The Barcelona Property Market remains steady in 2018

15 February, 2019

General

The Catalan political situation towards the end of 2017 had an effect on property sales throughout 2018 with the first half particularly slow. Official figures from Spain’s National Institute of Statistics (INE) showed that the total number of sales transactions in Barcelona Province from January to November of 2018 (latest data available) increased by only 2% over the same period in 2017, averaging 4,696 sales per month.

However, sales of new homes registered by INE from January to November of 2018 showed a more significant increase, of 18%, when compared to the same period in 2017. The number of sales of new homes represented 14% of the total number of sales in Barcelona Province from January to November 2018, a slightly higher proportion than in the same period last year (13%). This is still significantly below the proportion during the peak of the market in 2007, when sales of new homes accounted for 39% of the total sales from January to November.

When looking at the total value of sales transactions in Barcelona Province, official figures from the Spanish Department of Development (Fomento) showed that the total value of sales from January to September (latest data available) grew by 5% compared to the same period in 2017. The total value of sales transactions of new homes again showed a more significant increase, growing by 18% compared to the same period in 2017.

Foreign interest in Barcelona continues to remain steady, with the latest data from the Spanish Registrars Association (Registradores) showing that 8.8% of the total sales in Barcelona Province in the third quarter of 2018 were made by foreigners, compared to 5.7% in Madrid. This proportion has been more or less consistent since 2013.

Average resale property prices in Barcelona city showed only a slight annual increase, of 1.4%, at the end of 2018, ending the year on €4,344 per square metre, according to leading property portal Idealista. However, prices are on average 40% higher since midway through 2014 – the start of the property turnaround.

Average prices in two of the city’s most desirable districts – Gràcia and Sarrià-Sant Gervasi – showed a higher increase, ending the year on €4,346 per square metre (an annual increase of 5%) and €5,351 per square metre (an annual increase of 3%) respectively. The up-and-coming area of Nou Barris registered the highest year-on-year increase (12%), with average prices ending the year on €2,491 per square metre. The average prices in the central district of Eixample remained fairly steady, ending the year on €5,005 per square metre, just 0.5% above average prices at the end of 2017. Average prices in the highly sought-after Barcelona Old Town, however, registered a decrease, of 3%, ending the year on €4,434 per square metre.

Average rental prices steadied towards the end of the year, registering a 1% decrease at the end of 2018, at €17.3 per square metre. Average rental prices in five of the city’s ten districts showed a decrease, with prices only increasing in Horta Guinardó, Les Corts, Sants-Montjuïc, Sarrià-Sant Gervasi and the up-and-coming area of Nou Barris, where average prices rose by 13% to €14 per square metre by the end of the year.

In spite of recent political events, Barcelona’s appeal to foreign visitors has not diminished, with the latest figures from Aena showing that just over 50 million passengers arrived at Barcelona-El Prat airport in 2018, up 6% over passenger arrivals in 2017.

“Barcelona remains an excellent place to invest in property. The city now offers the best rental yield in Europe, surpassing the likes of Paris and London, which, combined with continued low interest rates, inviting fixed rate mortgages and its well documented lifestyle benefits, ensure that Barcelona continues to be a key European property hotspot. Prices have steadied during 2018, suggesting a more stable trajectory during 2019 and this should cast aside those suggesting that Barcelona is heading towards another boom-bust scenario.”

Francisco Nathurmal, CEO BCN Advisors</strong

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Thomas P.

22 days ago

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We had a fantastic experience with BCN Advisors right from day one when we reached out to view a property. Unlike other real estate agencies we had contacted previously - where the only goal seemed to be pushing any apartment on the market - the team at BCN Advisors took genuine time to listen, understand our exact requirements, and prioritise properties that truly matched our criteria. A special thank you to Yolanda for the smooth initial coordination and introducing us to Sylwia. Sylwia was absolutely phenomenal throughout the entire search. Extremely professional, dedicated, and attentive, she went out of her way to show us apartments that fit our profile and was the main player in finding our ideal home. When it came to the deposit phase, meeting Raul was pivotal, he was refreshingly direct, business-oriented, transparent, and key to securing the property while ensuring we had total clarity on the current market. The whole experience was seamless, trustworthy, and stress-free. We cannot recommend the BCN Advisors team highly enough!

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Eva Antal

22 days ago

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We started looking at flats to buy with the expectation that it would take long to find one. Might take even years. Two months in, we met with Marisa from BCN Advisors to view a property and we all knew immediately that we found it. Being first-time buyers and not at all prepared for an immediate buy, we had to organise ourselves quite quick not to lose this opportunity. The BCN Advisors team did their best to help us out. Francisco and Raul conneced us with some top local companies to help with financial and legal services and informed us proactively on the status of the process. The team has deep market knowledge, a wide network of connections and the empathy to handle clients with the right level of handholding. We are now happy property owners, and immensly thankful to BCN Advisors.

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213 days ago

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They are truly honest and transparent, which is rare in real estate. The service felt very personal, and they really understood what I needed. I highly recommend them if you’re looking for a reliable and high-quality real estate agency in Barcelona.

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Gianfelice Ammirati

236 days ago

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We sold our house through Bcn Advisors and I would like to commend the staff for the consistent flow of viewings with buyers who truly matched our property type. I was pleased by their dedication throughout the process. A special mention goes to our agent, Sylwia, who was incredibly professional. She successfully closed the sale by effectively highlighting the apartment's full potential and unique features to the buyers.

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Mikhael Sarkis

238 days ago

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Fantastic team, they made my experience smooth. Sylwia and Raul are highly reliable and knowledgeable. They also have multiple other resources to help take care of house after being purchased. I highly recommend

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249 days ago

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I couldn’t be happier with the service I received from BCN Advisors. They were truly outstanding from start to finish. They handled the sale of my flat with the highest level of professionalism, created a wonderful presentation that really showcased the property and achieved a great price. Thanks to their extensive network, including collaboration with other real estate agents, the flat reached the right buyers quickly and effectively. What impressed me most was how smooth they made the entire process, offering clear and reliable legal guidance and taking care of all the necessary documentation so I didn’t have to worry about a thing. A seamless, stress-free experience and a result beyond my expectations. Thanks Raul and Jose!!

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roberto hayer

268 days ago

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Excellent agent, goes the extra-mile, very efficient, excellent communications and results. We felt well represented at any time.

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The Barcelona Property Market remains steady in 2018

The Barcelona Property Market remains steady in 2018