Friday , December 3 2021

Venezuela concentrates their investment in Madrid: they pay up to 18,000 euros per square meter



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25 new homes with prices between 13,000 and 14,500 euros per square meter, have sold a little more than a year in Madrid, Spain, but the peculiarity is that half of those who buy these luxury homes are foreigners, especially Latin Americans.

"18% of large plantations chose Spain for their real estate investments and, in addition, it was chosen as the second country of residence by Latin America (24%), Europe (13%) and Russia (18%) ", according to Carlos Zamora, housing director Knight Frank, a consultant who commercialized two projects.

In that sense, the El País newspaper highlighted this They are Venezuelans, Mexicans and Colombians, in this order, those who have made a good part of rehabilitated luxury flats in Madrid in the past two years.

Although, "during this last trimester the Mexicans blunted. We believe that these buyers, who are looking for homes of more than one million euros, will grow in the coming months," said Óscar Larrea, new construction director of Engel & Völkers Madrid.

According to Zamora, they bought it as their first place to live, for rent, to give to their children and to live on their trip to Spain. "Only 5% for resale in the short term".

The country is publishing that the sale of the Canalejas 10 million attic will not be the highest closed in the coming months. In Montalbán, from the Italinmuebles company, one of the most singular penthouses in Madrid has not been sold for 13.9 million. This is triplex, "from 749 meters, with a terrace, swimming pool, six bedrooms and two works of art (each valued at 250,000 euros) by Carlos Cruz-Diez, the famous Venezuelan artist, said Gonzalo López-van Dam, managing partner of Promora, one of the marketers.

The square meter costs 18,558 euros. Luckily, "this is negotiable." A year earlier, the same floor cost 12.5 million euros, so the price was more than 10% more expensive. This is an increase recorded by the luxury market in Madrid in 2017.

Madrid has become the second city in the world, behind Singapore, the main residential place is revalued (10.3% until June), according to Knight Frank. More than enough reasons to start a business.

"Foreign investors, in alliance with highly experienced local developers, are buying real estate to be fully rehabilitated," Savills Aguirre Newman said in a report.

The media reported that international funds and Latin American and Spanish businessmen, such as Capriles or Matutes, developed several projects. And a super-luxury company like Sotheby's International Realty has just opened an office in Madrid, with a portfolio starting at 600,000 euros, according to Paul Kempe, Viva Sotheby's franchise owner. In addition to national buyers, they are looking for Latino: "we want to take advantage of the connections that Madrid offers us with markets in South America, Central America, Mexico and the Caribbean".

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