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Engel & Völkers doubles its new-build property offers in Barcelona

  • The German real estate company is marketing 60 new-build properties in the city and expects a 25% growth in this division in 2018
  • 60% of new-build buyers are foreign, led by French, Swiss, Belgians and Germans
  • The upward trend in property prices in Barcelona has reached both new and resale homes, with average annual increases of 15%
  • Engel & Völkers presents virtual reality and augmented reality at BMP 2017 with a pioneering technology in the real estate sector

This year, Engel & Völkers, the leading German real estate brokerage agency, has doubled the number of new and comprehensively renovated developments marketed in the City of Barcelona. The new-build residential real estate sector in Barcelona maintains the upward trend, which started after the crisis. The company expects this division to reach a growth of 25% in 2018. This is the reason Engel & Völkers will be presenting 60 new-build offers at the Barcelona Meeting Point (BMP), 15 of which it will be marketing exclusively.

The areas with the largest new-build offers in Barcelona are on the outskirts, although the majority of the properties will be in the actual city itself. "Demand is still very high in the centre, but the prices have increased so much that customers have decided to buy in areas that are not so central," explains Jorge Campreciós, the Property Development Director at Engel & Völkers Barcelona.

The highest increase in prices are seen in the districts of Les Corts, Eixample and Gracia. The average price per square metre in the first district is 7,500 euros, while in Eixample is 6,900 euros, and 6,500 euros in Gracia. The largest number of small new-build properties can be seen in the neighbourhoods of Les Corts, Sants, Gracia Nova and Guinardó, while larger ones are built on the outskirts of the metropolitan areas such as Badalona, Hospitalet de Llobregat, and Cornellá.

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The property prices rise by an average of 15%

The City of Barcelona maintains the upward trend in prices in both new and resale properties. However, the average increase of 15% is distributed unevenly between the different areas. By districts, the climb reaches 22% in Ciutat Vella, followed by 15% in Eixample i Sants Montuic, 12% in Guinardó and 8% in Les Corts.

It should also be noted that although the increase in the new-build prices and re-sale homes is very similar, the price of new-builds is approximately 15% higher than resales.

The rise in new-build property prices depends very much on the profile of the developer who is constructing these new homes. On the one hand, there are those who have some money to invest in property construction and want to make a profits quickly by selling it right away and, therefore, the asking prices increase; while on the other hand, there are those property developers who speculate what will happen over time during the construction and increase the price accordingly at a later stage. "The first group of investors are often experienced developers who know the risks of the business, while the others are new developers who opt for a more risky position," says Campreciós. Thus, while the former have not changed their asking prices between 2016 and 2017, the latter have done so as they choose to wait before selling their properties.

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Three out of five are foreign buyers

The huge interest shown by the foreign investors keeps the market in favour of new constructions in Barcelona. According to Engel & Völkers, 60% of buyers who are interested in buying new-builds are from outside Spain, which means three out of five are foreign. France, Switzerland, Belgium, Germany, Italy, Turkey, Sweden, Latin American countries like Argentina and Colombia are the countries from where the majority of people interested in buying new-build properties in Barcelona come from.

The new-build property buyer "is adamant that he or she only wants to buy a new-build property and in 80% of cases, they avoid resale homes," says Campreciós. Most of these buyers are young or middle-aged people, growing families, young couples who move out of their parents' homes and want to live together in their own home, and investors who want such properties for pure profit. Although some don't need to borrow money in order to buy a new-build property, most of the clients do apply for a loan and take advantage of low interest rates so they can buy this type of property.

Virtual reality and augmented reality

Back in 2016, Engel & Völkers was already offering the possibility of viewing new-build properties through virtual reality using the latest generation of glasses at the Barcelona Meeting Point (BMP). At the 2017 edition that will take place from 18th to 22nd of October in hall number 8 at the Fair of Barcelona(Feria de Barcelona), customers who will visit the German real estate company's B-240 stand will have the opportunity to try two new technologies: virtual reality and augmented reality.

Through virtual reality, the customer can take a tour of the most exclusive properties through high quality virtual tours that are created with Matterport cameras. Engel & Völkers will offer customers the possibility to view 11 properties that it currently has in its Portfolio in Barcelona and surroundings. The portfolio includes properties for sale, rent as well as new-builds.

In addition, during this edition, people who will be coming to the interactive stand that's presented by the real estate agency will find something completely new: augmented reality. This pioneering technology in the real estate industry allows the attendees to view the real world in a virtual way through computer-generated images.

Engel & Völkers

Avda. Diagonal 640, 6ª planta A
08017 Barcelona Spain

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