Luxury Properties in Barcelona becomes more expensive due to the return of the foreign buyer
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.
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