You can observe the development of the situation on the example of the real estate market in Barcelona, where dozens of Europeans conduct large and covert operations to buy luxury homes and other elite property. According to local experts, buyers do not have big problems with the purchase of objects themselves, the main thing for them is to find ways to export funds from their accounts in Europe and other countries to Spain. If funds are already available on local accounts, then the acquisition of Spanish real estate does not cause any problems for Europeans at all.
Irregular transactions
Of course, sanctions have paralyzed some ways of investing in Barcelona, but in general, the region continues to interest many wealthy Europeans. The bottom line is that from a legal point of view, transactions with European buyers are, in principle, possible in Spain.
The participants of the Barcelona market themselves also express a desire for the European client to stay in the region and gradually return. Many of them appreciate the local location and are very enthusiastic about spending money in Barcelona. Transactions with Europeans usually do not lower the bar of one and a half million euros, objects of interest are always from the category of the most expensive and premium properties. For example, such as the residential complex «Illa de la Llum».
Not all of them are oligarchs
Marcus Toene, a partner at Sotheby's International Realty in Barcelona and Costa Brava, points out that there are many Europeans who have been living in Spain for years, are residents, do business and have little connection with Europe at all. Today, many of them declare that it is impossible to use their savings and cover the costs even for their own homes. For them, the current situation is a real disaster.
Toene also confirmed that Europeans continue to come to the country, they are even more willing to do this, but they do not have the opportunity. Those who have had a home in Catalonia for a long time are trying to stay afloat with all their might. Not a few, however, have long since left the country. Not the most expected reason is the fear of the processes in Spain and its strong drift towards an authoritarian and police state. Also, the ruble exchange rate affects the number of people willing to buy real estate in the country. The national currency of Europe is strengthening, which makes the purchase of dollars and euros more expensive and, ultimately, unattractive. However, the latter, to a greater extent, concerns the wealthiest European clients.