 3,303 22.64% SARRIÀ-SANT GERVASI BARCELONA CITY AVERAGE 5,755 Q1 2007 (PEAK) -10.76% 4,732 Q1 2007 (PEAK) -10.11% 4,551 Q2 2016 5,136 12.85% 3,533 Q2 2016 4,253 20.39%
17 LUCAS FOX / REAL ESTATE MARKET / BARCELONA AVERAGE RENTAL PRICES ( /m 2 ) Source: Idealista CIUTAT VELLA EIXAMPLE GRÀCIA 18.3 Q2 2016 10.14% 20.2 17.1 Q2 2016 9.73% 18.8 16.0 Q2 2016 9.41% 17.5 LES CORTS SANT MARTÍ SANTS-MONTJUÏC 13.4 Q2 2016 14.05% 15.3 21.51% 15.3 18.6 Q2 2016 11.85% 13.6 18.2 Q2 2016 SARRIÀ-SANT GERVASI BARCELONA CITY AVERAGE 2.35% 16.7 17.1 Q2 2016 10.67% 16.1 17.8 Q2 2016
18 LUCAS FOX / REAL ESTATE MARKET / BARCELONA PASSENGER ARRIVALS AT BARCELONA AIRPORT Source: Aena 8.53% 20,360,066 22,097,797 TOURISTS WITH A PRIMARY TRAVEL DESTINATION IN CATALONIA Source: National Institute of Statistics 10.31% 7,836,907 8,644,565 The figures for 2017 are provisional and may be subject to change.
MARESME 2017 has proved to be a pivotal point in the recovery of the real estate market in the Maresme region. The second quarter of the year in particular has seen buyer confidence rise to levels not seen for many years and Lucas Fox Maresme is expecting to register a record-breaking volume of transactions in 2017. The last few months have seen a complete turnaround in market conditions with a high level of activity from both local and international buyers. TOM MAIDMENT Partner Lucas Fox Maresme MARKET OVERVIEW WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
20 LUCAS FOX / REAL ESTATE MARKET / MARESME LUCAS FOX MARESME VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data LUCASFOX.COM MARESME WEBSITE INTEREST Source: Lucas Fox website data 58.90% 24% 34% Spain UK / Ireland Canada / USA Netherlands LUCAS FOX MARESME BUYER 2% 2% 2% 2% 5% 8% 21% Turkey Australia Switzerland France Other COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 20% 20% 40% 20% 20% 80% Spain Germany Canada / USA Other Europe Primary Residence Relocation
SITGES Prices in Sitges have increased over recent years but are still significantly behind the peak of 2007. Where property prices in Barcelona are fast catching up with those of 10 years ago, here the pace is slower, offering good opportunities for investors who want to see healthy returns. Lucas Fox Sitges has had an extremely encouraging first 6 months of 2017 with some high level transactions taking place as well as a steady flow of sales at all budget levels. The level of enquiries is up from the previous year and we still see a marked increase in interest from national buyers. As the year progresses there is every sign that this momentum will continue. MARKET OVERVIEW RACHEL HASLAM Director Lucas Fox Sitges WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
22 LUCAS FOX / REAL ESTATE MARKET / SITGES LUCAS FOX SITGES VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data LUCAS FOX SITGES VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data 175.00% 445.98% LUCAS FOX SITGES BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 18% 9% 37% 27% Spain UK / Ireland Canada / USA Latin America Other Europe 9% 27% Primary Residence Secondary Residence Investment Other 9% 9% 55%
23 LUCAS FOX / REAL ESTATE MARKET / SITGES LUCASFOX.COM SITGES WEBSITE INTEREST Source: Lucas Fox website data 2% 2% 2% 3% 4% 19% 12% 20% 36% UK / Ireland Spain Canada / USA Germany Netherlands France Russia Other Europe Other
