Tourism & Hospitality | Tuesday 13 October, 2015 4:24 pm |

Chestertons, the international property agency established in 1805, stated that it is witnessing growing interest from the UAE and other GCC investors for the Spanish real estate market. Housing sales grew by 8% in the first half of the year in Spain. In the first half of 2015, a total of 188,432 housing sales transactions were recorded as per General Council of Notaries, indicating a 7.9% increase on the first half figures for the previous year.

“Spain is now being viewed as the next hotspot real estate market after top investment destinations like London, Paris and New York. Spain was once considered as a troubled economy as investors hesitated for its high unemployment, troubled banking sector and free falling real estate which has now completely changed marking a makeover and a comeback in full swing. Spain's mixed economy is the 16th largest worldwide and the 6th largest in the European Union, as well as the Eurozone's 4th largest. Spain is recorded to have its strongest quarterly growth in 8 years and predicts 3.3 percent growth for the year as a whole,” said Brennon Nicholas, Head of International Sales, Chestertons MENA.

A steady progress in sales was noted with 37,600 transactions in June signifying a year-on-year growth of 19.4%. The figures are indicative of the fact that in the first quarter of 2015, 17% of purchases were made by international investors outside Spain. 

“Owing to weakened oil prices, the Middle Eastern investor base has expanded. A major change in global investment strategies has been observed with the movement spreading across gateway markets to locations in Europe which consists of second tier locations. The investor interest now seems to be gradually shifting to other European destinations with Spain being one of their top priorities,” added Brennon. 

The positive upward trend in real estate sales have been attributed to various developments inclusive of the 300,000 new jobs created by the Spanish economy as per the Labour Force Survey. Despite the lack of pace noticed in June and July, a resilient and confident outlook continues to boost the real estate market in Spain.

Chestertons’ portfolio of properties ranges from apartments to multi-million Euro grand estates in Spain encompassing Marbella, Mallorca, Ibiza and Barcelona. With the international buyer in mind, Chestertons also offers assistance to foreign buyers with airport transfers and familiarisation tours. The company has three offices in Spain that includes Marbella, Sotogrande, Barcelona and one in Gibraltar.

“We have noticed considerable interest form UAE investors who seek their dream overseas property in Spain. Financial markets are expected to be the supporting factor behind the driving force in the uptake of prime residential property in European markets especially Spain. With surge in demand for foreign property by Middle Eastern buyers, Chestertons is now able to offer an extensive range of international property options from their MENA Head Office in Dubai. With offices across the globe Chestertons is well poised to offer a wide selection of properties to even the most discerning buyer,” concluded Brennon.

Chestertons, has created a new ‘International Properties’ arm that will focus on EU based properties for UAE investors. This new division will also help the Emiratis to explore several new investment opportunities due to the current visa-free-travel status in the Schengen zone. The company will facilitate UAE investors to buy properties in Spain, Monaco, Cyprus and several other EU countries from its office in Dubai. 

Chestertons MENA has developed a team of proficient surveyors who specialize in property appraisals. With a network of 70 offices in 16 countries and five continents, Chestertons is rapidly establishing itself as the leading international consultancy partner for property, vehicle and equipment appraisals in the Middle East and Asia.