International demand for property in Ibiza is set to “explode” over the next five years, says a leading Spanish agent. Regional directors at independent real estate agency, Lucas Fox International Properties, predict that 2016 is likely to be a positive one for Spain's real estate sector, following several years of downturns.
The market recovery is well underway and gaining momentum. Local buyers are returning to the market, unemployment continues to fall and the economy is set to be the fastest growing of the “Big Four” euro economies over the next two years, according to the International Monetary Fund.
Jason Ham, head of business cevelopment is particularly upbeat about Ibiza’s property market in 2016. “The next five years are going to see demand for the luxury Ibiza brand explode worldwide in America, Asia and the Middle East. With the new super port due for completion in the next year or so, with luxury designer shops finally hitting Ibiza, and more five-star hotels opening (such as the iconic Hotel Montesol becoming a 36-room exclusive Hilton Hotel next year), the island is only going one way – up! The luxury market here is shooting property rental prices through the roof, which will have a consequential knock-on effect on the demand for and prices of the villas in the upper-end of the market, and this will be throughout the island, not just in the traditional big villa hotspots in the south west.”
Karen Storms, sales manager of Lucas Fox Barcelona, says: “I picture 2016 ending on a positive note for Lucas Fox Barcelona. Prime areas are continuing to perform extremely well with particularly strong results for new developments.”