The price of upmarket property in Barcelona fell by between 5% and 10% in the first quarter of the year, according to a report from local agents Qualivida.

“The price of luxury property fell the least in Sarria, compared to other districts like Sant Gervasi and Tres Torres, where prices fell by between 5% and 10% last quarter,” say the report.

Nevertheless, the report suggests that luxury property appears to be weather the downturn better than other market segments.

The average time on the market in high-end districts is now between 3 and 5 months, compared to 6 months less exclusive areas. Demand is highest for large apartments of 130 to 200m2, with 4-5 bedrooms, 2-3 bathrooms, and 2-3 private parking spaces.