North American professionals have become the first seekers of luxury housing in Barcelona, according to data from the real estate agency Engel
Macià explained that this demand is concentrated in rentals, to accommodate the professionals of the teams participating in the competition. “The typical property they rent is a one- or two-bedroom apartment in Eixample or Ciutat Vella, for which they pay 1,800 to 2,200 euros.” They are seasonal rentals, as well as those that are beginning to be signed by spectators looking to be in the city during the months of the competition.
Macià explains that 2023 was a great year for the real estate company: despite the impact of the rise in interest rates, commission income stood at 150 million euros, practically the level of 2022, a record year in which many operations were completed. They accelerated to anticipate the increase in financing costs. Engel brokered 8,275 transactions, of which 3,879 were sales and another 4,396 were rentals.
In 2023, in addition, prices were maintained. In the case of Barcelona, "because there is no product: in our database we have 80,000 clients looking for an apartment and only 8,000 active."
Engel, which now has the Permira fund as its main shareholder, has set the goal of doubling profits, but not turnover, in the coming years. The group has five of its own operating centers, in Barcelona, Madrid, Valencia, Seville, Lisbon and San Sebastián, and 75 franchisees that have 100 offices. “With the share we have in our natural markets, it is already difficult to grow,” Macià acknowledges, and now he is committed to diversification.
This is how the firm has created Engel
