Q3& Q4 2011: Summary Costa Brava property trading had some difficul- ties finding its equilibrium in 2011, with transac- tions failing to reveal any standout annual trend. Despite the general market hesitancy through- out 2011, Lucas Fox International Properties has seen a consistently strong demand for the best situated properties in the region’s most exclusive areas with buyers looking to take advantage of the area’s natural beauty, security and exclusive residential privacy. Muted property trading in the second half of 2011 was due to a number of local, national and international factors. Locally, the Costa Brava faces the same seasonal trends in property inter- est that are observable across Northern Spain, with the summer peak replaced by lower levels of enquiry in winter. Nationally, reduced bank mort- gage lending, a weak labour market, and low lev- els of GDP growth contributed to the reduced the level of trading amongst Spanish investors. At the international level, many investors were choosing a “wait and see” approach to the outcomes of the Spanish election in November, and the result of political discussions in Brussels regarding the Eurozone economy. By the end of Q4 2011, asking prices had begun to level out and the slight downward trend in prop- erty values slowed as investors began to recognise the longer- term investment value offered by properties in the region’s most sought-after areas. Average prices of properties around Tamariu, Llafranc and Calella de Palafrugell ended the year at €2285 per m2, while Platja d’Aro commanded €2976 per m2 by the end of Q4 2011. In 2011, the exclusive residential areas around Begur, including Sa Riera, SaTuna, Aiguablava Tamariu, Llafranc and Calella de Palafrugell remained amongst the most sought after locations for primarily northern Euro- pean investors looking to invest in high end Costa Brava property. Upmarket residential areas around Playa de Aro, S’Agaro and Sant Feliu de Guixols continued to attract interest of buyers from Russia and other eastern European countries. The Costa Brava Real Estate Market Property transactions across Girona - which includes Costa Brava – do not reflect any uniform trend in 2011. An average of just over 1,100 urban and rural properties were bought and sold each month, with only April and September seeing lower levels of trading. COSTA BRAVA REAL ESTATE MARKET REPORT Q3 & Q4, 2011 “ Its proximity to three international airports, its natural beauty, superb gastronomy and rich culture make the Costa Brava an attractive location for high-end investors and their families and we expect this demand to continue in 2012. ’’ Figure 1: Property transfers (merchanting) – Girona (including Costa Brava) 2011 Source: National Institute of Statistics (ine.es)
Costa Brava Real Estate Market Report Q3-Q4 2011
Jul 15, 2015
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Letterhead Barcelona.pdf 24/1/11 13:40:47
Q3& Q4 2011: SummaryCosta Brava property trading had some difficul-ties finding its equilibrium in 2011, with transac-tions failing to reveal any standout annual trend.
Despite the general market hesitancy through-out 2011, Lucas Fox International Properties has seen a consistently strong demand for the best situated properties in the region’s most exclusive areas with buyers looking to take advantage of the area’s natural beauty, security and exclusive residential privacy.
Muted property trading in the second half of 2011 was due to a number of local, national and international factors. Locally, the Costa Brava faces the same seasonal trends in property inter-
est that are observable across Northern Spain, with the summer peak replaced by lower levels of enquiry in winter. Nationally, reduced bank mort-gage lending, a weak labour market, and low lev-els of GDP growth contributed to the reduced the level of trading amongst Spanish investors. At the international level, many investors were choosing a “wait and see” approach to the outcomes of the Spanish election in November, and the result of political discussions in Brussels regarding the Eurozone economy.
By the end of Q4 2011, asking prices had begun to level out and the slight downward trend in prop-erty values slowed as investors began to recognise the longer-term investment value offered by properties in the region’s most sought-after areas. Average prices of properties around Tamariu, Llafranc and Calella de Palafrugell ended the year at €2285 per m2, while Platja d’Aro commanded €2976 per m2 by the end of Q4 2011.In 2011, the exclusive residential areas around Begur, including Sa Riera, SaTuna, Aiguablava Tamariu, Llafranc and Calella de Palafrugell remained amongst the most
sought after locations for primarily northern Euro-pean investors looking to invest in high end Costa Brava property. Upmarket residential areas around Playa de Aro, S’Agaro and Sant Feliu de Guixols continued to attract interest of buyers from Russia and other eastern European countries.
