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The Balearic Islands are home to a third of all the luxury villas in Spain
Opulent properties worth 3 million euros in Spain are in high demand from British buyers
Spain is now the fourth most sought-after destination in the world for those looking to invest in the luxury housing market behind the US, the UK and Australia and a whopping 33% of all the truly lavish properties in the country are located in the Balearic Islands.
A report devised by the Hiscox insurance company defines ‘luxury homes’ as those worth three million euros or more and behind the ever-popular islands, Malaga is a very close second for big spenders, lagging behind by just one point.
UK buyers still account for the most property sales in Spain, snapping up around 10% of all homes bought by non-nationals, but the luxury market, which is around 5% of the total, also routinely attracts investors from the likes of Germany, France and China.
“Spain is a safe environment and an ideal destination to establish a second residence,” the expert explained.
However, a number of regulations in the pipeline could soon scupper this level of foreign spending. The Balearic government in particular has been petitioning Brussels for months to allow it to put a cap on the number of non-nationals allowed to purchase homes on the islands.
The holiday hotspot is swamped with holiday rentals and short-term lets, according to the authorities, making it very difficult for locals and residents to get a foot on the property ladder.
And those planning to spend the big bucks in order to secure residency in Spain could also be in trouble, since the government is considering scrapping the Golden Visa scheme, which grants permits to foreigners who spend more than 500,000 euros on property or a company.
Ireland, the UK and Portugal have already done away with the so-called millionaire’s visa and the EU has raised concerns as well, suggesting that the initiative is nothing more than a ‘back door’ for spending dirty money since no checks are conducted on where this enormous amount of capital actually comes from.
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