Barcelona Property Market Outperforming Rest Of Spain
News Posted On: 16 June 2011
There are signs that the property market in Barcelona is outperforming the rest of the Spanish market with prices becoming increasingly stable. The latest Barcelona Property Market Report for the last half of 2010 has just been released by Lucas Fox International Properties and seems to indicate that the market in Barcelona is acting quite independently from the rest of Spain.
The report by Lucas Fox found that recent figures for the property market in Barcelona have been somewhat contradictory with Idealista showing no growth in house prices, compared to Kyero which showed asking prices rising during the second half of 2010.
The majority of property in the city is bought by Spanish citizens with just 10% to 15% of property transactions involving overseas investors. This is completely different from the rest of the Spanish market, and especially the popular resorts in the Costa del Sol which are dominated by foreign buyers.
The majority of overseas buyers in the Barcelona property market are coming from Europe, Russia and the USA, and Barcelona's provincial region receives around 34% of all foreign investment in Spain.
Barcelona may be a particularly good investment for overseas buyers looking to purchase property for holiday rentals, as the rental market here remains relatively strong year-round with a lot of people choosing weekend breaks in Barcelona even during the winter. Property prices in the more exclusive districts reflected this as prices increased slightly during the final quarter of 2010.
The Lucas Fox report found that many clients choose Barcelona due to the high standard of living offered by the city, and the fact that it is perceived as being a very safe city with a real sense of community. Many overseas buyers are purchasing property in the region for the longer term.
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Written by Les Calvert
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