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Foreigners Account For Nine Out of Ten Hig-End Home Purchases in Barcelona

21/10/2014 – El Economista

Foreign investors have bought 90% of all dwellings priced at more than a million of euros sold in Barcelona over the last three years, reports real estate group Coldwell Banker.

Typically, such an investor has no problems in terms of financing and aims at obtaining high yields.

According to the U.S. firm, the purchasers are mostly attracted by the quality of life in Barcelona and good prices for quality properties as the luxury stock has cheapened 25% to 40% during the recession.

Traditionally, the buyers come from Europe, more specifically from the northern countries like France, the United Kingdom or Switzerland.

However, recently they have been joined by customers from the Eastern Europe, Northern America and Asia.

Coldwell Banker assures that the Golden Visa scheme approved in September 2013 also contributed to greater interest in luxury homes among foreigners who wanted to obtain a Spanish residency permit in exchange for a real estate investment exceeding €500.000.

Barcelona is currently listing around 400 units priced at more than a million of euros each. On average, this segment sees 150 transactions sealed annually, totalling at €300 million.

 

Original article: El Economista

Translation: AURA REE