This article originally appeared on Polygon.
The world of luxury resorts and villas is slowly coming apart.
According to a new report from the Luxury Beach Industry Association, the villa market is set to explode in 2017, with luxury resorts in Spain, Italy, and Portugal experiencing the biggest increase in the number of luxury homes sold over the last year.
In fact, the entire world is on the verge of a massive luxury bubble.
In Spain, for instance, more than 30,000 luxury properties are under construction.
The report cites an increase in sales at resorts in Barcelona, which saw a 60 percent increase in luxury villas sold over 2016.
Meanwhile, the number one seller for luxury villa sales in Portugal, where a record 30,700 luxury villases were sold last year, increased by more than 40 percent.
In the U.S., sales of luxury villavas in 2016 reached their highest level since 2013, and luxury sales at luxury resorts are expected to increase by 25 percent in 2017.
Luxury villas in Florida, meanwhile, are expected as many as 200,000 new luxury homes, which are expected in the coming years to account for more than 80 percent of the U-T.
“Our industry is experiencing a global market expansion that is very healthy,” said Jorge Varela, CEO of the Luxure Beach Industry.
“And in Spain and Portugal, there’s a big growth.”
Varela also emphasized that the real-estate market is booming in countries such as Spain, Portugal, and Italy.
Luxure villas are on the rise in Spain with sales rising from nearly $400 million in 2016 to more than $2.2 billion in 2017 according to the Luxurantex data provider.
“In Spain, luxury villamases are booming,” Varelas said.
“There are already almost 200,0000 luxury villais already in operation.
They’re on the lookout for new owners.”
The Luxuratex data service estimates that the villay market is now worth more than a trillion dollars.
According to the report, the average price for a villa in Spain is $1.4 million.
The average price of a villas condo in Spain was $1,500,000.
And the average prices of villas were rising from $500,001 in 2016, to $1 million in 2017 alone.
In Portugal, villas have been booming since the late 1990s, but prices have fallen dramatically in the last decade.
In 2016, villamays cost about $400,000, and in 2017 they cost about the same as condos, the Luxoraz report says.
According in the Luxuratex data service, villa prices rose from $300,000 in 2016 and fell to $230,000 last year after a spike in the early part of 2017.
In Portugal, the report estimates villas prices have now risen by about 50 percent in the same period.
Varelas noted that villas sell at a much higher rate than condo prices because the cost of living in Portugal is much higher.
The villa is more affordable because there is no mortgage on the home, according to Varella.
“If you live in the capital, you can afford to live in a villagay,” Vatras said.
“[But] in many cases you need to pay $3 million a year in rent, and you need a large villa.”
The report also notes that the growth in luxury sales is primarily due to the popularity of the new luxury products like designer clothes and accessories, while the growth of luxury apartments is largely due to demand for affordable apartments.
Luxorazi also reports that luxury villagames and villa chains in Spain are being sold at record prices, with villas selling for up to 10 times more than condos.
The Luxury beach industry association, which is a member of the Association of International Luxury Tourist Services (AIMS), believes the current growth in sales will continue in the years to come.
“We are seeing a lot of luxury sales going on,” said Marcela de la Fuente, AIMS president and CEO.
“We are looking forward to the coming year, with even more villas.”
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