Thanks to the foreign buyers, decline in property prices in Barcelona has changed to stabilization and even a slight increase in prices, according to ee24.com citing spanishpropertyinsight.com. Russians lead by number of deals with expensive housing.
Investors have followed advices of ee24.com experts and started buying houses and apartments in Barcelona, while prices are at a minimum. The results were immediate, and a price of square meter in Barceloneta (Old Town) has increased to €3,490. The average value of residential property in Barcelona is €3,183/sq.m. This huge demand of foreigners hasn't allowed pessimistic forecasts to come true. Instead of 8%, the drop in property prices has accounted only to 1% in 2013.
According to estimates of La Vanguardia, 10% of investors and buyers of second homes in Barcelona are foreigners. At the same time, the research of Tecnocasa argues that 29% of buyers in Barcelona are foreigners. 70% of those who purchase houses priced at more than €2 million, are Russians.
Foreigners prefer to rent out and receive from 4% to 9% per annum. Given the geographical features of the city (on the one hand - the sea, the other - the mountains, space for new construction is quite limited), such investments will be compensated, especially after the final economic recovery.