Are you looking for the latest Barcelona property market information for the first quarter of 2023? Below, we’ll take a look at what’s happening in the Barcelona property market from January to March 2023.
After experiencing an inevitable decline in property transactions in 2020 due to the pandemic, the province of Barcelona witnessed a significant increase in the total number of properties changing hands in both 2021 and 2022. In 2021, there were 57,994 sales, followed by 66,320 sales in 2022, compared to 44,078 sales in 2020. These figures indicated a promising recovery in the Spanish property market. However, the current trend in 2023 suggests a steadying of the market as per the latest data from Spain’s National Institute of Statistics (INE). During the first quarter of 2023, there were 16,278 sales transactions, a slight decrease of 1.6% compared to the same period in 2022, when 16,546 sales were recorded. The sales of new homes decreased by 3.6% and those of second hand properties by 1.2%.
Although the first quarter figures for 2023 are not yet available from the Generalitat de Catalunya, when examining the data from 2021 and 2022 for the city of Barcelona itself, it is evident that Barcelona remains an extremely desirable destination for property buyers, as the number of sales increased across all but one of the city’s ten districts
Prices continue to rise
Based on data from leading property portal Idealista, the average price per square metre in Barcelona reached €4,063 by the end of the first quarter of 2023, indicating a yearly growth of 2.65%. Notably, this marks the twelfth consecutive month where the average price has experienced an annual increase. Prior to this period, there was a continuous annual decrease in prices from August 2019 to March 2022. This decline followed a prolonged period of annual price increases spanning from April 2014 to July 2019.
At the end of the first quarter of 2023, nine out of the city’s ten districts experienced an annual increase in average property prices. The district of Horta-Guinardó registered the highest growth, with prices reaching €3,163 per square metre, representing a 5.61% increase compared to the previous year. Sarrià-Sant Gervasi, a highly desirable district, maintained its position with the highest average property price of €5,425 per square metre by the end of March. Les Corts was the only district that observed a slight decline, as prices were 0.52% lower than they were at the end of March 2022. However, this district is one of only two among the city’s ten districts where the average property price has now exceeded the pre-pandemic price recorded in March 2019, the other district being the exclusive central district of Eixample.
– Horta-Guinardó €3,163 per square metre (61% increase)
– Eixample €4,849 per square metre (19% increase)
– Nou Barris €2,418 per square metre (33% increase)
– Barcelona Old Town €4,132 per square metre (30% increase)
– Sants-Montjuïc €3,463 per square metre (07% increase)
– Sant Andreu €3,171 per square metre (19% increase)
– Gràcia €4,340 per square metre (19% increase)
– Sarrià-Sant Gervasi €5,425 per square metre (84% increase)
– Sant Martí €3,580 per square metre (06% increase)
– Les Corts €4,961 per square metre (52% decrease)
Rental prices have increased substantially in all of the city’s ten districts. Across the city as a whole, the average rental price ended March 2023 on €18.4 per square metre, an increase of 18.71% compared to the end of the March 2022. The highest rise was in the dynamic and evolving district of Sant Martí where prices rose by 25.32%, ending March 2023 on €19.3 per square metre. This was followed by the prestigious district of Eixample, the diverse neighbourhood of Sants-Montjuïc, the iconic Barcelona Old Town and the lively district of Gràcia, with increases of 25.16%, 21.43%, 17.51% and 17.11% respectively. It should be noted that under the new Housing Law rent increases are capped at 2% until December 2023, rising to 3% in 2024.
– Sant Martí €19.3 per square metre (25.32% increase)
– Eixample €9 per square metre (25.16% increase)
– Sants-Montjuïc €17 per square metre (43% increase)
– Barcelona Old Town €18 per square metre (17.51% increase)
– Gràcia €18 per square metre (17.11% increase)
– Sant Andreu €14 per square metre (16.13% increase)
– Horta-Guinardó €14 per square metre (14.29% increase)
– Les Corts €17 per square metre (09% increase)
– Sarrià-Sant Gervasi €19 per square metre (10% increase)
– Nou Barris €14 per square metre (90% increase)
There was a significant surge in foreign interest for real estate in Spain following the Covid pandemic. Although the pace of growth started to slow down in the latter half of 2022 it is still much higher than the pre-pandemic levels. According to data from the Spanish Land Registry (Registradores), Catalonia was the third most popular region among foreign buyers in the first quarter of 2023, only surpassed by the Valencian Community and Andalusia. It also registered the second highest increase in sales. The market share of foreign buyers in Catalonia reached 15.6% in the first quarter of 2023, compared to 9.25% in the first quarter of 2022.