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Barcelona has always been a world known city
with its temperate climate and proximity to the Mediterranean Sea. With the crisis of 2008, the interest in real estate in Barcelona diminished. For the last 3 years, the effects of the economic crisis have been fading away. Thus, the Barcelona real estate market is growing again and it is attracting new foreign investors.
Dark days are over
In 2014 the real estate market stopped descending, in 2015 a steady growth started, and in 2016 the prices on flats grew 11%. The price for square meter last year ended just under 4000€ per square meter.
And it seems like it is not the end of the growth. Gonzalo Bernardos, a real estate expert and professor of University of Barcelona, in an interview in the Spanish newspaper “La Vanguardia”, predicts that prices on flats will grow around 20% in Barcelona as a result of foreign investments.
Historical price comparison between Barcelona and Spain
Terrorist attacks in Europe and political crisis in some countries of the Mediterranean area are playing in favour for Barcelona to become one of the main international real estate investment focus.
Who is buying in Barcelona?
Chinese bought the most flats in the city last year. The buyers are mainly from the big cities of China (Shanghai and Beijing). They choose Barcelona because there is a booming Chinese community and the air quality is much better than in their hometowns. Another reason is the so-called “Golden Visa”. Spanish government gives permanent residence to those buyers, who spend more than half a million euros on real estate. This is a way for non-Europeans to travel freely inside the European Union.
Brexit and the dramatic fall of the Russian ruble weakened the positions of British and Russian nationals in terms of investing into property abroad, but they are still among the top buyers in the Catalan capital. Guifré Homedes Amat, director of the Barcelona Office and International Manager of Amat Immobiliaris points that:
for the last three years Egyptians have been among the top buyers. They are usually top executives or businessmen, who are looking for a second home in the city”.
If we look at Catalonia only, French are on the top of real estate buyers, followed by Chinese and Russians.
French, Chinese, Russians and Egyptians.
It is worth mentioning that the nationals from Nordic European countries and the USA, who are mostly looking for good weather, vivid culture and shopping, have Barcelona among their preferences.
What are the most popular neighbourhoods?
Barceloneta, Poble Sec and Gòtic-Born are the top neighbourhoods for foreign investment:
- Gòtic-Born is the centre of Barcelona, that’s why buyers like it. It is in the heart of the city and there you can find all the conveniences you could ever want in the city; from schools, clinics and grocery stores to fashionable boutiques, cosy bars and fancy restaurants.
- Poble Sec is nowadays the trendy neighbourhood, where young people can buy cheaper flats than the centrical ones and also enjoy some of the best Cultural venues of Barcelona (like Teatre i Sala Apolo).
- Barceloneta is the gate of the sea and some foreigners like it due to its location by the beaches. The interest of the foreigners in this neighbourhood is sparkling its economy. Therefore, more basic services are developing in the area along with the public transportation.
Such neighbourhoods as Eixample, Les Corts and Sarrià-Sant Gervasi are also popular among the foreign investors. These neighbourhoods are centrical or not far from the centre (15-20 minutes’ walk). They have all the facilities that one need and offer a quieter atmosphere than the centre, making them suitable for families and retired couples. In these areas flats are a bit more expensive, often starting from 4.500€ per square meter.
If you want to invest in Spain, read our paper on “Why you should invest in Spain residential market now?“.
Have a look at our ePostcards before planning your next holidays in Spain.
Do you want to check the yearly weather statistics in Barcelona before buying? Check the yearly weather statistics of Barcelona on our Infographic.
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