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In the Know: Who is Buying Property in Barcelona Now

by | Oct 7, 2024

As Barcelona continues to thrive as a cosmopolitan hub, its luxury real estate market is buzzing with activity. We spoke with Josep Turro, Managing Partner of The Agency Barcelona, about what is attracting the city’s diverse range of buyers—from sports professionals and creative industry leaders to tech entrepreneurs and high-net-worth individuals.  Whether it’s the rich cultural offerings, mild climate or well-connected European location, it’s clear that Barcelona has something special to offer every discerning buyer.

 

Who is buying property in Barcelona right now? 

The residential market in Barcelona is driven by its appeal to people from all walks of life. Barcelona is a very cosmopolitan city attracting both professionals and people looking for a more leisurely urban experience. Whether it’s sports professionals, people in the creative industries, or tech and life sciences entrepreneurs, those choosing Barcelona are attracted by the fantastic leisure and cultural offerings and the incredibly beautiful coastal and high-mountain areas that characterize Catalonia. A great choice of restaurants, music events and conferences means there is always something fun going on. Quick access to the airport makes the city a great platform from which to travel anywhere in the world.

Buyers of luxury property tend to be a combination of local and foreign nationals. Many are from neighboring countries such as France and other wealthy European nations. There is also increasing demand from US citizens looking to enjoy the European version of the West Coast, and from Asian buyers looking for a secondary residence. 

The limit on supply, given the city sits between the sea and hills, means that the city is becoming increasingly exclusive. High-net-worth individuals find the city a great place to spend a few months a year connecting with family and friends from all over the world.

 

What areas of Barcelona are attracting buyers most right now? 

The traditional high-end residential areas are in the district of Sarrià-Sant Gervasi, where you may still find detached family houses, as well as some central areas of the Eixample, that have been accommodating wealthy local families since the end of the 19th century and are close to the main commercial and cultural locations of Barcelona.

Increasingly there are other areas closer to the sea, such as the Sant Martí-Poblenou district or in nearby suburban areas that are also attracting buyers of high purchasing power that prefer a quieter lifestyle while retaining excellent connectivity to the center.

 

Are there regions near Barcelona that are growing in popularity among buyers? 

There are essentially three aspects that are increasingly important for high-end buyers in Barcelona: beaches, forests and green areas (including golf courses) and the possibility of reaching the airport quickly. The beach towns, south of Barcelona such as Sitges, or Sant Cugat, behind the Collserola hills overseeing Barcelona, are among the areas with sustained appeal to buyers who can afford to enter this market. Other markets in the Alella-Maresme area also offer some wonderful properties near the sea.

 

What is the process like for foreigners interested in buying property in Barcelona?  

Foreign buyers must be aware of the specific conditions of the market in Barcelona and the importance of being properly advised. On the one hand, many of the more exclusive properties for sale are off-market and hard to know about. A buy-side advisor can really help to identify and evaluate a suitable property. 

A good understanding of planning regulations is essential to understanding the legal standing of a property and its possibilities in terms of renovations. Although sometimes complex the legal framework is safe when suitably advised. A cash buyer tends to find transacting easier and mortgages can take some time to negotiate. 

 

Tell us about the types of properties people can find in Barcelona today—what can buyers expect in terms of space, property size and location? 

The luxury market in Barcelona represents a fairly small percentage of properties in the city, mainly villas and condominiums in select areas. 

Typically a luxury property will have over 300m2 (3,200 SF) and may have a terrace, a private or communal swimming pool. Barcelona city itself occupies a very small area of about 100 km2 (less than twice the size of Manhattan) with most buildings being limited to six floors. Having a significant property in the city is a real privilege. 

 

What are some of the unique perks, features and amenities that properties in Barcelona offer buyers that they cannot find elsewhere in Europe? 

Barcelona is the most important city on the Mediterranean coast and has been so for many centuries; this is reflected in the old city, which accommodates many museums, churches and other public buildings of great architectural value. The Eixample, the extension of the city designed by Cerdà, the father of modern urban planning, is a wonderful and unique street grid that allows mobility and urban life and has a wonderful potential for walking to contemplate amazing Modernist buildings, such as those built by Antoni Gaudí: Casa Batlló, la Pedrera or the unique Sagrada Família. 

The commercial and cultural activity and the many sports events taking place in the city (the last one was The America’s Cup) are supported by the traditional role of Barcelona as the economic powerhouse of Spain. The airport is among the 10 busiest airports in Europe and is closer to the central area than any of the other. The port is the most important in the Mediterranean in terms of value-added and receives more cruise passengers than any other in the world, except for a couple of Caribbean ports. 

Barcelona is a most open and tolerant city that respects the privacy of its residents, including the millions of visitors (almost 16 million in 2023) enjoying the city and its amenities, including the numerous specialized fairs (Mobile World Congress, Alimentaria, etc.) taking place all year round. 

The mild weather and the possibility of reaching easily the Costa Brava beaches or the sky resorts in the Pyrenees, among other beautiful resorts, are not to be found in any other major European city.

 

What do you hear from your clients as to why they want to either relocate or purchase property in Barcelona? 

Our clients are mostly of two kinds. There are either people looking to start a new life in a wonderful and welcoming place or investors trying to have a valuable long-term placement in a market that can only go upwards. 

The first type is usually professionals or entrepreneurs who mostly have the possibility of working from home and need a very accessible place to fly to destinations all over the world and come back home to Barcelona. The investors are looking for opportunities to place some funds in a safe market, that provides adequate revenues and has excellent long-term potential if it is necessary to sell the asset. 

 

For more insight into current market trends and the world’s most exciting real estate destinations, browse our other recent In the Knows: Buying Real Estate in Cape Cod,

Why Buyers Love Steamboat Springs, Colorado,  NorCal Real Estate Market, Santa Barbara & Montecito Real Estate Insights from Eric Haskell, The Rise of Lake Town Real Estate in Tahoe & Beyond, and Today’s Golf Course Home Market, Palm Beach to Palm Springs

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