Richard Hart of Medland Spain

Richard Hart | Medland Spain

See our video interview with Richard Hart here: 

A British citizen with Spanish roots

Richard Hart presents a unique blend of British and Spanish influences. Born and raised in Spain but holding a British passport, Richard's background has shaped his career in Spanish real estate. His educational journey includes economic studies at Alicante University and an MBA from Alicante and Madrid.

The birth and growth of Medland Spain

Richard's journey in real estate began in 1998. In 2013, he co-founded Medland Spain, focusing on new build properties. The company has since expanded its reach across multiple Spanish costas. Richard describes their coverage:

“We are offering properties from Denia down south to San Juan de los Terreros, north of Almeria, and the entire province of Malaga.”

New build markets across Spanish costas

Medland Spain operates across Costa Blanca, Costa Calida, and Costa del Sol. Richard notes that while there used to be significant price differences between these regions, the gap has narrowed in recent years. He explains the distinctions:

“That gap has been reduced, maybe by 15%. The offer over the last ten years has been much stronger in Costa Blanca.”

A diverse international clientele

Medland Spain serves a wide range of international clients, with Dutch and Belgian buyers currently leading the market. However, they also cater to French, British, Polish, and Scandinavian buyers, among others. Richard highlights their approach to market diversification:

“We try to diversify our activities or our markets in order to be prepared. Now it's mainly the Dutch market and the Belgian market, that are our principal sources for clients. But we are also getting a lot of enquiries and sales from France, from the UK, from Poland, most lately, Iceland and Denmark, Sweden, and Norway.”

Emerging markets and exciting developments

An exciting trend for Medland Spain is the growing interest from American buyers. This new market segment, previously thought to be too distant for second home purchases, is now showing significant potential. Richard shares his enthusiasm:

“The fact that we are now selling to places like America in general is something new to us, because we always thought that travelling from America was too long a journey to buy a second residence. But it's becoming more and more interesting for us, this new market.”

Challenges in the current market

The primary challenge facing Medland Spain is the impact of high inflation on property prices. Rapid price increases due to material shortages and rising labour costs have created a volatile market. Richard describes the situation:

“When we see what we are offering now, when we review the printed brochure or we go back to prices from a few years ago, we see the increase and it's been tremendous on account of the shortage of materials we had after Covid or inflation that’s translating into salaries and available labour.”

The British market and potential rule changes

While the British market is not as strong as it once was for new build properties, it remains significant for Medland Spain. Richard notes that potential changes to the 90/180 day rule for British residents haven't yet had a noticeable impact on buyer interest:

"The interest has always been there. When we had more or less sales, it's been dependent on the pound, and it's been dependent on the difficulty during Brexit.”

Key takeaways for fellow agents and buyers

• Diversify your target markets: Be prepared to work with clients from various international backgrounds
   
• Stay informed about price trends: Understand how inflation and material costs are affecting property prices
   
• Monitor emerging markets: Keep an eye on potential new buyer demographics, such as American clients
   
• Understand regional differences: Recognise the unique characteristics of different Spanish costas
   
• Stay updated on regulatory changes: Be aware of potential rule changes that could affect international buyers
   
• Offer a range of property types: Cater to diverse preferences with a mix of apartments and villas
   
• Leverage personal preferences: Recognise that emotional connections to specific areas can influence buyer decisions

As the Spanish new build property market continues to evolve, agencies like Medland Spain demonstrate the importance of adaptability and market diversification. The growing interest from new international markets, coupled with the ongoing appeal of Spanish coastal properties, suggests promising opportunities for both buyers and sellers in the coming years.