Barcelona recovery ‘in full swing’
The uplift in residential property values in the Spanish city of Barcelona is in ‘full swing’, according to local real estate experts.
Record increases of almost 15 per cent in 2016 have spilled over into 2017 as the Catalan capital has continued its recovery from the 2007 credit crunch and downturn.
“From a property point of view, Barcelona is the most dynamic city in Spain,” said one report, noting that prices remain below their pre-2007 peak and are consequently attractive to both local and international buyers.
“Foreign buyers are investing in property again and Barcelona has become a safer bet than the stock market,” added the report.
Sandwiched between the mountains and the sea, there are relatively few opportunities for new construction, so developers favour acquiring existing buildings and refurbishing them, leaving the exterior intact. ‘This combination of a traditional aesthetic, central location and modern convenience is particularly popular with foreign buyers,’ noted the report.
The ‘Golden Visa’ which offers Spanish residency to anyone investing more than €500,000 in Spanish property has added further momentum to overseas buyers.
GRE has a selection of high quality residential developments in Barcelona. See www.greassets.co.uk/projects for details.