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Cheap property in Spain is not the countrys only popular investment

Cheap property in Spain is not the country’s only popular investment, as luxury homes continue to sell despite the economic gloom.

Rich foreign investors continue to purchase expensive houses in Spain, with Lucas Fox International Properties selling €19.5 million-worth of luxury Spanish property in the third quarter of 2011 – a record-breaking period, and its most successful since opening in 2005.

The luxury property agency, which sells homes in Barcelona, Costa Brava and Ibiza, welcomes the high number of wealthy investors:

"There is a lot of negative press about the Spanish property market,” Director Alex Fox told OPP. “However Spain continues to be one of the top destinations for high net worth property buyers.”

The demand for expensive homes – rivalling that of British buyers looking for cheap property in Spain – is expected to continue. “Our projections for Barcelona, Costa Brava and Ibiza as published in our recent market reports, have become a reality,” Fox commented.

Marketing Director Anthony Leaton added: “We predict that the high level of demand from international buyers will continue to grow.”

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