The real estate industry this year will suffer a "significant rebound" in Madrid with the luxury sector as a flag. Gone are seven years of sharp declines since the housing prices had peaked in 2007.
"Madrid will be the star of the Spanish real estate sector in 2015," says Paloma Pérez Bravo, director general of the Metropolitan Market Center this German consultancy.
The luxury homes are the first to reflect that trend, say specialists in the luxury residential sector as Alberto Costillo, partner at Knight Frank. "The operations have increased by 40 percent. Salamanca, Almagro Jeronimos are fashionable neighborhoods where the most common demand of our customers is an apartment of 200 square meters with 3 bedrooms "he reports.
Madrid has become a "good place" for affluent customers, both domestic, which are still the major customers of the sector- and foreign, which increased by 42.5% last year.
Of these, the majority coming from China. "They are very demanding buyers commonly performed operations of around one million euros and looking for an apartment in the center of the capital", explains Engel & Völkers.
After Asians, the second investor who is most going to the Romanian capital -the 10% of the total. "This is a customer who has always been very interested in the coastal area, but now focuses on the Salamanca district," he explains.
Services, security and universities are other pluses that make the city attractive to foreign buyers, especially Venezuelans and Mexicans. "All we care about is political instability in Spain before the elections," he concludes.
