Barcelona will be in the global focus of luxury real estate investment in 2021
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."