Barcelona Property Market: Q1 of 2022 analysis

El mercado inmobiliario de Barcelona en el primer trimestre de 2022

Are you looking to know more about the Barcelona real estate market in 2022? In the following lines we will do a fairly extensive analysis, in which we will review the most important data on the Barcelona house prices, in order to draw conclusions as for example whether it is a good time or not to sell your house or apartment in Barcelona.

Almost €3 billion was invested in real estate in Barcelona in December 2021, now making it Spain’s top destination for real estate investment. So far in 2022 it looks like this trend is set to continue. But… ¿how the Barcelona home prices and housing market is behaving?

The latest figures published by Spain’s National Institute of Statistics (INE) show that 16,466 property sales in the province of Barcelona were registered in the first quarter of 2022, a 19% increase when compared to the number of sales in the same period in 2021. This is the highest figure for a first quarter since 2007.

Breaking this down between sales of new homes and those of second hand properties, we see that the former increased by 19.6%, when compared to the same period last year and the latter by 18.9%. In the following lines we will talk more about all these topics, and we will be able to see how the Barcelona real estate price trends are moving.

 

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Great sales increase

Barcelona property market is also demonstrating no signs of slowing down. The latest figures from the Generalitat de Catalunya show that across the city as a whole the number of sales transactions grew by almost 40% in 2021 when compared to 2020, with all of the city’s 10 districts showing increases, the most pronounced being in the highly sought-after neighbourhood of Eixample where sales rose by almost 60%. The desirable Sarrià-Sant Gervasi neighbourhood also registered a large increase in sales, with almost 50% more sales transactions taking place in 2021 than in 2020 (covid period).

  • Eixample: 2,129 sales (59.95% increase)
  • Nou Barris: 1,345 sales (55.13% increase)
  • Sarrià-Sant Gervasi: 1,174 sales (49.94% increase)
  • Sant Martí: 2,071 sales (44.83% increase)
  • Barcelona Old Town (Ciutat Vella): 1,029 sales (42.72% increase)
  • Horta-Guinardó: 1,522 sales (37.36% increase)
  • Gràcia: 1,072 sales (30.89% increase)
  • Les Corts: 612 sales (29.94% increase)
  • Sants-Montjuïc: 1,445 sales (25.98% increase)
  • Sant Andreu: 1 287 sales (17% increase)

 

Property sales transactions in Barcelona

 

Attractive time to buy property

¿Are you wishing to know the average house price in Barcelona? In the following lines we will talk a bit about the Barcelona property prices, in order to you can know how is the tendance moving, and which is the direction.

Whilst property prices remain fairly steady, analysts believe now is the time to act quickly before prices begin to rise. This combined with the fact that property buyers are enjoying all-time low mortgage rates make it an even more attractive time to buy.

According to leading property portal Idealista, the average house price in Barcelona (and the properties in general), ended the first quarter of 2022 on €3,972 per square metre. Although this is 0.7% down on the average price at the end of the first quarter of 2021, it is the highest average price since July 2021 and 1.1% higher than the price in the previous month, suggesting that prices will continue on this upward trajectory.

 

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Average property prices vary considerably throughout the city, depending on many factors including location and desirability. The coveted neighbourhood of Sarrià-Sant Gervasi registered the highest average property price at the end of the first quarter of 2022, ending the month of March on €5,336 per square metre, an increase of 1.85% on the average price at the end of the of the first quarter of 2021. Five of the city’s ten districts registered increases, with the highest being in the sought-after area of Eixample in the centre of the city, where prices at the end of March 2022 (€4,609 per square metre) rose by 3.62% compared to the end of March 2021 (€4,448 per square metre).

  • Eixample: €4,609 (3.62% increase)
  • Sarrià-Sant Gervasi: €5,336 (1.85% increase)
  • Barcelona Old Town (Ciutat Vella): €4,023 (4.31% decrease)
  • Gràcia: €4,258 (3.15% increase)
  • Les Corts: €4,897 (0.73% decrease)
  • Sant Andreu: €3,134 (2.15% increase)
  • Horta-Guinardó: €3,122 (1.73% increase)
  • Sants-Montjuïc: €3,377 (1.32% decrease)
  • Sant Martí: €3,576 (2.30% decrease)
  • Nou Barris: €2,423 (3.47% decrease)

 

The evolution of sales prices in Barcelona

 

Prices are still below the pre-pandemic prices in March 2019, however, with the exception of the quiet district of Les Corts, where the average property price has risen from €4,852 per square metre in March 2019 to €4,897 per square metre in March 2022. But, ¿What happened with Barcelona’s apartment prices?

Rental prices are also on the up with average rental prices in all of the city’s ten district registering annual increases at the end of March 2022. Across the city as a whole, average prices rose by 10.9%, ending the first quarter of 2022 on €16.1 per square metre. The highest rise was in Barcelona Old Town followed by the prestigious districts of Sarrià-Sant Gervasi and Eixample, with increases of 24.8%, 10% and 14.8% respectively. Here some of the Barcelona rent prices:

  • Barcelona Old Town (Ciutat Vella): €19.3 per square metre (24.8% increase)
  • Sarrià-Sant Gervasi: €17.1 per square metre (10% increase)
  • Eixample: €16.9 per square metre (14.8% increase)
  • Sant Martí: €16 per square metre (12.1% increase)
  • Gràcia: €15.8 per square metre (11.8% increase)
  • Les Corts: €15 per square metre (7.8% increase)
  • Sants-Montjuïc: €14.5 per square metre (6.2% increase)
  • Horta-Guinardó: €12.7 per square metre (3.5% increase)
  • Nou Barris: €12.5 per square metre (5.1% increase)
  • Sant Andreu: €12.5 per square metre (2.5% increase)

“Now is an excellent time to invest in Barcelona property. Whilst average property prices are still below pre-pandemic levels in all but one of the city’s ten districts, prices are beginning to rise so it is an opportune moment to buy before prices increase further. Interest rates are also expected to rise with mortgage rates following, so potential buyers can also take advantage of the competitive fixed rate mortgage packages currently available ,” comments Francisco Nathurmal, CEO of Bcn Advisors.