House price in Barcelona are rising almost twice as fast as any other city in Spain, according to Tinsa’s local housing market report for the second quarter.
House prices are rising by double digits in several Spanish cities, but Barcelona is in its own league when it comes to house price inflation, reveals the latest report from Tinsa – Spain’s leading appraisal company.
Over twelve months to the end of June, residential property prices in the Catalan capital rose by 21.7%, followed a distant second by Alicante (+12.9%), Madrid (10.8%), and Vigo (10.2%). Provincial capital house prices changes are indicated in the following map.
Helping to illustrate the widening chasm between Spain’s two speed property markets, house prices continue to fall in Castellón, the capital of the eponymous province home to the Valencian Community’s Costa del Azahar (-12.6%), Toledo (-9.4%) and León (-5.6%).
The hottest district in Barcelona’s hot market was the Ciutat Vella Old Town, home to the Gothic Quarter and the Born, where house prices have risen 35.7% in the last 12 months. Another notable increase was clocked up in the uptown district of Sarria-Sant Gervasi (+11.6), where the average price of property in terms of Euro per square metre has now broken through the 4,200 €/m2 barrier. That’s even higher than Madrid’s posh Salamanca district, where prices rose 10.9% to 3,925 /m2, all according to data from Tinsa, based on its own valuations.
Are Barcelona house prices now in bubble territory, or heading that way? I’ll tackle that question in a separate article.
The next map shows house price changes by province, year-on-year in the second quarter. Once again, Barcelona province delivered the biggest increase (+11.9%) followed by Madrid (+9%). Surprisingly, perhaps, house prices fell a fraction in Alicante province (-0.7%), home to the Costa Blanca, and in the Balearics (-0.3%), where prices have been rising strongly for years.
Looking at house price evolution by autonomous region (next map), Catalonia was at the top of the ranking (11.3%), followed by Madrid (+9%), no doubt driven by the city figures in both cases. This map suggests a trend of rising prices in most regions with a coast, whilst prices in the interior continue to fall, with the exception of Madrid.
Tinsa also reveal that the average time it take to sell a property in Spain (time on market) now stands at 9.5 months, falling to 3.4 months in Madrid, and 3.6 months in Barcelona.