The Costa Brava Real Estate MarketProperty transactions across Girona - which includes Costa Brava – do not reflect any uniform trend in 2011. An average of just over 1,100 urban and rural properties were bought and sold each month, with only April and September seeing lower levels of trading.
CoSTA BRAvA REAL ESTATE MARkET REPoRT Q3 & Q4, 2011
“Its proximity to three international airports, its natural beauty, superb gastronomy and rich culture make the Costa Brava an attractive location for high-end investors and their families and we expect this demand to continue in 2012.’’
Figure 1: Property transfers (merchanting) – Girona (including Costa Brava) 2011Source: National Institute of Statistics (ine.es)
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Costa Brava Property Asking PricesAccording to Spanish internet property portal, kyero, asking prices in Costa Brava dropped from an average of €410,000 per property in Q3 to €397,000 by the end of Q4 2011.
At the more exclusive end of the market, kyero has reported a fluctuation of prices throughout 2011. At Q1 2011, 5 bedroom properties showed an average asking price of €758,000 and finished the year on €893,000 (50% above the Spanish av-erage for properties of this size), but down from the Q3 2011 high of €953,000.
Costa Brava Property Average Sales PricesAverage property prices for Costa Brava had a slight downward trend throughout Q3 and Q4 2011. Average transaction values were down from peaks at the end of Q2 in key high-end market areas such as Platja d’Aro and Tamariu. Average prices across the Costa Brava ended the year at €2231 per m2. Properties in Platja d’Aro finished the year with the highest average prop-erty prices (€2976 per m2).
Foreign Investment InterestThroughout 2011, Lucas Fox International Proper-ties saw sustained interest in Costa Brava proper-ties from key market segments across the globe. For Q3 and Q4, 2011, the majority of foreign interest in Costa Brava properties came from Uk, France, the United States and Russia.
Lucas Fox Analysis and Predictions for 2012
Explaining the appeal of the Costa Brava, Lucas Fox Director Tom Maidment said:
“Owners of luxury property in the Costa Brava come here to enjoy private holidays with their families in peaceful and picturesque surroundings. It’s a very safe area, great for families and offers a wide range of activities and cultural attractions. It’s also extremely accessible – whether you live in Barcelona or abroad. Girona airport is only 40 minutes from the coast.
For many buyers, the area’s unspoilt coastal and inland landscape is a key factor in purchas-ing decisions. Away from the traditional tourist destinations such as Blanes and Lloret de Mar, many parts of the Costa Brava are increasingly recognised for their natural beauty, unmarred by development, and for their quaint coastal villages and beautiful, pristine beaches. The area’s security and privacy also continues to be an important influence for luxury property investors.”
“There are still opportunities to purchase well-located, quality properties throughout the Costa Brava. The area of coastline between Sant Feliu de Guixols and Begur - where Lucas Fox offers a broad portfolio of high-end property - remains a popular destination for discerning international buyers,” said Alex Vaughan, Director at Lucas Fox International Properties.
“Its proximity to three international airports, its natural beauty, superb gastronomy and rich cul-ture make the Costa Brava an attractive location for high-end investors and their families and we expect this demand to continue in 2012.”
About the Lucas Fox Market ReportsYou can keep receiving up-to-date market re-ports from the Lucas Fox International Properties team. Subscribe to future updates at our website or bookmark our blog for the latest news on the Costa Brava real estate market. For questions about Costa Brava real estate, please contact one of our sales staff at +34 933 562 989.
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facebook.com/lucasfoxbarcelona
youtube.com/lucasfoxspain
blog.lucasfox.comgoo.gl/dXVza goo.gl/FHOjs
Anthony LeatonMarketing Manager
Tom MaidmentDirector
Figure 2: Average asking prices Costa Brava vs Spain 2011Source: Kyero.com
Figure 3: Average Costa Brava property sales prices 2011 Source: Idealista.com
Figure 4: Foreign interest in Lucas Fox Costa Brava properties Q3 & Q4 2011Source: Lucas Fox website analytics
Alex VaughanDirector
FRonTLInE VILLA Spain » Costa Brava » Aiguablava
LFCB634 PoA
3 BEdRooM VILLA Spain » Costa Brava » Aiguablava
LFCB550 €865,000
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