Wealthy foreigners are diversifying their property investments by purchasing in northern Spain's cooler regions, previously overlooked in favor of Mediterranean hotspots. This trend has been observed by real estate firms like Sotheby's International Realty and Engel & Völkers Iberia, noting an influx of buyers from various nationalities. For instance, Latin Americans are drawn to the Pyrenees for skiing, while Americans and other foreign buyers are exploring properties in Galicia. Factors influencing these purchases include family ties and a desire for a milder climate, showcasing a significant trend in the luxury real estate market.
The luxury real estate sector in Spain is experiencing a shift, with wealthy foreigners increasingly looking to invest in the cooler, greener northern regions.
Preferred properties are now being purchased in areas like Galicia and the Pyrenees, with buyers seeking second residences far from traditional hotspots.
Luxury real estate transactions have surged in Spain's northern regions, attracting new nationalities, primarily during the last summer season.
Buyers' motivations range from family ties to seeking refuge from the Mediterranean heat, illustrating a new trend in luxury property investments.
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