Press Releases and Media Information for Kyero.com

Barcelona. The name alone brings a smile to most people's faces. It triggers fond memories of strolling down the Rambla, lazing on La Barceloneta beach or marvelling at Gaudi's masterpieces. However there is a price to pay for living in such a jewel and that price is €617,000, the average price of property in Barcelona. Compared to the national average property price in Spain of €255,000, Barcelona comes in 142% above; leading Spanish property portal, Kyero.com, therefore asks why buy in the most expensive place in Spain?

It was nearly 15 years ago that Barcelona was reborn. The billions of Euros invested for the 1992 Olympic Games facilitated the transformation of this great city. No longer just the capital of Catalonia, Barcelona became a cultural capital of Europe and a firm favourite for city breaks. Tourist numbers began to see dramatic rises with 27 million people arriving at Barcelona airport in 2005, a 35% increase from 2000.

It's not hard to see why so many visitors of different nationalities are attracted to this vibrant and cosmopolitan city. Its Mediterranean location itself is a selling point, providing 4.2km of clean beaches, easy access to the Costa Dorada to the north and Costa Brava to the south as well as the Catalan Pyrenees 90 minutes drive north. Culture and style ooze from this compact city, at every turn stunning architecture, art and design enrich the senses and the new wave Catalan cooking creates a foodies paradise. Getting there has never been easier with numerous budget airlines including EasyJet, Ryanair and Sky Europe, flying direct from the UK and Ireland as well as high speed train lines providing access from mainland Europe.

Visiting Barcelona is not a once in a lifetime event; most people get hooked and return time and time again. It makes sense therefore to consider buying a property in your home from home and this can prove a shrewd investment. The property market in Barcelona has risen strongly since the 1992 Olympics with prices increasing between 50%-75%. The last two years have seen price hikes of 25% to 30% and since 2005 resale properties have appreciated by 15%. A growing Spanish economy, increasing employment, cheaper borrowing, a cultural preference for buying over renting and the impact of rising foreign demand for real estate in Barcelona, has pushed overall demand up whilst the supply of property has remained fairly constant. This trend shows no sign of slowing and considering that Barcelona is confined by the mountains and the sea leaving no option for expansion, now is the time to invest in property.

Barcelona is split into 10 districts and each has its own property micro-climate. The most expensive areas such as the Maresme coast are to the north and west of the city where villas and townhouses can be found. In the city centre, you'll generally only find apartments for sale, with loft conversions becoming increasingly popular. Areas experiencing the greatest demand from foreign buyers are the Ciutat Vella (Old Town) and L'Eixample. Ciutat Vella dates back to medieval times, and takes in the areas of Barri Gotico, El Bourne and El Raval. Most apartments here are unique and the area enjoys a fabulous ambience, with bars and restaurants and easy access to the beach and Port Vell. L'Eixample is one of Barcelona's newest districts. Literally meaning 'extension' in Catalan, this lively area is an interesting mix of modernist and traditional. Consisting mostly of apartment blocks, the start of the district is marked by the Placa de Catalunya, making this a central and highly popular area.

A 2 bedroom apartment will cost €510,000 on average, 135% above the national price of €219,000 however the opportunity to gain regular rental income is high. According to the latest figures from Holiday Rentals, Barcelona is the top performing location for holiday rentals in the world. Beating Dubai, Italy and the Canary Islands, Barcelona's lure as a cultural destination proved too strong as enquiries rose by 21% compared to summer 2005.

The rental market in Barcelona is excellent; it is the only location in the Costa Brava where you can make a year round return on your investment. The yield for short term lets is currently 5% per annum and due to the ever increasing number of holiday makers seeking private accommodation demand is high. A buy-to-let property search should be focused around the Old Town, L'Eixample or the new developments at Diagonal Mar, where you can buy a newly built apartment with pool access for €500,000. A quality two bedroom apartment will generate €1,000 a week, but ensure that you can compete with the local hotels.

As well as a healthy short term market, long term tenants are also easy to secure. With Barcelona taking initiatives to attract foreign businesses, international conferences and links with academic institutions the number of expatriates, business executives and students has risen sharply. For example, according to the Barcelona Department of Statistics, in 1996 there were 1094 British (83 Irish) living in Barcelona compared to 4721 in 2006 (620 Irish). These communities are ideal candidates for longer lets and although the yields are not as high as with short term lets they are more secure and you can still expect to receive €1,500 a month for a two bedroom apartment in the right area.