Barcelona's luxury homes awaiting full vaccination
The coronavirus continues to change everything it touches day by day. Although it is true that luxury is one of the sectors least exposed to crises, its activity in Barcelona is waiting for vaccines and the long-awaited herd immunity to return normality to the market. French, Italians, Russians, Belgians and British, the nationalities with the greatest presence in the foreign market of the Catalan capital, continue to analyze their investment possibilities from a distance when the borders open.
The current stabilization of prices and the absence of international demand opens a window of opportunity in the short term for the closing of operations that favors both buyers and owners.
Since the pandemic broke out, the luxury market in Barcelona has moved between 500,000 euros and a million, with average prices of 6,000 euros / m2. At this time, the real estate supply with prices above 2 million euros, which until the beginning of the crisis found potential buyers from abroad, does not find a buyer among the national demand, so its owners are forced to lower their prices or to resign oneself to not selling.
The data on the efficacy of vaccines at the beginning of 2021 have brought some optimism to the market, although there is still a long way to go until it returns to the new normal. Barcelona is, by far, the most desired Spanish capital for the purchase of main residences by foreigners who not only come to work, but are in love with the city and want to stay and live, so the absence of this Buyer or investor profile is being noticed in the number of transactions, but it also allows national demand to access the market with more competitive prices.
The interest of the local buyer for the acquisition of luxury homes in Barcelona is still very stable in the two main districts of this market, Sarria-Sant Gervasi and Eixample, which account for two out of every three homes for sale of more than 500,000 euros. The Eixample area accounts for 34% of the city's luxury offer, while Sarrià-Sant Gervasi and Pedralbes another 32% of the total.
The average home in the high-end market is sought as a main residence, it has around 150 m2, 3 bedrooms, 2 bathrooms and outdoor areas. Although refurbished or in good condition homes are preferred, the demand does not rule out acquiring properties to be refurbished as long as there are notable reductions in the sale price.