In last month’s issue of The Peak Hong Kong magazine, they published a feature on the “intoxicatingly beautiful” city of Barcelona and how it is currently the “Mediterranean hotspot” of real estate. They spoke to Luxury Font’s founder, Salvador Font, on how Barcelona has become so desirable for property investors, especially those interested in luxury properties.
Something that makes Barcelona so unique and stand out against other Spanish or European cities is its architecture. The city is absolutely laden with elaborate modernist buildings and medieval plazas, has 7 city beaches, enjoys sunshine for over 300 days a year and now attracts 18 million tourists per year.
The same could not be said 30 years ago. Before the city’s total renovation of the seafront for the Olympics, Barcelona was just another half-forgotten, dusty European city with little to no foreign interest. The 1992 Olympics brought about the push that Barcelona needed to transform itself.
In preparation for the Olympic games, 2 miles of beachfront was created along with a 5km promenade connecting the Old Port to the newly-constructed super-yacht harbour Puerto Olímpico. The city council then ensured that they would continue to improve the urban landscape of the city. They certainly fulfilled this and in 25 years, 30 percent of old residential apartment buildings was restored in “one of the most successful municipal programmes in history”, as is mentioned in The Peak Hong Kong’s article.
All of this has catapulted Barcelona right into the top four European tourist destinations. The rise in popularity of Barcelona as a tourist destination along with the country’s economic recovery (in 2016, the country’s economy grew by a staggering 3.2 percent) has converted Barcelona into a “property hotspot”.
The property market in Barcelona is uniquely profitable at the moment, and thus attractive to investors, for three principal reasons: low interest rates; currently low housing prices; and a huge demand for newly-constructed house far exceeding their supply. Now is the ideal time to buy a home in Barcelona as prices will continue to rise as long as demand exceeds supply.
Our Dream Spanish luxury home featured in The Peak Hong Kong ‘s article is a stunning property in the Supermaresme area just north of Barcelona. One of the great features of the house is the almost seamless mergence of the interior with the exterior through the property’s curved walls, high ceilings and ultra-large windows. Light and space have been utilised and enhanced to the maximum to create this harmony between the inside of the house and the unique, green, panoramic views outside.
The central area of Eixample around Passeig de Gracia is also known as the Quadrat d’Or (Golden Square) because of its high concentration of historic Moderniste mansions that were built by famous architects contracted by the bourgeois class in Barcelona in the late 19th century. Many of these mansions have been transformed into luxury apartments whilst preserving the main features of their moderniste origins, such as staircases, windows and the outside façades.
One of these such properties is our spectacular apartment of 350m2 on the Diagonal. Features such as the ceiling and wall moulds and windows have been preserved and the interior of the apartment has been specifically designed to go continue the moderniste orgins of the home. Modern touches have been added but the altogether modernist aesthetics and mood have been purposefully kept.
Strong growth in Barcelona’s real estate market is expected for at least another three years, so investors can anticipate a lucrative return on their original investment.
The dubbed ‘Golden Visa’ is also attracting a lot of foreign interest in the Spanish property market. Non-EU citizens investing €500,000 in property in Spain receive automatic residency visas which can eventually lead to full Spanish citizenship and thus, the right to live and work anywhere within the EU.
At Luxury Font we have agents specialised in finding the right property for you so you can get the most out of your investment. If you are interested in the Golden Visa scheme we can also provide support and guide you through the process. Contact us today to find your consultant.