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September 15, 2014

Demand for luxury property in Barcelona is growing

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Demand for luxury property in Barcelona is growing

Together with the Catalan capital among the foreign buyers of real estate in Spain are also popular Costa Brava, Marbella and Mallorca, and demand will only continue to grow, as reported by several major international real estate agencies in Spain.

Foreign buyers dominate the market of Spanish elite real estate, which is confirmed by the official statistics.

Sales rose at an annual rate in each region, according to the lead agency in its report for the first six months of 2014 At the same time, international customers accounted for about 90% of real estate sales, with the ever-increasing interest from buyers and investors from the Far and Middle East.

And international demand will continue to grow, given the existence of the scheme, which received the name of “Golden visa”, and that means that foreign buyer of expensive real estate with value more then 500,000 euros obtain a temporary residence permit in Spain. For many, this fact becomes crucial when making the final decision to purchase luxury real estate or business on the Mediterranean coast of Spain.

Spanish Program “Visa Gold” came into force a year ago, in September 2013, when by the Government of the country were made the appropriate amendments in the “Law on Entrepreneurs”.

Since then, real estate agencies in Spain successfully work with the requests of Russian, Indian, American and South African customers to buy expensive real estate here. There is growing interest from the Chinese citizens, as well as a number of Chinese immigration companies, which began to open its offices in Madrid and Barcelona.

In addition, the number of applications for luxury properties in Spain expected to increase in the remainder of 2014 and in 2015, as the real estate market is improving and recovering, as inform the representatives of major agencies.

Also, after a slight decrease in activity over the past few years, returned again to the Spanish property market the citizens of the Nordic countries, thanks to low prices and attractive investment opportunities.

In Barcelona, it was reported a steady an increase in sales during the first two quarters of 2014 compared to the same period last year. The buyers from Northern Europe and the UK continue to dominate, but it becomes also clear the increased interest from non-European investors, especially from the Middle and Far East.

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