Press Release

Date: Wednesday, 30 November 2011

New Market Confidence Expected in Response to Spanish Election Results says Barcelona International Property Agency
Barcelona-based international property and real estate agency, Lucas Fox, has predicted that there will soon be signs of renewed market confidence following the Spanish election results.
We expect to see market acceptance for the new Spanish governing party in the coming weeks, explained Alex Vaughan, Director at Lucas Fox International Properties. Speaking from the Lucas Fox Barcelona offices after the election win by Partido Popular (PP) with 44.6% of the votes, Mr Vaughan said: We congratulate Prime Minister Elect Mariano Rajoy and his team for a strong win that we are hopeful will have a quick and positive impact on the property market in Spain. The majority win by the PP with means the new government will have the political stability and mandate necessary to take action to address the current financial crisis and its impact on the property market in this country. Vaughan said he believed in coming weeks there will be renewed confidence in financial markets as a result of the election outcome and welcomed the incoming governments rapid action to announce measures for reanimating the Spanish property market: Tax incentives such as the extension of the VAT reduction on new build property and a proposed cut to ITP transfer tax on second hand property purchases will help to sustain and build on the healthy signs in the property market that we observed in the third quarter, Mr Vaughan said. Lucas Fox International Properties announced its best ever quarter for sales transactions in October this year, trading 19.5 million of properties in the three months from 1 July 2011. After the third quarter 2011, the company noted signs of strengthening foreign investment interest, a slow down in housing price decreases, and a stabilizing of house values at the luxury end of the market. If implemented, these proposed tax incentives could stimulate the property market and help assist the lower end of the market to catch up with the renewed vigour at the high end, Vaughan concluded. - END -

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Press Contacts Alex Vaughan Director, Lucas Fox Tel: +34 933 562 989 Email: Info@lucasfox.com Anthony Leaton Marketing Director, Lucas Fox Tel: +34 933 562 989 Email: info@lucasfox.com

Notes Editors: The Company: Founded in 2005, Lucas Fox specialises in offering quality luxury properties, a professional approach and a high level of service. The company has offices in Barcelona, the Costa Brava, Mallorca and Ibiza.