The capital of Catalonia is a major economic center in Spain, with a range of business opportunities, entrepreneurial culture and desire to thrive. That’s why now it’s the best time for internationals investors to buy luxury real estate in Barcelona, one of the most beautiful cities of Europe.
During the past years, the real estate sector in Spain has recovered, reaching sales figures significantly higher than in 2017. This boom has happened because of the strong international investment in the Spanish real estate market caused due the advantages of the Golden Visa program. In fact, the real estate sector has reaffirmed its recovery in Spain with the luxury homes sales, that have risen by 27% last year.
With all of this, what was believed to fall quickly just four years ago, has now become a stabilization of prices that are gradually increasing. While the rise of shopping flats it’s not exaggerated, the revitalization of the sector and the bubble of rental prices, especially in Barcelona, make it more interesting to buy real estate as an investment.
Protagonism of Barcelona
Nowadays, there is a huge number of international investors that want to buy luxury real estate in Barcelona which means a sharp increase in the average selling price, that soared by 19% in the first half of 2018.
According to the data of the Ministry of Development, luxury real estate transactions (carried out for an amount of more than 900.000 euros) increased by 34% during 2017.
The expansive situation in which the Spanish economy is right now comes with a lower unemployment and access to credit, which is starting to be provided a little more. Indeed, the number of unemployed decreased by 458,900 people in 2018, a decrease of unemployment by 10,79%. In fact, the unemployment rate was 16,4% in 2018 and 14,2% in 2019.
The areas where luxury home sales rose the most were the main Spanish cities, such as Barcelona and Madrid, and holiday destinations, which recorded an all-time record in the number of prime residential property transactions.
About the future
As for the evolution prospects for the luxury real estate market it is believed that will increase steadily in Spain, since it’s been going that way for the past six years. In this way, the expansion phase of the real estate sector, leaded until last year by large cities, is gradually giving way to medium-sized capitals on the premium market of coastal areas.
These are more focused on the second residence in which there is a growing interest in high-end housing so right now it’s definitely the best time to buy luxury real estate in the most touristic cities in Spain like Madrid, Barcelona or Valencia.
For Spain, Portugal and Andorra, the most sought-after areas for residential investors are currently the Costa del Sol, with the rebound of new construction in cities as Marbella, after several years of paralysis, the Costa Blanca, the Balearic Islands and the great capitals that we have been mentioning. Precisely in Marbella, the number of luxury transactions has rebounded no less than 50% year-on-year.
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