Ibiza prepares itself for an overseas property invasion, as its brand goes global

Bengaluru, April 29, 2016: Lucas Fox International Properties Ibiza office doubled the number of its transactions in 2015, compared to 2014 with an average sales price of 1.2 million Euros. Almost all sales were made by overseas buyers.

To meet the expected increased demand from international buyers, Lucas Fox has opened a new Property Lounge in the resort town of Santa Eulalia in the South East of the island.

The luxury real estate market has remained strong in all of the Balearic Islands, but no more so than on Ibiza. According to the company’s recent market reports, there are a number of significant trends, including increasing numbers of international investors and prices up 23.6% over the previous year.

“The rental market on Ibiza is going through the roof, which in turn has an effect on prices and demand for luxury homes” comments Lucas Fox Ibiza’s JASON HAM “This is happening all over the island, not only in the areas that are normally in high demand or exclusive such as the southwest . In the next five years we believe that the appeal of Ibiza as a luxury brand is set to become a global trend, attracting increasing numbers of buyers from the US, Asia and the Middle East. With its new ‘Super Port’ and a growing number of upscale restaurants, designer shops and 5 star hotels, this small, beautiful island continues to make an impact, and increasingly on the international stage”.

Due to the continued strength of the pound against the Euro for much of late 2015, there was strong interest from British buyers, thanks also to increased confidence in Spain as a whole, together with the strengthening of the British economy. According to Ham, London is providing a constant stream of enquiries for upmarket property on Ibiza, mainly for second homes and lifestyle acquisitions.

In 2015, 67% of clients Lucas Fox came from the UK, followed by the Netherlands, France, Italy and increasing numbers of the United States. 83% of them were looking for a holiday home on the island.

“Our sales on Ibiza are increasing in the midmarket as well as in the luxury market” says Lucas Fox co-founder ALEXANDER VAUGHAN “according to our data, the value and volume of sales transactions in Ibiza is currently at the highest point that has been in the last three years due to increased interest from foreign buyers”.

The Ministry of Development recently released data showing that sales of luxury homes in Ibiza currently represents 16% of all total sales in Spain. Moreover, according to the Spanish property portal Idealista, in the capital, Ibiza Town, the average price per square metre reached € 3,594 by the end of 2015, compared with € 2,909 in 2014, showing an annual growth of 23.6%, an increase of 50% compared to the previous
year.

The new Lucas Fox Property Lounge in Santa Eulalia is home to 7 real estate professionals. This will be the company’s seventh Property Lounge, with an eighth scheduled to open next month in Valencia.

Corporate Comm India (CCI Newswire)