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September 30, 2016

Barcelona is an attractive center for investment

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Barcelona is living a good moment in its property market. Besides the lack of flats for rent, there is another new trend that directly affects the market: a large demand for properties not for living, but as an investment for the future. The experts of the major real estate agencies in Barcelona who say that during the first half of this year, 40% of purchases of apartments in Barcelona were made for investment purposes emphasize this point. According to the data analyzed statistics of real estate transactions, this percentage in Barcelona is considerably higher than the average in Spain, where it is 26.5%. In fact, Barcelona is one of the largest cities in Spain, where most property transactions carried out for this purpose, which in turn contributed to the rise in prices. This fact is confirmed by the statistics showing that property prices in Spain continue to grow, with an increase of 8% in the first half for the whole country and of 9.45% in Barcelona.

We should also mention that investors are buying homes and apartments in the districts of Barcelona, ​​which, in their opinion, are more susceptible to the higher appreciation of the euro against the local currency, which can occur due to the location of the object or due to the development of the tourism industry in the region. This is the case of the areas of Barcelona, ​​like Eixample, Poble Sec, Gothic Quarter and Gracia. At the same time, despite the lower number of transactions, in one of the first places also is situated the district of Barceloneta, where the 84% of purchases of apartments were made for investment during the first half of this year, say experts of the real estate market of Barcelona. However, for example, in the area of ​​Sants, 100% of apartments purchased are to reside.

According to the analysis, the increase in investment in real estate in Barcelona also contributed to the rise in prices, and among big cities, like Barcelona, ​​the Catalan capital is the city where this increase was even more pronounced in the first half of the year, as prices have increased by 9.45% per square meter. The report also notes that this is the fourth consecutive quarter, during which an increase in prices for apartments and houses in Barcelona was recorded, and besides, it is the highest of them. "However, these figures are still far from the peaks recorded in the second half of 2006," – experts pointed out. Since then, the price per square meter decreased in total by 52.25%.

The average quantity of mortgage loan also increased by 9.8% in the first half of this year, i.e. up to 91,808 euros. In Barcelona, ​​even it rose to 115,448 euros, which is 10.4% more. Another trend observed in the housing market in Spain and refers to the credits, is that more and more mortgages are issued with a fixed interest: in Barcelona, ​​its share is 25% of all mortgages.

In addition, rental of housing in Barcelona is now 10% more expensive. The increasing proportion of tourist accommodation in Barcelona affects the growth of rental rates in the city. Therefore, experts estimate that the average rent in Barcelona can increase by another 10% over the next two years, given that the figures are already at record levels, according to the latest quarterly report from the internet portal Idealista.

In its most recent report Idealista indicates that the average price of renting an apartment in Barcelona could be at the end of 2018 about 13.5 euros per square meter, compared to the current 12.17 euros, which would be an increase of two digits, if the forecast will be confirmed.

In addition, it is important to note that the Catalan capital is the star of the rental market in Spain. While in cities like Madrid and Valencia, the proportion of rented properties does not exceed the 20%, in Barcelona, ​​this percentage reaches 25%. This means that one of the four properties in the city is for rent, so that it makes from Barcelona the Spanish city with the highest number of apartments for rent in relation to the total number of real estate.

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