08 Jul Buy for rent in the Gracia neighborhood (Barcelona)
Gracia offers interesting opportunities for residential and commercial real estate investments (“buy to let”). Along these lines we will focus on investment in housing (flats, apartments and residential buidings). This is a district with a very strong demand for apartments. Young people looking for a particular lifestyle flock to Gracia, producing a high demand for rental properties. Gracia is the smallest district of Barcelona, with an extension of 4.19 km², but it has the second highest population density (28,660 inhabitants per square kilometer), with a population of 120,087 (source INE) The weight of the immigrant population is lower than the whole of Barcelona ( predominantly EU nationalities). It is a district with upper middle income, similar to the city average; a high level of education; fewer cars per bikes that the average city.
62.3% of the built area is for housing, 33.1% of the apartments have less than 61 m2 and 6.2% more than 120 m2. 45.6% of apartments were built before 1960, 43.2% between 1960 and 1980. The average price of second-hand apartments is 3,610 €/m2 and rental is 11,82 €/m2 / month
The most central neighborhood, with more shops and day and night life is La Vila de Gracia and it is also the most expensive .
Following are The Camp del Grassot i Gracia Nova, Vallcarca i els Penitens, La Salut, and El Coll Source: Barcelona City and Catalonian Government The average expected return in this district is 3 to 6% but the most interesting for the investor is the surplus value in a term of 3 to 5 years as a strong increase in prices is expected in the coming years.
At BERKINDER we offer legal advice, brokerage services, market research and the experience of more than 40 years investing and advising investors in Barcelona.
Carles Bernadell. Berkinder
No Comments