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Confidence appears to have returned to the property market in Barcelona following a period of hesitation in the aftermath of the 2017 independence push on 1st October.

This is according to the first quarter results of 2019 from Lucas Fox, the Spanish property experts. The property firm reported that house sales had more than tripled during the first quarter of 2019, compared to the first quarter of 2018. The average property price has also increased by approximately 9 per cent, and is now at €997,675.

Additionally, Lucas Fox Barcelona also reports that the total amount of sales transactions has tripled, with the number of sales in new developments over six times greater than sales in the same period during 2018.

Almost three quarters of the total sales facilitated by Lucas Fox Barcelona in 2019’s first quarter were made by international buyers, and that was roughly the same proportion for the same period in 2018. American buyers made up 15 per cent of these purchasers, while British buyers accounted for 12 per cent of the sales in Barcelona. Meanwhile, the quantity of buyers from the Middle East has risen, and they now represent 14 per cent of all property purchases in this tourist destination.

For properties valued over €900,000, known as the prime market, Spanish purchasers made up almost one quarter of all buyers using the services of Lucas Fox Barcelona. In comparison, 15 per cent of buyers were based in Britain, 8 per cent from the USA and 23 per cent were located in various other European countries.

Alexander Vaughan, co-founder at Lucas Fox, explained that the city of Barcelona provides much more than the traditional major city or resort location. Barcelona appeals to affluent, young buyers for a wide range of reasons, such as its growing name as a hub for fintech companies and well-funded startups, and its many Michelin-starred restaurants. The city is attracting an increasingly dynamic workforce, with innovative and leading tech firms such as Facebook and Amazon choosing to establish operations in Barcelona, which is quickly gaining a reputation as the Silicon Valley of Europe.

Developments such as the Barcelona Mandarin Oriental Residences on Paseo de Gracia, which is a development of 34 luxury penthouses and apartments, are attracting a large amount of interest, and are an indication of the future of the market. Mr Lucas goes on to explain that there has been an increase in offers and enquiries for prime properties from the mid-months of 2018, and into 2019.

There are encouraging signs, such as new investments by the Catalan Family Offices in residential property, as well as the quantity of large international companies who are establishing operations in regions such as Poblenou.

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