BARCELONA’S LUXURY REAL ESTATE AGENCIES REPORT A DECREASE IN FOREIGN VISITORS
Luxury real estate agencies in Barcelona are suffering from a decline in foreign visits. Only three years ago, these buyers and investors took the limelight, as they were responsible for one out of every two purchases of luxury homes in Barcelona. Today, however, foreigners account for approximately 20% of luxury real estate transactions in Barcelona.
The cause of the decline in foreign interest in Barcelona real estate?
According to experts in the sector, such as Amat Luxury, luxury real estate in Barcelona, the causes of this phenomenon are due to several reasons. One of them is the rise of national buyers, which partly offsets the aforementioned decline. Another factor is the interest in other national and European destinations such as the Balearic Islands, Greece and Portugal. The political situation in Catalonia may also have an influence, as well as the global economic context.
These factors are considered to be responsible for the decline in the number of foreigners who, just a few years ago, were looking to Barcelona to buy or invest in property in Europe.
Normally, foreigners are looking for medium to long-term luxury homes as a second home in which to spend their holidays. They usually take between two and eight months to make the decision to buy a residence.
The latest market data show that the British and French continue to be the main buyers of luxury homes in Barcelona. Inhabitants of both nationalities are responsible for 25% of purchases, with the rest of Europeans accounting for 60%. The remaining 15% corresponds to purchases by North Americans, Chinese and Russians.
Among the areas with the highest demand to buy luxury homes in Barcelona, Pedralbes, the area around Turó Park, Sarrià-Sant Gervasi and L’Eixample stand out. As for the outskirts of Barcelona, Sitges and Sant Andreu de Llavaneres, located on the coast, offer an interesting range of luxury homes, both flats and villas or houses. Buyers tend to be locals and foreigners, in the same proportion.
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