24 LUCAS FOX / REAL ESTATE MARKET / SITGES AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista SITGES CASTELLDEFELS GAVÀ BARCELONA CITY AVERAGE 4,839 4,225 3,813-20.20% -27.97% -28.63% Q1 2007 (PEAK) Q1 2007 (PEAK) Q1 2007 (PEAK) 4,732 Q1 2007 (PEAK) -10.11% 3,862 3,043 2,721 3,702 2,771 2,370 4.31% 9.82% 14.83% Q2 2016 Q2 2016 Q2 2016 3,533 Q2 2016 4,253 20.39% AVERAGE RENTAL PRICES ( /m 2 ) Source: Idealista SITGES CASTELLDEFELS 13.3 Q2 2016 10.44% 14.7 13.2 Q2 2016 11.61% 14.7 GAVÀ BARCELONA CITY AVERAGE -18.55% 10.67% 15.7 12.8 16.1 17.8 Q2 2016 Q2 2016
MADRID In the first half of 2017 the Madrid market has continued to follow a similar trend to 2016 with strong local and national market activity growth and increasing demand from international investors. Lucas Fox Madrid has seen sales transactions increase by 30% year-on-year in the first half of 2017 and the number is expected to increase fivefold by the end of the year. More and more international buyers are choosing the Spanish capital as the best option in which to invest their money, thanks to high potential for capital gains in the mid to long-term, excellent rental returns and the superb lifestyle on offer. MARKET OVERVIEW ROD JAMIESON Managing Director & Partner Lucas Fox Barcelona & Madrid WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
26 LUCAS FOX / REAL ESTATE MARKET / MADRID LUCAS FOX MADRID VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data LUCAS FOX MADRID BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 15% 30.00% 46% Spain Scandinavia Latin America 31% Other 8% LUCAS FOX MADRID VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data 169.63% 38% Secondary Residence Investment 62%
27 LUCAS FOX / REAL ESTATE MARKET / MADRID LUCASFOX.COM MADRID WEBSITE INTEREST Source: Lucas Fox website data Canada / USA 31% 22% Spain UK / Ireland Israel Hong Kong 2% 2% 2% 2% 2% 18% 19% Turkey France Germany Other
28 LUCAS FOX / REAL ESTATE MARKET / MADRID VOLUME OF SALES TRANSACTIONS COMMUNITY OF MADRID AND SPAIN Source: National Institute of Statistics COMMUNITY OF MADRID SPAIN 15.46% 13.15% 30,760 35,515 208,282 235,672-8.52% -47.28% 7,978 JANUARY 2007 (PEAK) 7,298 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 5,919 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
29 LUCAS FOX / REAL ESTATE MARKET / MADRID TOTAL VALUE OF SALES TRANSACTIONS COMMUNITY OF MADRID ( 000 ) Source: Spanish Department of Development 2,045,127 Q1 2007 (PEAK) -79.03% NEW PROPERTIES 334,609 428,893 Q1 2017 28.18% Q1 2016 3,278,674 Q1 2007 (PEAK) -10.63% RESALE PROPERTIES 2,502,433 Q1 2016 2,930,123 Q1 2017 17.09% The figures for 2017 are provisional and may be subject to change.
30 LUCAS FOX / REAL ESTATE MARKET / MADRID AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista PRIME MARKET VOLUME OF SALES TRANSACTIONS (OVER 900,000) MADRID AND SPAIN Source: Spanish Department of Development CENTRE CHAMARTÍN 4,398 Q1 2007 (PEAK) -2.07% 4,861 Q1 2007 (PEAK) -10.76% 3,638 Q2 2016 4,307 18.39% 3,915 Q2 2016 4,338 10.80% MADRID 571 723 2015 2016 26.62% 4,927 Q1 2007 (PEAK) CHAMBERÍ -8.50% 4,995 Q1 2007 (PEAK) SALAMANCA 0.12% 3,960 Q2 2016 4,508 13.84% 4,531 Q2 2016 5,001 10.38% SPAIN 1,843 2,264 2015 2016 22.84% 4,030 Q1 2007 (PEAK) 2,866 Q2 2016 MADRID CITY AVERAGE 3,047-24.38% 6.33%
31 LUCAS FOX / REAL ESTATE MARKET / MADRID AVERAGE RENTAL PRICES ( /m 2 ) Source: Idealista CENTRE CHAMARTÍN 16.0 Q2 2016 11.89% 17.9 13.9 Q2 2016 11.67% 15.5 CHAMBERÍ SALAMANCA 15.2 Q2 2016 8.42% 16.5 15.6 Q2 2016 10.86% 17.3 MADRID CITY AVERAGE 13.1 Q2 2016 11.67% 14.6
32 LUCAS FOX / REAL ESTATE MARKET / MADRID PASSENGER ARRIVALS AT MADRID AIRPORT Source: Aena 7.51% 23,612,371 25,384,765 TOURISTS WITH A PRIMARY TRAVEL DESTINATION IN THE COMMUNITY OF MADRID Source: National Institute of Statistics 20.98% 2,725,839 3,297,798 The figures for 2017 are provisional and may be subject to change.
