Sumptuous spanish property still drawing luxury buyers

Despite average house prices in Spain at €263,000 as of last quarter, and many properties at the lower end of the market seeing asking prices falling further, the top end of the Spanish property market seems to know no limits with homes up to £20 million still in high demand, according to Spanish Hot Properties.

Managing Director Nick Stuart comments: “"Historically our client base for the super lux villa has been driven by British buyers but as that market has tailed off we are seeing a huge influx of interest in our multi-million pound properties from Russian and Belgian buyers.”

The company, which has focused its attention on areas of Spain which have not been impacted as severely by the recession, has found that Marbella still remains one of the most desirable locations on the Medirranean to own a second home.

"The Marbella area again this summer is awash with celebs and this undoubtedly helps to keep the house prices at a premium,” adds Stuart. “A handful of celebs spotted already this summer include Enrique Iglesias, Danielle Lloyd, Jennifer Ellison, Phil Mitchell and Gary Linekar.”