KH Porperty Investors awarded Sanjose Constructora the execution works for the luxury residential it has built in a 20-storey building located on Paseo de Gracia 111 in Barcelona, at the intersection with Avenida Diagonal.
The new residential, which combines in its more than 13,000 m2 of surface, will have 34 luxury homes and will be managed by Mandarin Oriental, in a formula similar to that used by Four Seasons with the luxury apartments of the Canalejas Complex in Madrid.
The property will also have a parking area and large common areas, including its main lounge, green areas, gym, wellness center, business space, as well as a roof with a garden, swimming pool and unbeatable views over the city of Barcelona. .
The building will have 20 floors and some thirty apartments with one to four rooms, with an area that ranges between 100 and 600 m2 and the price per m2 ranges between 16,000 euros and 20,000 euros.
Super Luxury Penthouses
The project houses four full-floor penthouses, but only one is the true jewel in the crown. It is the Grand Penthouse, on the top floor, of almost 600 m2 built, with a double height ceiling and whose terrace surrounds a large part of the property.
The ability of the architect Carlos Ferreter to create buildings that capture the essence of his surroundings have made his studio, OAB, a world-renowned firm and the ideal choice to design the Mandarin Oriental Residences, Barcelona.
Muza Lab Interior design
Designers Nathan Hutchins and Inge Moore are co-founders of the London studio Muza Lab, specializing in unique projects worldwide. Taking inspiration from the building's enclave and its unique connection with the city of Barcelona, they have created an interior concept that revolves around the framing of light and views. Pure, refined and exquisite spaces that undoubtedly need to make Las Residencias one of the most exclusive residential spaces in the world.
The most prestigious residences in the world. From New York to London, Boston to Bangkok, Mandarin Oriental offers a truly unique lifestyle.
KKH Real Estate Investors
With more than 20 years of experience in real estate development in Spain, the group specializes in the construction of luxury hotels and high-level residences.
The return of the foreign buyer of luxury homes in Barcelona, which already accounts for 30% of the demand a few days after the end of the first semester, has increased prices compared to the same period in 2020, with Europeans, Latin Americans, Asians and Americans to the head.
According to a study by the Geinbar real estate agency, national demand accounted for 80% of the sale and purchase operations in 2020 with a budget of between 500,000 euros to one million euros.
The recovery of the market in June has placed the average price of the luxury residential at € 6,000 / m2 in second-hand properties and € 9,000 / m2 in new construction.
The areas most in demand for housing in Barcelona continue to be the districts of Sarria-Sant Gervasi and L´Eixample.
The most requested product is still apartments of about 130/150 m2, with three bedrooms, two bathrooms and large terraces.
In the luxury rental market, downtown areas are also the most in demand, a trend that took shape during the pandemic due to its versatility and security and that will continue in 2021, according to the report, which indicates that the opening of borders is increasing dramatically. notable is the number of luxury rental operations to senior executives and digital nomads.
Geinbar's forecasts for prime areas indicate that the rental price has already reached 3,000 euros per month in flats of 150 square meters and up to 7,000 euros per month in individual houses of more than 300 meters.
Heidi Tort, managing partner of Geinbar, explains that, although the national buyer has been the one that has maintained activity in the Barcelona real estate market, international demand has a very prominent weight in high standing, especially in the luxury market, for over a million euros.
This type of product, which is not abundant in the city, finds little demand in the national buyer, so it is foreigners who mostly end up investing in new construction or houses in high-level situations.
Follow this link to know the luxury homes in Barcelona for sale
The price of luxury housing in Barcelona has remained stable during the coronavirus crisis, according to the report Impact of the pandemic in prime areas of Barcelona prepared by Fotocasa based on data from DataVenues.
The prices of rental housing do suffer more pronounced decreases than the sale price.
The study shows that, despite the fact that prime prices have had a drop at the end of 2020 in most towns, this drop has been smoother than in the conventional residential market of Barcelona, thus showing greater resilience against the crisis.
