In 2020, buyers are kings in Barcelona real estate market. As a matter of fact, they will set property prices in Spain, especially the capital of Catalonia. Whereas up to now, it was still the sellers who were in a position of strength. The immediate consequence is stability, or even a fall in property prices in Spain. So, if you want to do good business, it is recommended come and buy a house, a villa or an apartment in the city with the help of your real estate agency Barcelona.
2019: Decrease in the Number of Foreign Real Estate Buyers in Barcelona
Last year, the luxury real estate Barcelona sector was characterized by a very slight decrease in the market for domestic buyers for the first time since 2013. There are significant variations in purchase prices in the old Barcelona real estate. This price decline is partly the result of the political events in Catalonia. On the other hand, rental prices rise steeply across all Spain (+ 5%). We can also notice an increase due to the scarcity of supply and especially the sharp increase in national demand. All of these parameters imply that investors can now make important profit on Barcelona real estate market.
You should also know there are two new laws which are the new Rentals Act and the new Mortgage Law. The first one favored a decrease in the rental supply and an increase in rents because the owners feared an increase in unpaid bills. The second one triggers a fall in sales contracts in June and July 2019, due to poor preparation of notaries and bankers. As a result, buying a luxury real estate Barcelona has been a great opportunity for local and foreign investors. This trend is also a boon to real estate agencies in Barcelona.
Why Invest in Barcelona Real Estate?
The Catalan political crisis continues to impact Barcelona real estate sector which has failed to recover its pre-2017 activity levels. Foreign investors have abandoned the Catalan capital for two years, particularly in the luxury real estate Barcelona. They turned to other Spanish destinations. Madrid took advantage of this customer carryover, but also Valencia and Malaga, two cities where prices were sharply rising in 2019. Therefore, there was a moderate but continuous fall in prices in 2019 in Barcelona. And it got stronger at the end of the year because of the bad image conveyed by the violent “events” in October. Do not hesitate to ask your real estate agency Barcelona to learn more about all the available opportunities.