The real estate market in Barcelona reached its bottom in 2012. Now many buyers seek to take advantage of discounts in the Catalan city, reported A Place in the Sun.
"In 2012, a number of our investors, who have watched the real estate market in Barcelona for the past few years, started to buy property at a discount in the prime areas of the city. Thus, buyers of residential real estate in Barcelona are beginning to believe that the market has bottomed out," said Alex Vaughan, Director of Lucas Fox International Properties (the company publishes a semi-annual reports summarizing the data on the real estate market in Barcelona, Ibiza, Majorca and Costa Brava).
In the second half of 2012, the greatest interest in real estate in Barcelona showed Swiss and Russian buyers. The French have also been active in connection with the introduction of higher taxes on luxury in France.
Experts say that investors from China, India and Latin America will be interested in the Spanish real estate in 2013 with a new law relating to the issuance of a residence permit for foreigners in Spain and their families, buying property worth more than € 160,000.