Foreigners have become major buyers of luxury housing in the Catalan capital. 90% of homes with price over a million euros have been acquired by the last three years by investors from other countries, according to the Coldwell Banker real estate consultancy.
The typical profile of the international investor is a person without problems in accessing finance for the purchase with the primary objective of profitability.
The price adjustment of luxury homes that have fallen between 25% and 40% in the years of the crisis also influenced the interest of investors.
Until recently, the origin of these investors used to be European. Nordic countries, France, England and Switzerland were the main customers and those who chose the Catalan capital to invest in residential. Now customers coming from Eastern Europe, the Americas and Asia have drawn much attention and buy homes to settle in with family or as an investment for the future which forecast the prices to rise again.
The entry into force in September 2013 of the Entrepreneur's law has also helped to boost the market for the sale of luxury homes. In one of its sections it provides guidance for the acquisition of nationality for foreigners in return for a minimum investment of 500.000 € in unencumbered properties and has also helped to catch the interest of customers of other nationalities.
According to US real estate consultancy, Barcelona has some 400 properties for sale with price over a million euros. This market generates approximately 150 annual sales operations, with an estimated impact of 300 million euros.