On the contrary, the prices of rental housing have suffered more pronounced declines than the sale price. During the pandemic, the supply of this type of housing has increased exponentially, mainly due to the transfer from tourist accommodation to residential ones.
Legislative uncertainty in rent
The Rental Contract Income Updating Index (ARCA) continues its downward trend, although increasingly moderate, with the March figure standing at -1%.
"The economic situation we are going through is softening rents, however, the legislative uncertainty in the face of an imminent new rental law is slowing the pace", explains David Caraballo, Commercial Director of Safe Rental.
“In recent weeks, a lot of uncertainty has been generated among the owners with the possibility of the approval of a new law that puts a ceiling on prices, which is having an impact on the new contracts. Many owners are at the expense of seeing what happens, delaying operations and containing the offer ", continues the manager.
For Caraballo, «it is necessary to increase the supply of properties available for rent, if limitations are established, the opposite will be achieved. The market needs stability and certainty, which give the owners the necessary security to put their homes up for rent ”.
Residential land for properties of more than 1 million euros is exhausted in Barcelona
The economic earthquake unleashed by the pandemic has hit the brick sector, which in recent years recovered the pulse lost after the 2008 crisis. However, it has hardly caused an earthquake in the luxury residential market in Barcelona. The most expensive properties are a safe haven for baggy pockets and in times of uncertainty investment does not stop. The city of Barcelona, along with the main European capitals, is a magnet for national and foreign buyers, but the land available for new luxury homes is exhausted in the most privileged locations in the center of Barcelona. Real estate luxury is a rare and coveted treasure, even in times of pandemic.
Barcelona is among the most promising destinations for luxury real estate investment this year. This is reflected in the annual study Global Property Handbook, presented by Barnes, which shows how Barcelona continues to gain importance in the international real estate scene until it is in the top ten of the most interesting cities for real estate investment in 2021. Barcelona occupies the seventh place in the world. ranking, just after Madrid. The top positions on this list are occupied by Paris, Genoa, London, New York and Quebec.
"Barcelona is very powerful from a real estate point of view, as it is constantly attracting both large fortunes who seek to reside in a city with a high quality of life, as well as investors who take advantage of the competitive prices and the excellence of its residential park to buy assets and then sell or rent them. High-end real estate has consolidated in the last year as a very stable segment and in which large estates have found a safe haven for their finances ", says Thibault de Saint-Vincent, president of the BARNES group.
From the firm they point out the choice of Barcelona for its competitive prices compared to other large cities, as well as for the quality and variety of its real estate stock, among other aspects. "The progressive opening of borders as a consequence of the return to normality points to a change in the buyer's profile in Barcelona. While during the pandemic the national demand was the absolute protagonist, monopolizing 80% of the purchase and sale operations and with a tighter budget, the weight of the international buyer will be greater for the second half of the year, "says Eduardo Crisenti, managing partner of BARNES.
For this reason, Crisenti is "very optimistic with the forecast for this year in Barcelona" as a focus of international investment, especially in a super-luxury segment (with properties of more than 5 million euros), which we note is a market that is very much alive during these last months ".
As for prices, the expert speaks of a forecast increase of 3% in the luxury segment. "The expectation is a progressive improvement that will settle in the last quarter, both with a small rise in prices and with very good balance sheets with the numbers in terms of sales," says Crisenti.
Barcelona has a greater presence of national or Catalan-based investors, a trend that may continue this year. "Below one million euros the demand is still local in Barcelona; up to a maximum of 2 million euros is divided between Spanish and foreign buyers, especially French and British; and above 2.5 million euros the clientele is 100% foreign, both for the purchase of primary and secondary residences and for rental investments ", points out Emmanuel Virgoulay, partner of BARNES.
According to Barnes data, home sales fell by 29% in Barcelona last year compared to 2019. The districts of Eixample and Gràcia were the areas that suffered the most, with decreases of over 40%, since "they depend a lot on the tourism investment ", explains Virgoulay. As for the sale prices, the expert estimates that in 2020 they have been between 10% and 20% lower than the presentation prices and believes that by 2021 "they may go down a little more."
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