Miami-style living on the Mediterranean shore
Antares, Odile Decq’s first high-rise residential project on Barcelona’s Mediterranean Shore, is due for completion in Q2 2021. The Wealth Report speaks to Philippe Camus, CEO at Shaftesbury Fund Management and Laurel Polleys, the firm’s Head of Asset Management, about bringing Miami-style living to Barcelona and the city’s rise as a hotspot for the wealthy.
This interview has been edited for brevity and clarity
4 minutes to read
Can you tell us a little more about the concept behind Antares?
PC: There was a particularly long development process behind this building, as currently nothing similar exists in Barcelona. The idea was to create a Miami-style building nestled along the Mediterranean seaside. We saw the potential to create a luxury residential development with a distinctive design, in a city where the buildings adhered to older design aesthetics with low-rise structures that had a very traditional look and feel. There were very few high-end properties that offered a luxury living experience, from spacious floor plans of the residences, to a thoughtful amenities program that offered a wide array of activities throughout.
Odile Decq is known around the world for her bold designs. This is her first residential development and first building in Barcelona, so it is truly special. We worked closely with her to incorporate many interesting features.
Antares consists of 89 residences with a rooftop terrace & infinity pool offering 360° unobstructed views of Barcelona and the Mediterranean Sea.
What was it that gave you the confidence to know that there was demand for this kind of product in Barcelona?
PC: We had the idea for the project as far back as 2014 and bought the site in 2015, having undertaken specific market research on the key considerations of international demand for luxury housing. All aspects of this analysis have been an integral part of product design and the incorporation of features most sought after by a discerning clientele.
We have been investing in Spain for some time and have been witness to the tremendous level of demand for Barcelona. Indeed, hotels enjoy c. 75-80% average occupancy rates while airport arrivals have grown exponentially over the past few years due to a growing population of returning visitors who welcome this kind of product.
All of that was encouraging us to try to do something different – to build an exceptional product, the likes of which are more traditionally found in other European popular destinations or the United States. There are also many aspects of living in Barcelona that would appeal to an international investor so we wanted to create a product that did not already exist here. There’s a real sense of space and the cost of living is comparatively low compared to other major European cities.
Has your outlook shifted at all in light of the pandemic? Do you expect buyer needs to have changed at all?
LP: One of the things that has long been typical of housing in Spain is the lack of space. There is a general consensus that people can't wait to get back to work because they live in rather confined areas at home, especially if required to work from home. They just don't have the space.
Most apartments in Barcelona lack terraces, balconies, and efficient living quarters. Antares offers multifunctional, open and airy living space, blurring the lines between indoor-outdoor living, complete with a range of services – that is really unique, and fits with what buyers are seeking in light of the crisis. With the pandemic, it was “scary” to venture outside. Antares is uniquely adapted to the post-Covid era, a luxurious residential complex where your daily routine may be carried out safely from your home in an exclusive environment. This is unique not only to Barcelona, but most of the Spanish market.
PC: Plus, you are right next to the beach. Only since the 1992 Barcelona Olympics has Barcelona embraced its coastline, graced with five kilometres of blue-flag beaches, dedicated sporting venues, eclectic dining opportunities and entertainment.
Historically, the wealthy lived in the foothills, away from the seafront, away from the pirates of the past, so all of this is relatively new.
What is behind Barcelona’s rise as a hotspot for the wealthy?
PC: There’s a mixture of factors that all relate to the quality of life, health and wellbeing you find in Barcelona. The city is attracting a much greater share of the European tech sector that is creating opportunities for high-net-worth individuals to live in a city with a year-round beachfront like Los Angeles or Miami. Also, many major companies across Europe have offices in Barcelona, so when you can use the beach ten months of the year, you see why people are understandably drawn to that lifestyle.
In addition, the city is a prime location for superyachts, and is a key way point between the Caribbean and the rest of the Mediterranean. It’s not necessarily a new theme though since the city has always had a very wealthy Catalan heritage that has played its part in shaping the town. It will continue to be a draw for many years to come as the artistic, historical and cultural aspects of the city also give it enduring appeal.
Click here to view Antares development