Investors in exclusive housing pine for a luxury penthouse, and furthermore, the COVID-19 health crisis has intensified the desire to purchase this type of property. In this blog, some time ago, we wrote an article about penthouses being the most desired homes. In that article, we analysed the pros and cons of this product and we tried to provide some insight concerning the price. At present, we all cross our fingers hoping that the health crisis we are immersed in, due to the coronavirus, will be solved as soon as possible. Many real estate analysts are fairly optimistic regarding the forecast for housing  in the medium term, this fact is very reassuring. Some weeks ago, we said that the COVID-19 crisis had multiplied the interest in housing with a terrace and a garden. Today, in our article we say that something similar happens with luxury penthouses. In the luxury sector (probably the most sought-after of all), this important asset has gained the interest of investors, especially since the emergence of the coronavirus. This seems logical, given the growing interest, that this health crisis has created, in property with open spaces.

LUXURY PENTHOUSES, UNAFFECTED BY THE CORONAVIRUS

Luxury real estate experts assure that the state of alarm has aroused the interest of investors of high standing penthouses. If before, the luxury penthouse was eagerly sought-after, now the search has intensified even more. This is proved, for instance, by the recent sale of properties in Barrio de Salamanca without hardly having to be placed on the market. Experts insist on the fact that in spite of the paralyzation of deals in Spain, caused by the coronavirus, the luxury market is still very much alive and the investor demand for exclusive property has not dropped. Penthouses, usually regarded as the crown jewel in the luxury real estate sector, are being especially demanded in Madrid since the emergence of the pandemic. Clear proof of this is that the prices are unaffected with regard to the months prior to the health crisis. Regarding luxury penthouses in Madrid, in the area of Chamberí the prices are more than 11.000€ per square metre. Whereas, in Barrio de Salamanca the prices are 14, 15 or 16.000€ per square metre. In this respect, nearly all experts agree that high standing property in cities such as Madrid or Barcelona, have withstood the coronavirus crisis and, in some cases, have even been reinforced given its burgeoning demand.

A DIAMOND IN THE ROUGH

Owing to the shortage of supply, it seems clear that being the owner of a luxury penthouse for sale in cities like Madrid or Barcelona, really means being in possession of a diamond in the rough. The seller is well aware of this, as so it is nearly impossible to expect a price reduction in this kind of product. In addition, the fact that there are hardly any luxury penthouses, makes this product even more exclusive and sought-after and this has an influence on the refusal to lower the price. In any case, high standing real estate experts point out that excessively expensive penthouses are not easy to sell. We are referring to the most expensive within the priciest or putting it into figures: penthouses with a market price of more than eight million euros.