Houses that cost around one million euros are the most demanded ones by luxury homebuyers. Experts on the real estate sector have detected that, in our country, high standing property investors have lately looked for second hand housing, to renovate, and that has the price of around one million euros. Regarding this fact, it is important to add, so as to clarify, that in the luxury sector many deals above one million euros take place. Some time ago in this blog, we wrote an article about some penthouses in Madrid with prices that range from 11.000 to 16.000 euros per square metre. We want to highlight this so as to point out that even if there exists a trend in looking for property of around one million euros, this figure is not representative of the luxury sector which usually greatly exceeds this price. What is true is that the health crisis we are currently living through has had an influence on many levels, and although the luxury sector has not suffered very much, it has, nevertheless, not been ignored by it. Some weeks ago in this blog, we wrote an article about how the luxury housing buyer has undergone a change in our country. In that article, we said that domestic investors have gained a lot of strength since the irruption of the coronavirus. In addition, nowadays property with open spaces are nearly always an essential requirement on the part of the homebuyer. The fact that in Spain more and more luxury hotels are being opened is an indication of the importance that the luxury sector has lately gained. Currently, the national investor is a key figure in the most exclusive real estate market and properties which cost around one million euros are increasingly more and more in demand. We must say that it is not an easy task to find this kind of property in the centre of a city like Madrid or Barcelona as it is a very scarce product and does not generally last long, due to its demand, when it is put on the market.

INVESTING IN HIGH STANDING PROPERTY

Experts on high standing real estate talk about the important growth, in recent times, of this sector in our country. The pandemic has hit real estate, although we can say that the luxury sector has withstood the coronavirus crisis better than other sectors. Investors who have access to capital, are opting more and more to invest in our country, in property which costs around one million euros as this investment offers a product with security and without risk. In this regard, high standing areas in cities like Madrid or Barcelona have become very appealing. The capital city especially stands out as these investors demand it more and more. It is important to remember that foreign investors have run out of steam since the irruption of the pandemic, and this fact has favoured the access to this kind of product by Spanish homebuyers. Currently, exclusive property deals are taking place on the part of foreign investors and all of this is thanks to technology. Housing is purchased via video calls without having to come to our country in order to view the property personally. However, the number of foregn investors, especially Latin Americans, has dropped. This gap that foreign investors have left has been occupied by national clients who focus their interest on housing which costs around one million euros.

CHAMBERI: THE OBJECTIVE OF INVESTORS

In the capital city, Chamberí is one of the most favoured areas for luxury housing homebuyers who want to invest around one million euros. Property here is usually quite expensive, especially in the most demanded streets. However in the less demanded ones opportunities may arise although they will not last long in the market, as we have already said. Very often, these properties do not even come on to the market as they are first offered to investors who thoroughly comb this neighbourhood looking for this kind of product. It is estimated that 60% of the real estate offer of around one million euros is located in Chamberí, Chamartín, the Centre District and Barrio de Salamanca.

A SPECTACULAR CHALET

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