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Valencia and Madrid have been named as potential property investment hotspots for 2015 as the country’s property market continues its recovery. Madrid is currently undergoing a revival following a rocky ride during the last seven years and Valencia’s position as a key tourist destination mark them out, according to independent real estate agency Lucas Fox International. The firm points out that in Madrid official figures show that sales were up 17% in 2014 over 2013 and the city and surrounding region have seen their first property price rises since 2007. It adds that as well as being popular with overseas visitors Valencia is a business and investment hub has been aided by a government cash injection of nearly €4 million and been boosted by the success of hosting the America's cup in 2007 and the transformation of the City of Arts & Sciences. Latest figures suggest that the number of property sales in Valencia has increased by as much as 30% compared to 2013 figures. ‘Five years ago, Madrid was a city in decline due to the meltdown of the financial sector and bursting of the property bubble, two sectors upon which the Spanish capital was very much dependent,’ said Rod Jamieson, director of Lucas Fox Madrid. ‘Today, following several key structural reforms and an important price correction in the property market, Madrid is back on the map as one of the best places in which to invest. The last year has seen a large increase in foreign investment from many different parts of the world,’ he added. According to Juan Luis Herrero in the firm’s Valencia office the region has developed into one of Europe's most exciting and progressive cities and is known as the 'California of Europe' thanks to its long stretches of coastline, balmy temperatures all year round, renowned gastronomy, rich cultural heritage and architecture. ‘It also offers excellent accessibility to the likes of Madrid, Ibiza and Barcelona, it is no wonder that Valencia is increasingly becoming a target for opportunistic overseas property investors,’ he explained. Both Madrid and Valencia have seen property prices fall by as much as 40% in some areas since the start of the economic crisis in 2007 and the firm believes that both now offer some attractive opportunities to overseas buyers, particularly in areas such as the Old Town and coastal areas in Valencia and the Salamanca, Chamberi, Justicia and Chamartin districts in Madrid. Lucas Fox is also currently collaborating on some key new developments situated in the heart of the city, geared towards residency clients and second home buyers. ‘Madrid and Valencia offer foreign property investors three key things: value for money, an excellent quality of life and a safe long term investment,’ said Lucas Fox founding partner Alexander Vaughan. ‘Both are quintessentially Spanish offering a vibrancy and cosmopolitan atmosphere less palpable in some of Spain's popular coastal areas. We believe that the desirable coastal areas of Barcelona city and province, the Costa Brava,… Continue reading →
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