Do you want to know more about the real estate market in Barcelona in 2023? What was the average price of housing in Barcelona throughout 2023? Below, we have made an in-depth analysis of Barcelona’s real estate data over the past year.

Spain’s property market slowed in 2023, but it was a more gentle slowdown than expected. The latest figures from the Spanish National Institute of Statistics (INE) show that the number of sales transactions in Spain reached 586,913 during 2023, down 9.7% from 650,265 in 2022 but an increase of nearly 88% from ten years ago when there were 312,593 property sales.

In the province of Barcelona there were 58,199 sales in 2023, a decrease of 12.8% on the number of transactions during 2022. The proportion of sales of new homes was 17.4%, slightly up on 2022 when 16.6% of total sales in Barcelona Province were new homes. In Madrid there were a total of 70,028 sales in 2023, a decrease of 16.1% on the number of sales during 2022.

Many had predicted that there would be some slowing of prices in Spain’s property market during 2023 but this did not transpire. The cost of buying a home in Spain increased by over 8% from December 2022 to December 2023. In Barcelona city, prices rose by 2.6% and in Madrid by 6.1% (Idealista).

The end of the year brought with it the long-awaited news of an end to a rise in interest rates following18 months of hikes. In 2023, new housing loans had an average interest rate of 3.74% – about three times the interest rate in 2020. Forecasters suggest that rates will decrease in 2024. ING anticipates a drop in the European Central Bank’s maximum interest rate to 2.5%, while Bankinter is predicting a 12-month Euribor of 2.2% by the end of the year.

The Spanish economy also performed been better than expected. GDP grew by 2.5% for the year as a whole, well above what had been anticipated at the end of 2022 (1.0%). This can be explained by the fading of the energy crisis and the strength of Spain’s foreign sector, for both tourism and non-tourism services. In addition, the number people in work went up by 783,000 in 2023 and unemployment fell by 1% to 11.8% in the last quarter of the year. Wages also went up – to around 4% according to CaixaBank research. Household income went up 11.4% in the first three quarters of 2023, exceeding inflation.

Foreign buyers in Barcelona

According to the Spanish Land Registry (Registradores), in Barcelona Province, out of the 58,410 buyers in 2023, 7,599 were foreigners, which represents 13.0% of the market. The proportion was much more pronounced in Barcelona City where more than a quarter of Barcelona home sales involved a foreign buyer in the last quarter of 2023. Of the 3,274 home sales in the last quarter of 2023, 894 (27.3%) were by a foreign buyer.

Barcelona Property Market

According to the latest figures from the Generalitat de Catalunya (GenCat), the property market in Barcelona City in 2023 saw a slightly less significant decrease (7.1%) in the number of sales transactions compared to 2022, with 14,899 sales in 2023 compared to 16,029 sales in 2022. Overall, only two of the city’s ten districts registered an increase in the number of sales in 2023 when compared to the previous year, with an increase of 5.6% in Barcelona Old Town and a notable increase of 17.2% in Sant Andreu.

Prices went up in all of Barcelona’s districts except for Nou Barris, according to leading property portal Idealista. Rental prices across the city went up by 12.0%. The new rental law, which was aimed at regulating the rental market and protecting tenants, has limited the supply of affordable homes and prices have continued to rise sharply. There has also been a move from permanent to seasonal rentals, making it even more difficult for renters to access housing, especially families with children. For those looking to buy-to-let, it continues to be a buoyant market.

Eixample

The Eixample district saw the highest number of sales transactions of all Barcelona districts in 2023, with a total of 2,565 sales. This represents a decrease of 6.3% compared to the previous year.

Property prices in Eixample are some of the highest in the city, with the average price per square metre ending 2023 on €5,097, an increase of 4.3% compared to the end of 2022, according to Idealista.

Rental prices ended the year on €21.9 per square metre, an annual increase of 14.1%.

