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Market analysis
14/12/2017
The prime property market in Catalonia – one of the sectors most affected by the independence conflict – has ground to a halt. In the last few weeks foreign investors have stopping buying luxury property in Barcelona.
Notaries and registrars are seeing a noticeable drop in property sales, especially those for the prime sector, caused by political uncertainty. The fall in demand has triggered price falls in a market that has seen a strong upward trend over the last few years on the back of economic improvement in Spain as a whole, and in Catalonia in particular.
Price drops are starting to get so acute that many potential buyers are choosing to walk away from their deposits rather than go through with the purchase.
The upmarket real estate agent Barnes International Realty has seen a 20% drop in luxury properties in Catalonia. “Price drops have already started, and we’re seeing it in the offers from people who can’t wait for the situation to calm down in six months,” explains Emmanuel Virgoulay, founding partner of the company, in comments to Expansión.
“This is just the start, and it could get worse,” he adds. Falling price in Catalonia contrasts with the upward trend in large cities such as Madrid, and coastal regions like the Balearics and the Costa del Sol, where prices are currently increasing by...
© Spanish Property Insight - published on Barnes International on 14/12/2017
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