Cluttons launches in Barcelona
Office opening is prompted by rising sale and letting values
Cluttons opened its first Barcelona office this month, prompted by the Catalan capital’s strengthening residential sales and lettings markets where capital values increased by 6.6% year-on-year as at Q1 2016 and rental values by 17.8% during the same period.
Against the backdrop of the recovering Spanish property market, which saw five years of price depreciation and low demand (2008-2013), Barcelona is paving the way for the country’s residential market recovery.
Joanna Leverett, Cluttons head of international residential markets, said, “Barcelona is a global city and a much loved destination. Interest from British and European property investors has strengthened in the last two years with sales in Barcelona climbing 13.4% during this period. There is also a strong local market where nine in ten Barcelonans own their own home.
“We are very excited to launch our second office in Spain, having opened in Marbella less than 12 months ago. Barcelona is one of Europe’s most visited cities yet has some of the most affordable property values on the Continent.”
Barcelona’s average residential yields as at Q1 2016 were 5.23%, representing a strong market.
Isidre Valldosera, head of Cluttons Barcelona, commented, “I have worked in Barcelona’s real estate market for more than 20 years and what makes this city unique from many others in Spain is its strong commercial aptitude. Its economy benefits from tourism but is not reliant on this sector, meaning it is quite robust. In recent months, we have seen demand continuously increase and with prices remaining attractive, coupled with a decent amount of mortgage lending, Barcelona is fortifying itself as a strong real estate market.
“What also attracts many buyers to Barcelona is the variety of stock available. Property styles vary from refurbished historic apartment buildings, boasting gothic architecture, to modern high rise units overlooking the Mediterranean Sea to palatial hilltop houses with a vista across the city’s skyline. It’s easily accessible and provides a perfect blend of culture, commerce and a countryside or beachside lifestyle.”
Cluttons has already secured dozens of instructions with the majority based in Ciutat Vella (Old Town), L’Eixample and Santa Marti’s exclusive Diagonal Mar (Marina front) areas. Some of these properties include:
- Correu Vell – A renovated historic building offering one and two bedroom apartments in the heart of the Gothic district in the Old Town. Priced between €360,000 and €480,000.
- Banys Nous – Outstanding 19th Century historical building in the heart of the Gothic district of Barcelona, which is being reformed to create a truly special collection of unique apartments. The building is steeped in historical grandeur with regal proportions including vast old wooden doors, enormous windows, high ceilings, frescoes, mosaics, a beautiful facade and many other original features which will be retained and transformed as features in each home. The building offers a collection of just 16 one, two and three-bedroom apartments, well sized between 67-140sqm (720 – 1,500 sq ft). Prices between €360,000 and €1 million.
- Diagonal 594 – Provides eight new apartments in the super prime area of L’Eixample. The apartments are ultra-modern and, most importantly, they come with Tourist Licence, allowing the properties to be let on a short-term basis. They range from 115 – 130sqm (1,230sq ft – 1,400sq ft) and are priced between €920,000 and €960,000.
- Illa del Mar – Exclusive apartment with panoramic views across the Mediterranean Sea and Barcelona, located in the premium beach area Diagonal Mar. This residential complex enjoys a communal swimming pool, gym, concierge service, among others amenities is priced from €1.68million