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According to our data, Ciutat Vella is one of the most in-demand districts, with higher published gross income. In addition, residential rents show a marked upward trend due to growing demand from students and highly qualified professionals. In this case, we have chosen a penthouse with 3 bedrooms, 2 bathrooms, 2 spacious terraces and an elevator. With a capacity of up to eight guests, this is a type of property that is in high demand and has limited supply. Analyzing the current supply of this type of property (3 bedrooms, 2 bathrooms and capacity for 6 and up to 8 guests), we find that in this district we can barely find 8 properties with these characteristics, of which only 1 is a penthouse.

However, to expand our sample we have broadened the set of comparables. In this case we have included all properties with 3 bedrooms and a single bathroom, whether or not they are penthouses.

With this expanded sample we obtain the following data:

Analyzing the main occupancy ratios, the income paid out by Airbnb and the estimate of annual income, we can see that for this category of apartments, properties located in the Ciutat Vella district have estimated gross income of €30,334 per year, which does not equate to a return for the investor.

If we analyze the maximum capacity of this type of property, it matches our property model, since it will be a property with 3 double bedrooms and a capacity of 6+2. (As a result, extra income could be obtained when there are more than 6 guests, without guarantee).

In this regard, some clarification is needed:

• Considering only properties with three bedrooms, we can see that the vast majority of them (8 of 12 properties) have two bathrooms. These properties show an estimated income slightly above the average.
• For this analysis, all properties of this type have been included, whether or not they are penthouses, because the scarcity of comparable properties can distort the reality of the market. However, it is important to point out that penthouses show above-average occupancy ratios, which could translate into higher income, without guarantee.

If we study the evolution of the supply of this type of property, we can see that of all the apartments registered on the platform, only 9.66% of the new apartments have 3 bedrooms.

Apartments with 3 bedrooms, despite having a lower occupancy rate than apartments with 2 bedrooms, could be less affected by the oversupply in the Ciutat Vella district than apartments with 1 and 2 bedrooms, although this is not guaranteed.

Past or estimated returns do not guarantee future returns. Investing involves a risk of total or partial loss of the invested capital.