World’s fifth richest man expands his property portfolio to Spain

Worth a cool $73.9 billion, Warren Buffet is considered one of the most successful investors of all time. 

Fifth in the 2020 rich list, Buffett is beaten only by Jeff Bezos, Bill Gates, Mark Zuckerberg and Bernard Arnault. 

Now the mogul has entered the Spanish real estate market after buying an agency in Marbella with his conglomerate Berkshire Hathaway Inc. this month. 

“Spain has always been a primary target of our global expansion,” said Berkshire Hathaway HomeServices chairman Gino Blefari.

“The country is welcoming with incredible people, rich history and culture, and it’s a vital hub for global trade, tourism and commerce.”

With plans to market luxury homes, the company has partnered with the real estate consultancy Larvia. 

Despite fears about the effects of the pandemic on the Spanish property market, Larvia CEO Bruno Rabassa thinks Spain’s real estate market has recovered from crisis and will continue to grow. 

It comes as Fitch rating agency release predictions that Spanish house prices will fall 8-12% this year. 

“We are already seeing a pick-up in [economic] activity in Spain, which should also extend gradually to the real estate market,” said Pablo Hernández de Cos, governor of the Spanish central bank.