Foreign money flows into Spain’s property market

In Barcelona’s genteel Dreta de l’Eixample neighbourhood across from Casa Calvet, an early Antoni Gaudí mansion, workmen are busy renovating a stately turn-of-the-century building.

The project, managed by local developers Bonavista Developments, is part of a planned €100m investment in Barcelona real estate by London-based Europa Capital. Expected to be finished this year, the 14 luxury apartments with a rooftop pool have already been sold, for prices between €600,000 and €1.85m, all but two to foreign buyers.

Foreign money is driving a recovery in Spain’s property market, a sector that has been the country’s Achilles heel since the real estate bubble burst in 2008 and brought the economy crashing down with it.

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