Foreign investors buy up new build supply in Barcelona

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      Mark Stücklin

      The latest report from the appraisal company Sociedad de Tasación reveals that the new homes inventory in Barcelona has fallen from 9,247 at the start of the crisis to 2,727 today, based on a survey of 346 new developments in 19 municipalities since 2008.

      So 6,520 homes have been sold in the province since the start of 2008, with an average size of 89m2 and price of €256,000, 60% with 3 or more bedrooms.

      In Barcelona city there are just 917 new flats still left on the market with an average size of 93m2 and price of €407,000.

      Sociedad de Tasación say that foreign funds buying large portfolios below market value are the main driver of the stock absorption.

      A dwindling housing overhang is good news for the market, but Sociedad de Tasación say it’s too early to jump to conclusions about a recovery.

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