The Copa América drives the 'coliving' model in Barcelona.
High hotel occupancy and the need to accommodate thousands of people for several months are driving this real estate trend among Barcelona developers.
Coliving in Barcelona is still an emerging market, and the city lags behind Madrid. While large residential complexes dedicated to this practice are being built in the capital, legislative restrictions in Catalonia have slowed down investment. However, the America's Cup, which will bring thousands of wealthy foreigners to the city for several months, will give it a much-needed boost.
Currently, there are 1,500 flexible housing beds in Barcelona, with 1,600 more expected to be launched soon, according to data provided by CBRE to Metrópoli. "In the past year, we have noticed an increase in demand for Corporate Living, and some of these apartments will host America's Cup teams. However, the demand for this type of property is a trend that goes far beyond the event and seeks to meet the need for quality seasonal housing," says Olga Beltrán, head of Living Barcelona at CBRE.
INCREASED INTEREST IN COLIVING
Two of Barcelona's largest operators, Aticco and Enter, agree on this analysis. Both companies have observed an increase in interest in this trend during the America's Cup regattas, and in fact, Aticco is already hosting about twenty participants of the event, who will stay in the city for more than a year.
Meanwhile, Barcelona's hotels anticipate full occupancy. Those closest to the sea, such as the W or the Arts, have no rooms available during the final regatta dates, and it is expected that others will raise their prices and sell out their available spaces. The Gremi d'Hotels de Barcelona has declined to respond to questions from this outlet.
HOTELS ARE INSUFFICIENT
"It turns out that hotels are not an optimal option for those who want to stay in a city for a long time: not only because of the cost, but also for comfort," says David Uriarte, CEO of Aticco. "The numbers are still not high, but the America's Cup will drive foreign interest in settling in the city, especially among the French and Americans," he concludes.
"There is a need for housing during those months that cannot be solved by either hotels or tourist apartments. The arrival of professionals who need to stay for a few months, and at the same time have a place to work, will push coliving," says Rebeca Pérez, CEO and founder of Inviertis.
A LONG-TERM TREND
Emiliano Bermúdez, deputy general director of Donpiso, echoes this sentiment, pointing out that the America's Cup will help increase coliving spaces, but it will not be enough to address the accommodation shortage. However, the executive emphasizes that "the supply and prices will be boosted because the demand generated by the America's Cup perfectly suits the flex sector."
But the impact of this trend will extend beyond the regattas. According to Felice Tufano, president of FIABCI in Europe, "the global impact of the America's Cup will attract many foreigners," as "the broadcasting of the event and the Barcelona brand will lead those with some flexibility to consider living here for a few months."
These foreigners, typically upper-class, are the target users of coliving and are commonly known as expats or digital nomads. "Rooms in this type of housing cost between 80% and 110% more than regular rooms," notes Tufano, who argues that "Barcelona will be seen as the California of Europe for its quality of life, culture, climate, and job opportunities."
This housing model is also growing in response to the constraints of the housing law. "Family offices in Barcelona have been forced to seek solutions to avoid losing money: and that's where coliving or renting by the room comes in," says Rebeca Pérez, who also notes that the coliving trend is related to changes in the family unit. "In the past, people had more children, but not anymore: there are more people living alone, or as couples without children, so housing and urban centers are evolving," she concludes.