Living in: Barcelona
Spain’s economic woes can be directly linked to the housing boom, bubble and bust of the last decade, and the economy has been contracting since 1997. Property prices have fallen as much as 40% since 2007, but Barcelona’s vibrant tourism has helped it fare better than other regions. “The housing market is performing better here than in many coastal areas,” explained Alex Vaughan, director of Lucas Fox. “The lower prices and higher rental yields are attracting more and more buyers drawn by the rental potential.” Vaughan points to new developments such as the Port Vell superyacht marina and the proposed plan to grant residency to non-EU property buyers that will encourage foreign investors to enter the market.
A two-bedroom flat near the popular Passieg del Born, the main drag of the Born district, rents for around 1,500 euros a month, while prices for a similar property start around 700 euros in the rest of the Old Town. Rents are lower in Eixample Left than in Eixample Right, and start at around 1,200 euros a month for a two-bed flat. For buyers, a similar 80sqm to 120sqm property in central Barcelona will cost anywhere from 300,000 to 600,000 euros.
Barcelona Metropolitan: English-language site covering the city’s food and drink, nightlife and news
Food Barcelona: food blog and restaurant reviews by an expat
Porktie: English-language online magazine