Foreign buyers set their sights on Sitges

New Delhi, October 25, 2016: The cosmopolitan seaside destination of Sitges is one of the key areas benefitting from Spain’s property recovery as the resort town attracts increasing numbers of foreign investors to its shores.

This chic year-round destination benefits from some of the country’s most beautiful beaches, stunning scenery and is just half an hour from Barcelona.

The combination of attractive prices, low interest rates and enviable quality of life has once again put this beautiful coastal hotspot firmly on the map as a popular destination for international lifestyle investors.

Half yearly market reports from leading real estate agency Lucas Fox show that 3 out of 4 of its buyers were foreign in the first six months of this year and included a mix of EU and non EU investors.

Significantly, 75% of buyers purchased their properties as a primary residence, thanks in part to the town’s solid infrastructure and excellent communications. Sitges is just 15 minutes from Barcelona International airport.

According to property portal Idealista, Sitges average prices ended the first half of 2016 on €3,702 per square metre, up from €3,499 per square metre in June 2015, representing an annual growth rate of almost 6%. Sitges’ average prices have risen every quarter for the past ten consecutive quarters, ending the half-year €€169 per square metre above the Barcelona average.

“Sitges clients tend to be fairly young from 35 to 55 years old, either families or couples looking to relocate or buy a holiday home that can also be rented out short-term” explains Lucas Fox Sitges director Rachel Haslam “There are also increasing numbers of investors, who are buying with the idea of settling in the near future when they take early retirement. Buyers continue to be interested in properties with sea views and within walking distance of the town and beach”

Typical of high demand homes is Sitges-Aiguadolç, a recently launched new development, 5 minutes from the beach. The project encompasses many energy saving and sustainable building techniques and has been designed to maximize both sea and mountain views

“The Sitges-Aiguadolç homes would be a great option for a holiday rental investment as well as a primary residence or long-term rental property” comments Ms Haslam “The project is low density with only 48 units and offers a choice of 2,3 and 4 bedroom properties all with private outdoor space, and there is something to suit most budgets”

A third of the units have already been sold off-plan and there is a long waiting list for the penthouses which are still pre-release, a trend almost unheard of a few years ago even in Spain’s prime property hotspots.

“Those buying off plan enjoy fantastic payment terms of only 3,000 Euros to reserve, 10% on exchange, 10% spread throughout construction and 80% on completion” adds Ms Haslam “They get to lock in the current price of a property that will be ready towards the end of 2018”

Corporate Comm India(CCI Newswire)