Luxury home buyers in Barcelona will be international executives and businessmen
The implementation of teleworking and the speed of vaccination has given light to the recovery of various sectors, including real estate. In the current context, it is expected that, by the end of 2021, a large part of the buyers of luxury homes in Barcelona will be large investment portfolios, executives and international businessmen. The Ciudad Condal will be located in Madrid as the favorite destination for international buyers.
Investment or second homes are the main preferences of international executives and entrepreneurs. In fact, the vast majority of these high-end buyers believe that they will spend more time during the year in their second home, or they will alternate between their first and second homes for many periods.
Although individual buyers often choose to enjoy a vacation home, the luxury real estate market goes further. The objective is to be able to attract buyers so that they can establish their first residence in Spain. To carry this out, the Golden Visa will also be granted to those investors seeking to promote or build their own home on previously purchased land.
In the first half of 2021, foreign buyers accounted for a third of purchases in the luxury real estate sector in Barcelona. However, both its profile, its origin, and that of the offer is quite heterogeneous. If we put the focus on European buyers, the interest falls on renovated second-hand homes, in historic buildings or with cataloged architectural elements. On the other hand, the North American, Asian or Latin American profile opts for new construction properties, with home automation, high security and a style similar to that of the large cities of their selected countries.
Regarding the location of the house, the districts of Sarria-Sant Gervasi and Les Corts-Pedralbes are the most sought-after in Barcelona city. Followed by areas of the metropolitan area such as Castelldefels, Gava Mar or Esplugues de Llobregat.
The demand indicators in the luxury sector are encouraging and predict an increase in the second half of the year. One of the essential factors for the return of foreign investment has been the implementation of telework in many countries.
The new work habits will cause an increase in demand for homes located in peripheral areas of large cities. The competitiveness of the price of the property combined with the weather and the Spanish cultural heritage have become elements of great investment attraction for large international portfolios.