By the end of 2022, Spain has seen 760,000 properties sold, a record number since the 2007 property bubble. While rising interest rates and the exorbitant cost of new building materials may have created doubts in potential buyers for the future, Barcelona real estate, is facing some interesting dynamics this year and is set to remain attractive as we enter 2023.
The main reasons being the following:
- The city of Barcelona is becoming an increasingly attractive option for many professionals who choose to work remotely. Not only is it blessed with a pleasant climate all year round, delicious cuisine, and a wealth of cultural offerings, but international schools and a vibrant community make it the perfect place to live and work.
- In 2023, Barcelona is predicted to attract more innovative and entrepreneurial businesses, bringing more jobs and investment, after being ranked third in a survey conducted by the European Start-up Initiative, behind London and Berlin, as the most attractive European city for start-ups.
- Investors are increasingly seeking Barcelona real estate as a hedge against inflation. As well as the strength of the dollar against the euro, is encouraging many American buyers to purchase luxury properties in Spain.
- Barcelona will host the 2024 Copa América, increasing the demand for short and medium-term rental apartments in the coming years.
- Finally, the luxury homes market is predicted to continue growing in 2023, largely due to the preference for properties in more tranquil, green areas, or apartments with big patios or rooftop terraces, due to the Covid-19 pandemic.
The trend of increasing foreign buyers in Barcelona’s real estate market has already been reflected in 2022, and the percentage is expected to grow even higher in the coming years.
Ultimately, It is expected that the Barcelona real estate market will continue being a desirable destination for investors in 2023, with an increased demand for high-end properties in the city. Sales prices are likely to stay stable, while rental yields are expected to remain attractive. Additionally, there may be an increased demand for properties in suburban areas as more people choose to move away from the city centre.
Despite the potential challenges that may arise, the market will persist strong and is expected to continue its growth trajectory in the years ahead. Now is the time to take advantage of the city’s increasing demand, and with the right strategies and professionals, you can make the most of the Barcelona real estate market in 2023 and beyond.