Estate agency Cluttons has this month opened its first office in Barcelona, which it says has been prompted by strengthening residential sales and lettings markets in the Catalan capital.
The agency says Barcelona is paving the way for Spain's residential market recovery after the country experienced five years of property price depreciation between 2008 and 2013.
Cluttons reports that house prices in Barcelona were up 6.6% in the first quarter of 2016 when compared with the previous year and that rental values increased by a significant 17.8% during the same period.
It says that average residential yields in Barcelona during the first quarter hit 5.23%.
“We are very excited to launch our second office in Spain, having opened in Marbella less than 12 months ago. Barcelona is one of Europe’s most visited cities yet has some of the most affordable property values on the Continent,” says Joanna Leverett, Cluttons' head of international residential markets.
“Interest from British and European property investors has strengthened in the last two years with sales in Barcelona climbing 13.4% during this period. There is also a strong local market where nine in ten Barcelonans own their own home.”