VALENCIA We have seen a noticeable growth in the number of national enquiries in the first half of 2017 and around 50% of our clients are English-speaking. There have also been more investors around, thanks to the city s attractive property prices, good rental yields and, of course, Valencia s fantastic quality of life. JUAN LUIS HERRERO Partner Lucas Fox Valencia MARKET OVERVIEW WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
34 LUCAS FOX / REAL ESTATE MARKET / VALENCIA LUCAS FOX VALENCIA VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data LUCAS FOX VALENCIA BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 13% 155.56% 9% Spain UK / Ireland 9% France 4% 65% Canada / USA Other Europe LUCAS FOX VALENCIA VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data 4% 191.73% 26% 44% Primary Residence Secondary Residence Investment Relocation 26%
35 LUCAS FOX / REAL ESTATE MARKET / VALENCIA LUCASFOX.COM VALENCIA WEBSITE INTEREST Source: Lucas Fox website data Spain 24% 2% 2% 2% 3% 3% 10% 20% 34% UK / Ireland Canada / USA Netherlands France Israel Romania Germany Other
36 LUCAS FOX / REAL ESTATE MARKET / VALENCIA LUCAS FOX VALENCIA VOLUME OF RENTAL TRANSACTIONS Source: Lucas Fox rental data 63% LUCAS FOX VALENCIA AVERAGE RENTAL PRICE Source: Lucas Fox rental data 2,423
37 LUCAS FOX / REAL ESTATE MARKET / VALENCIA VOLUME OF SALES TRANSACTIONS VALENCIA PROVINCE AND SPAIN Source: National Institute of Statistics VALENCIA PROVINCE SPAIN 16.10% 13.15% 11,520 13,375 208,282 235,672-41.17% -47.28% 4,399 JANUARY 2007 (PEAK) 2,588 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 2,229 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
38 LUCAS FOX / REAL ESTATE MARKET / VALENCIA TOTAL VALUE OF SALES TRANSACTIONS VALENCIA PROVINCE ( 000 ) Source: Spanish Department of Development 911,703 Q1 2007 (PEAK) -94.02% NEW PROPERTIES 62,961 Q1 2016 54,561 Q1 2017-13.34% 1,158,825 Q1 2007 (PEAK) -48.82% RESALE PROPERTIES 445,632 Q1 2016 593,059 Q1 2017 33.08% The figures for 2017 are provisional and may be subject to change.
39 LUCAS FOX / REAL ESTATE MARKET / VALENCIA AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista CIUTAT VELLA VALENCIA CITY AVERAGE 3,647 2,770 Q1 2007 (PEAK) Q1 2007 (PEAK) -31.93% -42.47% 2,482 1,594 2,349 1,486 5.68% 7.24% Q2 2016 Q2 2016 AVERAGE RENTAL PRICES ( /m 2 ) Source: Idealista ALICANTE VALENCIA 12.81% 12.94% 6.4 7.2 6.8 7.7 Q2 2016 Q2 2016
40 LUCAS FOX / REAL ESTATE MARKET / VALENCIA PASSENGER ARRIVALS AT VALENCIA AIRPORT Source: Aena 15.43% 2,576,564 2,974,167 TOURISTS WITH A PRIMARY TRAVEL DESTINATION IN THE VALENCIAN COMMUNITY Source: National Institute of Statistics 18.40% 3,288,851 3,893,936 The figures for 2017 are provisional and may be subject to change.
CO STA BRAVA After a quiet first quarter we have seen a marked increase in the volume of operations and enquiries during the last few months. We are also seeing a substantial increase in demand for rustic properties a sector of the market that has seen little activity in recent years. Demand for coastal properties has remained consistent and there have also been signs of an increase in sales at the prime end of the market. The market is still predominantly driven by foreign buyers and the spread of nationalities investing in the area has been fairly broad in 2017. The southern coastal areas of Blanes, Lloret de Mar and Tossa de Mar have also begun to see the return of interest from high-end Russian, Ukranian and Kazakh clients. MARKET OVERVIEW TOM MAIDMENT Partner Lucas Fox Costa Brava WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
42 LUCAS FOX / REAL ESTATE MARKET / COSTA BRAVA LUCAS FOX COSTA BRAVA BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 25% 25% 50% Spain Canada / USA Other Secondary Residence Relocation 25% 75% LUCASFOX.COM COSTA BRAVA WEBSITE INTEREST Source: Lucas Fox website data UK / Ireland 6% 2% 2% 3% 21% 4% 10% 23% 29% Spain Canada / USA France Switzerland Russia Middle East Other Europe Other
43 LUCAS FOX / REAL ESTATE MARKET / COSTA BRAVA VOLUME OF SALES TRANSACTIONS GIRONA PROVINCE AND SPAIN Source: National Institute of Statistics GIRONA PROVINCE SPAIN 18.10% 13.15% 4,526 5,345 208,282 235,672-55.40% -47.28% 2,063 JANUARY 2007 (PEAK) 920 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 891 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
44 LUCAS FOX / REAL ESTATE MARKET / COSTA BRAVA TOTAL VALUE OF SALES TRANSACTIONS GIRONA PROVINCE ( 000 ) Source: Spanish Department of Development 375,861 Q1 2007 (PEAK) -92.04% NEW PROPERTIES 23,758 Q1 2016 29,916 Q1 2017 25.92% 658,165 Q1 2007 (PEAK) -43.89% RESALE PROPERTIES 279,259 Q1 2016 369,269 Q1 2017 32.23% The figures for 2017 are provisional and may be subject to change.
