3/10/2014 – Expansion
Barcelona Meeting Point (BMP) real estate exhibition reflects the reality in the sector. Thus, foreign funds are extremely eager to buy on the Spanish property market and their coming in such large numbers confirms the bet. Although the fair’s area intended for developer and real estate agencies stands saw many small investors taking advantage of rock-bottom prices, it seems that lending has not returned strong enough to become particularly visible in sales performance sheets.
The exhibition area was similar to the previous years’ in terms of presence of some real estate firms. Many of them grew if compared to 2013, for example Vertix, Elix, Getsa, Iberhogar, Comprarcasa and Tecnocasa, but none of them reached the pre-crisis size. The biggest exhibitors unchangeably represented Núñez i Navarro, Corp, La Llave de Oro, Vertix and Getsa.
Large majority of the developers, building renovation companies and intermediatory agencies see eye in eye when it comes to a 30% rise in new home sales in regard to the previous year. Director of Barcelona-based property manager Amat, Guifre Homedes assured the percentage was even higher: ‘buyers looking for an apartment at price ranging from €500.000 and €750.000 are back, usually motivated by finding a better flat. Until now they feared the uncertain economic situation‘.
Other firms, Elix and Corp confirm the increase in sales and the latter foresees doubling its 2013 sales in 2015 by selling new housing developments in Barcelona.
The predominant purchasers are private investors aiming at investment and with no need of financing. First-time exhibitor Aubert Aubert Associés assured that its latest block of flats in the city sold-out to 60% of national buyers who ‘did not need mortgages’.
Engel & Völkers confirms huge influx of foreign agencies from all around the world searching for second homes for their citizens. As usual, the British bought most but also non-resident Chinese showed some interest in the property, ‘the volume was not significant’ though.
Original article: Expansión (by Marisa Anglés)
Translation: AURA REE
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Source: AURA Real Estate Experts