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25 new houses of between 13,000 and 14,500 euros per square meter have been sold in just over a year in Madrid, Spain, but the peculiarity is that half of those who buy these luxury homes are foreigners, especially Latin Americans.
"18% of large domains opt for Spain for their real estate investments and, in addition, the Latin Americans (24%), the Europeans (13%) and the Russians (18%) chose it as a country of second residence "according to Carlos Zamora, director of the residence of Knight Frank, consultant who markets both projects.
In this sense, the newspaper El País points out that These are Venezuelans, Mexicans and Colombians, in this order, those who have done much of the rehabilitated luxury apartments of Madrid in the last two years.
Although "during this last quarter, Mexicans are blunting, we think that these buyers, who are looking for more than a million euros of housing, will grow in the coming months," he said. said Óscar Larrea, director of new construction of Engel & Völkers Madrid.
According to Zamora, they buy as their first home, to rent, to give to their children and to stay in their travels in Spain. "Only 5% to sell in the short term".
The country publishes that the sale of the loft of 10 million Canalejas will not be the highest sales in the coming months. In Montalbán, from Italinmuebles, one of Madrid's most unusual penthouses has not yet been sold for 13.9 million euros. It is a triplex ", 749 meters, with terrace, swimming pool, six bedrooms and two works of art (worth 250,000 euros each) by Carlos Cruz-Diez, famous Venezuelan artistsays Gonzalo López-van Dam, managing partner of Promora, one of the marketers.
The square meter costs 18,558 euros. Fortunately, "it's negotiable". A year earlier, this same floor cost 12.5 million euros, so it has become more than 10% more expensive. This is the rise recorded by the luxury market in Madrid in 2017.
Madrid is already the second largest city in the world, behind Singapore, where the first residential is re-evaluated (10.3% until June), according to Knight Frank. Reason enough to start the business.
"Foreign investors, allied with highly experienced local developers, are buying real estate to rehabilitate themselves fully," Savills Aguirre Newman said in a report.
The media reports that international funds and Latin American and Spanish entrepreneurs, such as Capriles or Matutes, are developing certain projects. And a luxury company like Sotheby's International Realty has just opened an office in Madrid, whose portfolio starts at 600,000 euros, according to Paul Kempe, owner of the Viva Sotheby's franchise. In addition to the national buyer, they are looking for Latino: "We want to take advantage of the links that Madrid offers us with the markets of South America, Central America, Mexico and the Caribbean".
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