It should start with the most obvious reason, but, at the same time, more powerful: in the real estate market of Barcelona, at least in terms of its residential sector prime is concerned, that interest has been maintained by various profiles of buyers and investors because, after all, ours is a cosmopolitan city that offers a very high quality of life. Also, interesting fact, unlike other metropolises like New York or Paris, the exodus of professionals to other locations has not been experienced here because, in Barcelona, people live very well.
Thus, we have been able to verify how the national buyer has increased considerably, but while still seeing important operations with clients from other countries, who have been able to acquire homes through digital channels and platforms that professionals in the sector have enabled to facilitate the remote visit process.
New context, high interest
It is true that the pandemic has modified buyer behavior, benefiting those regions located on the periphery of large cities where you can find homes that respond to new needs for space and isolation, something that we have seen in a large number of first-class buyers home. We have also detected how the international investor has been relatively slowed down, due to the restrictions on the movement of different countries. But everything and so there is still a lot of interest in Barcelona, especially in its upper area and in its periphery, perhaps a little less in Ciutat Vella.
Part of this interest is due to a very attractive stock of new construction that generates a demand, corroborated by a recent report prepared by the Appraisal Society, according to which the average price of new construction homes in Spain has risen in 2020 to its highest figure since 2010, standing at 2,472 euros per square meter. An amount that is approaching a the maximums of 2007, of 2,905 euros per square meter.
Investors and buyers who, in addition to capital, have time, are very interested in acquiring a project under development, since new construction offers a higher quality compared to second-hand homes and that is something to take into account on the part of those who invest looking for a lower replacement cost and better prospects for capital growth. But be careful, second-hand homes are also interesting for investors interested in buying a home, renovating it and selling again. And it is not a segment that, in Barcelona, has lost its appeal.
In addition, it will be necessary to see how the sale of hotels affects the market, and in what way, for their requalification as addresses. At the moment, a large offer of flats of this type has not been incorporated, but we are very attentive.
A stable market that will improve exponentially
All the indicators that we have indicate that the real estate market in Barcelona has remained stable. There is a quality stock, an investment appetite, an interest in continuing to live in this attractive metropolis and the expectation that all this will improve considerably by the time the vaccine begins to be commercialized and borders are opened.