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Thursday, September 8th, 2016

Average prices and minimum sale time for luxury properties

Last May Christie’s International Real Estate published the latest edition of ‘Luxury Defined’, a thorough report on the current situation and trends in the near future for the luxury residential property market. This study has been undertaken thanks to contributions made by the exclusive members of this internationally renowned group, among which is Rimontgó. As such, this new edition of ‘Luxury Defined’ offers accurate information on over 100 global markets belonging to the luxury residential property sector.

The process of analysis and gathering information to subsequently be added to ’Luxury Defined 2016’ [PDF] has allowed our company to collect highly interesting internal data regarding average sale prices, average property size and minimum sale time, among others.

Average prices

Firstly, one must consider the average prices for properties sold by Rimontgó during 2015 in the two main geographical regions where our company works: Valencia (capital and nearby residential areas including Santa Bárbara, El Bosque, Campolivar, El Vedat and Mas Camarena) and the Costa Blanca (with particular focus on the areas of Jávea, Dénia, Altea and Moraira). The average price in Valencia is €1,185,000, and the average on the Costa Blanca is €824,214.

Rimontgó’s portfolio of exclusive properties includes both apartments and villas, and so it is necessary to specify data concerning the average prices per m² for both these types of properties and those with a price of at least €1,000,000, which Rimontgó has sold during the last year.

Apartments (Valencia): €5,274/m2.
– Apartments (Costa Blanca): €5,887/m2.
Villas (Valencia): €4,335/m2
Villas (Costa Blanca): €5,788/m2

Furthermore, it should also be noted that the total portfolio of villas which Rimontgó handles in Valencia has an average price of €2,951,888, while buildings with a value of at least €1,000,000 have an average of €6,671,707. On the Costa Blanca, the average price of Rimontgó’s total portfolio of villas is €1,377,677, which rises to €3,327,668 when the sale price is at least €1,000,000.

Minimum sale time

It is worth mentioning that Rimontgó reduced the minimum sale time between 2014 and 2015. In 2014, on average it took Rimontgó 20 weeks to sell buildings with a price of at least €1,000,000, which improved to an average of 16 weeks in 2015. The minimum amount of time that Rimontgó needed to sell a house worth over €1,000,000 in 2014 was 4 weeks, and the company broke its own record again in 2015 by reducing this to just 2 weeks.

Market share in properties worth over €1,000,000

The following information provides the perfect indication of the type of properties that we work with and specialise in along the Costa Blanca: according to our January 2016 figures, 12.53% of the properties for sale in the area near Jávea feature in our company’s portfolio. As for buildings with a price of at least €1,000,000, Rimontgó boasts a market share of 66.07%, and ultimately it is important to remember that properties valued at €1,000,000 or more only make up 6.34% of all properties for sale throughout the Costa Blanca.

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