SPAIN TO END GOLDEN VISA PROGRAM SOON: The Golden Visa program in Spain is coming to an end in the near future. For now, it is still possible to apply under the current rules. A bill to terminate the program is anticipated to be published before December 31, 2024. If the draft is approved, a three-month window will be available to complete pending applications. Further information can be found in our article here.
Investment in the Barcelona commercial real estate market has weathered the storm of COVID pretty well, especially when compared to Spain’s other large market, Madrid. In the first half of 2021, Barcelona accounted for 80% of commercial real estate investments in Spain. This is according to the commercial real estate consulting firm Cushman and Wakefield.
Barcelona’s continued success in real estate investment is a testament to the work done in the past as well as the outlook for the future. Much of the commercial real estate success is centered around Barcelona’s “22@,” an urban renewal zone in the Poblenou neighborhood. This area combines new office buildings, university facilities, and urban beaches. This area has attracted a number of businesses and talent. Additionally, investors have faith in Barcelona’s economic outlook, seeing it as a good investment in the medium to long term.
Madrid by contrast has seen a greater relative hit to real estate investment. Part of this is due to the fact that Madrid is home to more established multinationals and the financial sector, which have both been hurt by the pandemic in Spain.
Development presses on in Barcelona and in 22@. There are plans for 40 new buildings much of which already have future tenants. These new spaces will meet the demand for new workers that Barcelona is expected to receive in the coming years. This anticipated growth is one of the reasons that Barcelona’s commercial real estate market continues and will continue to succeed.
