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March 17, 2017

The most expensive districts of Barcelona restore the value of their properties

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Real estate prices in the "luxury" areas of Barcelona are situated, meanwhile, between 80% and 90% of the maximum rates, which were registered before the economic crisis in Spain. For example, the elite areas of the city, such as the Eixample, Diagonal Mar, Les Corts, Sant Gervasi, Born and the Gothic Quarter (El Gótico), on average have prices above 6,000 euros per square meter, according to luxury real estate agencies in Barcelona. In addition, experts say that these prices will rise in the next two years "to enter the stabilization phase," as said on Tuesday the director general of the German real estate agency in Barcelona. The rest of the city and its metropolitan areas will have a longer way of increasing real estate prices, as they are now between 50% and 60% relative to the peak values ​​of the pre-crisis years.

The conclusions of the experts of the real estate market of Barcelona were made on the basis of 700 sales transactions carried out during the last year in the luxury segment of the Catalan capital and its metropolitan area, so we can talk about the real price of the Luxury real estate objects in Barcelona. To these operations should be added another 1,000 rental transactions, also made in the segment of luxury flats and homes in Barcelona.

The analysis highlights that the international demand for apartments and luxury houses in Barcelona remains strong, with 40% of the operations being carried out with the participation of foreign citizens, but at the same time, the domestic demand is also high, or up to 60% of the signed sales contracts.

Among the most expensive districts of Barcelona, ​​according to experts, it is worth especially mentioning Diagonal Mar, which already competes with the so-called "zona alta", the most exclusive area of ​​Barcelona. Although the cost per square meter of the new apartments in several new buildings being built and that will be put up for sale in the Pedralbes area soon, can reach 12,000 euros, the price range in the most modern area of ​​the city already ranges from 6,500 and 12,000 euros. Diagonal Mar, in particular, is very popular among foreign families of different nationalities, such as Russian, French, Argentine or American. These international clients, who accounted for 60% of purchases or rentals of luxury properties in Diagonal Mar, come in search of modern, spacious and bright accommodation with good views. But foreign buyers are also interested in buying houses in other central areas of Barcelona, ​​namely in the Eixample, where the average price rose to 4,900 euros per square meter.

At the same time, luxury residential property rentals in Barcelona also accelerated their sustained growth pace in recent months from 2007 levels, and reached a 14% price increase, which was the highest figure in the luxury segment of Barcelona. For example, the growing demand for rental real estae in the historic center of Barcelona (Ciutat Vella) raised the average price per 1 m2 in the Old City by 16 euros, the highest figure in the Catalan capital.

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