Barcelona Old Town

Property sales transactions in Barcelona Old Town registered an increase of 5.6% in 2023 compared to 2022, with 1,362 sales transactions.

Property prices in Barcelona Old Town ended the year on an average price per square metre of €4,316, an increase of 3.9% when compared to the end of 2022.

Rental prices ended the year on €23.8 per square metre, an annual increase of 11.2%.

Sarrià-Sant Gervasi

Property sales transactions in the district of Sarrià-Sant Gervasi registered the largest increase, 21.0%, in 2023 compared to 2022, with 1,119 sales transactions.

Property prices in Sarrià-Sant Gervasi ended the year on an average price per square metre of €5,498, an increase of 0.7% when compared to the end of 2022.

Rental prices ended the year on €20.4 per square metre, an annual increase of 2.0%.

Les Corts

The lowest number of property transactions were carried out in this district in 2023, with just 589 sales being registered. This was a decrease of 16.3% compared to the number of sales in 2022.

Property prices in Les Corts ended the year on an average price per square metre of €4,999, an increase of 1.3% when compared to the end of 2022.

Rental prices ended the year on €18.8 per square metre, an annual increase of 12.6%.

Sant Martí

The district of Sant Martí, which encompasses Diagonal Mar and Poblenou, saw the second-highest number of sales transactions in Barcelona in 2023, with a total of 2,104 sales, representing a decrease of 11.3% compared to 2022.

Property prices in Sant Marti ended the year on an average price per square metre of €3,804, an increase of 5.5% when compared to average prices at the end of 2022.

Rental prices ended the year on €21.1 per square metre, an annual increase of 12.2%.

Gràcia

The Gràcia district saw a total of 1,182 sales transactions in 2023. This represents a decrease of 9.2% compared to the previous year.

Property prices in Gràcia ended the year on an average price per square metre of €4,599, an increase of 4.7% when compared to the end of 2022.

Rental prices ended the year on €20.6 per square metre, an annual increase of 19.1%.

Sants-Montjuïc

The Sants-Montjuïc district saw a total of 1,764 sales transactions in 2023. This represents a decrease of 7.2% compared to the previous year.

Property prices in Sants-Montjuïc ended the year on an average price per square metre of €3,513, an increase of 3.8% when compared to the end of 2022.

Rental prices ended the year on €18.6 per square metre, an annual increase of 16.25%.

Nou Barris

A total of 1,485 property sales transactions were registered in the district of Nou Barris in 2023, representing a decrease of 8.7% compared to the previous year.

Property prices in Nou Barris ended the year on an average price per square metre of €2,372, a decrease of 0.8% when compared to the end of 2022.

Rental prices ended the year on €15.4 per square metre, an annual increase of 14.9%.

Horta-Guinardó

Property sales transactions in Horta-Guinardó registered a decrease of 6.9% in 2023 compared to 2022, with 1,417 sales transactions.

Property prices in Horta-Guinardó ended the year on an average price per square metre of €3,202, an increase of 2.8% when compared to the end of 2022.

Rental prices ended the year on €16.1 per square metre, an annual increase of 14.2%.

Sant Andreu

A total of 1,187 property sales transactions were registered in the district of Sant Andreu in 2023, representing an increase of 17.2% compared to the previous year.

Property prices in Sant Andreu ended the year on an average price per square metre of €3,160, an increase of 0.1% when compared to the end of 2022.

Rental prices ended the year on €16.2 per square metre, an annual increase of 18.3%.

“A resilient labour market, significant immigration, an imbalance between property supply and demand and a slight improvement in household finances all helped support the property sector in 2023. In the first half of 2024, the gentle slowdown seen in 2023 is expected to continue, as interest rates remain relatively high but in the second half of the year, as the downward path of interest rates take hold and the economy gains traction, the property market is expected to gain more momentum. Barcelona also has the America’s Cup to look forward to in 2024, which will attract a lot of international attention and potential further investment.”, according to Francisco Nathurmal, founder and CEO of Bcn Advisors