45 LUCAS FOX / REAL ESTATE MARKET / COSTA BRAVA PRIME MARKET VOLUME OF SALES TRANSACTIONS (OVER 900,000) GIRONA PROVINCE AND SPAIN Source: Spanish Department of Development AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista FIGUERES PALAMÓS GIRONA PROVINCE 53 68 2015 2016 28.30% 2,273 Q1 2008 (PEAK) 1,132 Q2 2016 1,205-46.98% 6.41% 3,017 Q1 2008 (PEAK) 1,910 Q2 2016 2,166-28.21% 13.36% GIRONA LLORET DE MAR 3,071 Q1 2008 (PEAK) -44.68% 3,039 Q1 2008 (PEAK) -37.93% SPAIN 1,843 2,264 2015 2016 22.84% 1,611 Q2 2016 1,699 5.49% 1,840 Q2 2016 1,886 2.49%
MARBELLA- COSTA DEL SOL After the shock impact that Brexit had on the Marbella Market last year, surprisingly sales have been strong during the first half of 2017. Whilst it is true that there are fewer UK buyers, the market seems to be have been more than made up for by continued demand from other nationalities such as Scandinavians, Belgians, Dutch, Middle Eastern and increasingly Spanish buyers. There has also been a big increase in the number of New Development projects on the market and these continue to be the most popular choice for buyers who are increasingly focused on quality, design and Energy efficiency. STEPHEN LAHIRI MARKET OVERVIEW Partner Lucas Fox Marbella WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
47 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL LUCAS FOX MARBELLA - COSTA DEL SOL VOLUME OF SALES TRANSACTIONS Source: Lucas Fox sales data LUCAS FOX MARBELLA - COSTA DEL SOL BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data 20% 150.00% Canada / USA Scandinavia 80% LUCAS FOX MARBELLA - COSTA DEL SOL VALUE OF SALES TRANSACTIONS Source: Lucas Fox sales data 20% 248.39% Primary Residence Secondary Residence 80%
48 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL LUCASFOX.COM MARBELLA - COSTA DEL SOL WEBSITE INTEREST Source: Lucas Fox website data Spain 26% 30% UK / Ireland Canada / USA Italy Russia 5% Belgium 2% 3% 3% 4% 7% 20% Denmark Other Europe Other
49 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL VOLUME OF SALES TRANSACTIONS MÁLAGA PROVINCE AND SPAIN Source: National Institute of Statistics MÁLAGA PROVINCE SPAIN 10.95% 13.15% 13,686 15,185 208,282 235,672-31.69% -47.28% 4,137 JANUARY 2007 (PEAK) 2,826 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 2,531 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
50 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL TOTAL VALUE OF SALES TRANSACTIONS MÁLAGA PROVINCE ( 000 ) Source: Spanish Department of Development 1,027,133 Q1 2007 (PEAK) -91.21% NEW PROPERTIES 82,784 Q1 2016 90,254 Q1 2017 9.02% 1,186,917 Q1 2007 (PEAK) -5.43% RESALE PROPERTIES 926,186 Q1 2016 1,122,478 Q1 2017 21.19% The figures for 2017 are provisional and may be subject to change.
