Barcelona recently limited the number of guestrooms available in the city by law, forbidding construction of new hotels as a result of overtourism.

In contrast there is a shortage of housing in the residential market, some claim as a result of the rise of Airbnb pushing up prices.

The forthcoming Barcelona Mandarin Oriental branded residences, close to the Mandarin Oriental hotel which opened in 2009, will turn a 20-storey office block into 34 residences as the company’s first residences-only development in Europe under its own brand by 2020.

Branded residences are becoming more popular with investors, with 70-80% of owners are looking to put their units in the rental market, even for this relatively new and untried sector in Europe.

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