Ciutat Vella is the part of the city that everyone who has been to Barcelona probably knows better. Meaning “Old City”, it is the historical centre, house of many of the landmarks of the Catalan city.
Ciutat Vella is the original core of Barcelona. Born as Barcino, it was surrounded by the Roman Walls, now almost completely disappeared.
The district includes four barrios: Gotico, Santa-Caterina/Borne, Raval, and Barceloneta.
El Raval
Walking down the Ramblas from Plaza Catalunya, El Raval is the area on the right side. It is the most multicultural and exotic part of Barcelona, with stores offering food from all over the world, innovative shops, trendy bars, and stylish restaurants where it is possible to taste all kinds of cuisines at very reasonable prices.
Although the story of the barrio says that El Raval was born from the expansion of the medieval walls of the city, it is likely that parts of the village were there before.
El Raval features many places of interest and monuments, such as the MACBA Museum (Museum of Contemporary Art) and the CCCB (The Centre of Contemporary Culture of Barcelona). Also located in the Raval (on the Ramblas) is the Liceu Opera Theatre, which has been reconstructed after the fire in 1994 and has preserved a great part of its magnificent interior. The famous Boqueria market (on the Ramblas too) belongs to this area.
The Rambla del Raval is considered as the centre of the Raval. It is a large pedestrian avenue that attracts people of many diverse backgrounds and cultures. Originally planned in the beginning of the XX Century when El Raval was still known as the “Barrio Chino”, this central space was created only in the Nineties when the city council decided to start remodelling El Raval. The opening of a famous hotel in 2008, of several restaurants, and of the Filmoteca, has contributed to make the Rambla del Raval (pictured below) more and more popular amongst locals and tourists. Thousands of visitors walk on this Rambla, under the vigilant eyes of the famous Cat by the artist Fernando Botero.
Transport links in the Raval are excellent, with several underground stops and the shuttle bus to/from the international airport that stops in Plaza de Catalunya.
Any other part of the old city centre can be reached on foot. The beach and the Marina of Barceloneta are also at walking distance.
El Raval is a very picturesque area, ideal for young people who want to enjoy its lively social and cultural life.
The Properties in the Raval
El Raval is usually either loved or hated. I have visited it with some clients who never ever went back again, while others bought properties after only one visit and absolutely love it.
One thing is true: El Raval is the only area in the centre of Barcelona where it is possible to find more affordable properties.
This is what makes this area interesting to international investors: prices are lower, the location is excellent, and it works very well for rentals.
However, when purchasing in the Raval you should be careful to several elements.
This is an area where you have to pay attention not just to the flat but also to the buildings. Some buildings are in poor conditions. Barcelona takes very good care of its heritage and by law each single building has to undergo regular technical inspections. However, in some of the buildings in the Raval this is completely neglected, together with other aspects of the building maintenance.
Sometimes it is possible to find very nice refurbished flats in buildings that are not in good conditions, so it is advisable to check what the plans for the building are.
As you can expect, it is rare to find buildings with lifts so you will face the usual trade-off of the old city centre: lower floor flats with less light or bright higher floor flats with no lift.
Properties in the Raval often include one or more blind rooms, meaning bedrooms with no windows, or with just a window to another room. Be careful to this too because, by law, this room cannot be considered as a bedroom. No one prevents you from sleeping in it, but you cannot offer it as a bedroom for rental or resale.
However, the Raval offers the opportunity of finding interesting properties for location and surface at an interesting price. With a good renovation, especially one that recovers the original features such as the Catalan vaulted ceiling and the hydraulic floors (where available) you will end up with a very nice flat in an area that will definitely gain value over the next years.
It is possible to find flats recently renovated, which often represents a good opportunity if you are not ready to embark in a renovation process yourself. However, please be careful to check the quality of the renovation! It is not rare to be offered flats that have been “cosmetically updated” but not entirely and well refurbished. This is especially true in this area where buildings are very old, and it may result in problems that come up a few months after the purchase and require to redo parts of the flat (electric system, kitchen, pipes, walls, etc.). We can help you assess the quality of the renovation before you commit to the purchase.
Very often flats in the Raval have no heating or air conditioning but this is easy to sort out. There are different possible ways to add heating or a/c depending on the flat and the type of building.
Some buildings have a communal terrace, which, in the vast majority of the cases, no one uses except the foreigners. Having a communal terrace is a nice plus as it offers an outdoor space to relax during the day or the hot summer nights. Check that the terrace is accessible, though, as some communities forbid its use.
As far as the rental potential is concerned, a property in the Raval would rent out quite easily, especially to young people who are going to spend some months in the Catalan city.
Prices in Ciutat Vella
The average price per m2 in the district of Ciutat Vella had slightly lowered over the year but it is now at the same level as in Q3 2018 (source Habitaclia, October 2019).
The current price per m2 of 4.969,97 € is, however, the average of the prices in the four quarters, which includes lower prices in Barceloneta and the Raval, and by far higher prices in the Barrio Gotico and the Borne.
Prices per m2 in the Raval vary a lot. The area offers some very nice buildings, and a high quality refurbished flat in a classic building in good conditions can be as expensive as (almost) flats in the Barrio Gotico or Borne, up to 6.000 to 8.000€ per m2. Flats and especially penthouses in fully refurbished buildings, can go up to 8.000 € to 11.000 € per m2.
For this price, I recommend buying flats in the areas of Gotico and Borne, which are by far better areas than the Raval.
On the other hand, it is possible to find properties to refurbish with a price per m2 around 2.500€ / 3.500€. This represents a very good opportunity including for investors interested in a quick flip but be careful to the street where the property is located.
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