51 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL PRIME MARKET VOLUME OF SALES TRANSACTIONS (OVER 900,000) MÁLAGA PROVINCE AND SPAIN Source: Spanish Department of Development AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista ESTEPONA MARBELLA MÁLAGA PROVINCE 222 261 2015 2016 17.57% 1,893 2,733 Q1 2008 (PEAK) Q1 2008 (PEAK) -4.81% -6.51% 1,802 2,555 1,648 2,454 9.32% 4.12% Q2 2016 Q2 2016 AVERAGE RENTAL PRICES ( /m 2 ) Source: Fotocasa SPAIN 1,843 2,264 2015 2016 22.84% ESTEPONA MARBELLA 16.26% 18.32% 7.0 7.4 8.8 9.5 Q1 2016 Q1 2017 Q1 2016 Q1 2017
52 LUCAS FOX / REAL ESTATE MARKET / MARBELLA-COSTA DEL SOL PASSENGER ARRIVALS AT MÁLAGA - COSTA DEL SOL AIRPORT Source: Aena 13.71% 7,383,000 8,394,937
IBIZA The French, Germans and Dutch continue to be the dominant nationalities amongst enquiries on Ibiza as British interest declines following Brexit. The Germans and the Dutch tend to be focused more on investments whilst the French are currently looking for second homes. New Developments continue to be the most popular type of product with all nationalities. ROD JAMIESON Managing Director & Partner Lucas Fox Barcelona & Madrid MARKET OVERVIEW WWW.LUCASFOX.COM SPAIN BARCELONA MARESME SITGES MADRID VALENCIA COSTA BRAVA MARBELLA-COSTA DEL SOL IBIZA
54 LUCAS FOX / REAL ESTATE MARKET / IBIZA LUCAS FOX IBIZA BUYER COUNTRY OF ORIGIN & MOTIVATION FOR PURCHASE Source: Lucas Fox sales data Europe Secondary Residence 100% 100% LUCASFOX.COM IBIZA WEBSITE INTEREST Source: Lucas Fox website data UK / Ireland 18% 26% Spain Netherlands 9% France Canada / USA 3% Italy 4% 5% 6% 8% 21% Russia Other Europe Other
55 LUCAS FOX / REAL ESTATE MARKET / IBIZA VOLUME OF SALES TRANSACTIONS BALEARIC ISLANDS AND SPAIN Source: National Institute of Statistics BALEARIC ISLANDS SPAIN 20.13% 13.15% 6,899 8,288 208,282 235,672-41.62% -47.28% 2,595 JANUARY 2007 (PEAK) 1,515 JUNE 2017 83,713 JANUARY 2007 (PEAK) 44,135 JUNE 2017 1,381 AVERAGE NUMBER OF TRANSACTIONS PER MONTH 39,279 AVERAGE NUMBER OF TRANSACTIONS PER MONTH The figures for 2017 are provisional and may be subject to change.
56 LUCAS FOX / REAL ESTATE MARKET / IBIZA TOTAL VALUE OF SALES TRANSACTIONS BALEARIC ISLANDS ( 000 ) Source: Spanish Department of Development 337,062 Q1 2007 (PEAK) -86.25% NEW PROPERTIES 77,784 Q1 2016 46,348 Q1 2017-40.41% 872,302 Q1 2007 (PEAK) -8.36% RESALE PROPERTIES 686,548 Q1 2016 799,347 Q1 2017 16.43% The figures for 2017 are provisional and may be subject to change.
57 LUCAS FOX / REAL ESTATE MARKET / IBIZA PRIME MARKET VOLUME OF SALES TRANSACTIONS (OVER 900,000) BALEARIC ISLANDS AND SPAIN Source: Spanish Department of Development AVERAGE PROPERTY SALES PRICES ( /m 2 ) Source: Idealista EIVISSA 3,874 Q2 2016 63.53% BALEARIC ISLANDS 335 369 2015 2016 10.15% 3,037 Q1 2008 (PEAK) 4,966 28.20% AVERAGE RENTAL PRICES ( /m 2 ) Source: Fotocasa SPAIN 1,843 2,264 2015 2016 22.84% EIVISSA 16.26% 12.1 14.4 Q1 2016 Q1 2017
58 LUCAS FOX / REAL ESTATE MARKET / IBIZA PASSENGER ARRIVALS AT IBIZA AIRPORT Source: Aena 10.45% 2,629,533 2,904,401
BARCELONA COSTA BRAVA GIRONA IBIZA MADRID MALLORCA MARBELLA - COSTA DEL SOL MARESME SEVILLE SITGES VALENCIA ANDORRA PORTUGAL LUCAS FOX HEAD OFFICE Pau Claris, 108, Principal 08009 Barcelona, Spain CIF: B64125438 T (+34) 933 562 989 F (+34) 933 041 848 E info@lucasfox.com WWW.LUCASFOX.COM