Wealthy buyers increasingly attracted to Barcelona real estate market

Taylor Scott International News

Barcelona is attracting more wealthy real estate investors thanks to a reputation as a luxury lifestyle destination, it is claimed. Rich property buyers are looking to expand their portfolios beyond traditional property hotspots such as New York, Paris and London and are increasingly spending sums of €10 million and above. Agents Luca Fox International Properties said that affluent buyers are attracted by the lifestyle which has seen Barcelona transform itself into a prosperous, global city since the Olympic Games in 1992. The city is also regarded as a leading gastronomic hub with 23 Michelin starred restaurants, drawing in entrepreneurs and businessmen from all over the world, as well as some big name celebrities including Rolling Stones guitarist Ronnie Wood, who bought a property in 2013. Singer Shakira and FC Barcelona footballer Gerard Pique are currently building a home in the city’s outskirts, providing an additional glamorous vibe to this already buzzing coastal city and last year saw the launch of Barcelona’s superyacht marina, ideally positioned in the heart of the city and which regularly welcomes Roman Abramovich’s fleet of yachts. Barcelona’s fashion brands such as Desigual and Zazo and Brull have encouraged major international chains to make the city a key part of their strategy for flagship store openings in Southern Europe. There is also a growing number of tourists visiting the city. ‘Barcelona is a very seductive city. Progressive, creative and constantly re-inventing itself, it has always attracted a discerning, creative crowd but now we are seeing new wave of very wealthy investors, who recognize the city’s global appeal as well as its growth potential,’ said Lucas Fox co-founder Alexander Vaughan . ‘A number of high profile industry leaders, businessmen and personalities such as Ronnie Wood have chosen to buy through Lucas Fox in recent years and, as Barcelona continues to establish itself as one of the world’s leading cities, we believe this trend is set to continue,’ he added. Even at the lower end of the market buyers are spending more, according to a survey carried out at the recent Madrid International Property Show (SIMA). ‘Compared to previous years they have a bigger budget and foresee fewer difficulties in financing their purchase,’ said Eloy Bohua, managing director of Planner, the show’s organisers. The survey found that compared to the previous show a year ago the percentage of people looking for property at the cheapest end of the scale up to €150,000 has dropped from 36.5% to 22.1%. At the other end, those looking for property priced at over €300,000 have gone from 12.8% to 21.6% while 29% are searching for property between €150,000 and €210,000, and 28.3% between €210,000 and €300,000. Continue reading →

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