Monday , May 16 2022

Venezuela focus on their investments in Madrid: they pay up to 18 thousand euros per square meter


25 new homes with a price between 13,000 to 14,500 euros per square meter, sold a little more than a year in Madrid, Spain, but the peculiarity is that half of those buying these luxury homes are foreigners, especially in Latin America.

"18% of large estates choose for Spain on their real estate investments, in addition, It was chosen as the second country of residence of the American Latins (24%), the Europeans (13%) and the Russians (18%) ", According to Carlos Zamora, residential director of Knight Frank, a consultant that commercializes the two projects.

In this sense, the newspaper El Pais emphasizes this They are Venezuelans, Colombian Mexicans, in this order, those who have done a good part of the renovated luxury apartments of Madrid in the past two years.

Although, "During the last third Mexicans are blasting.We believe that those buyers, who are looking for homes over a million euros, will grow in the coming months," said Oscar Larria, new construction manager of Engel & Völkers Madrid.

According to Zmora, They buy as their first place of residence, rent, give it to their children and stay on their travels to Spain. "Only 5% to resell in the short term."

The state advertises that the sale of the attic of 10 million Canalejas will not be the highest because it closes in the coming months. In Monttalbán, the office of Italinmuebles, one of the most unique penthouses in Madrid still not sold for 13.9 million. It is a 750 square meter "treflex" with a terrace, a pool, six bedrooms and two works of art (valued at 250,000 euros each) by Carlos Cruz Diz, a renowned Venezuelan artist, Says Gonzalo Lopez-Van Dam, managing partner of Promora, one of the marketers.

Square meters costs 18,558 euros. Fortunately, "It's negotiable." A year earlier, on the same floor cost 12.5 million euros, then it has become more than 10% more expensive. This is the increase recorded by the luxury market in Madrid in 2017.

Madrid is already the second city in the world, behind Singapore, where the prime minister is esteemed (10.3% to June), according to Knight Frank. Too much reason to start the business.

"Foreign investors, in alliance with highly experienced domestic developers, buy real estate for full reconstruction," Savils Aguirre Newman told the report.

The media reports that international funds and entrepreneurs from Latin America and Spain, such as capers or poles, are developing several projects. And a luxury luxury company like Sotheby's International Realty opened an office in Madrid, with a portfolio that starts at 600,000 euros, according to Paul Campa, owner of Viva Sotheby's franchise. In addition to the national buyer, they are looking for Latino: "We want to take advantage of the connections that Madrid offers us with the markets of South America, Central America, Mexico and the Caribbean."

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