Periodic reports on the property market of Barcelona, the Catalan capital
This page offers data-driven reports on the property market in Barcelona city, consolidating key data from public sources to highlight the latest trends and developments. Illustrated with charts and infographics, these reports provide critical insights into Barcelona’s residential real estate market. These reports are written for foreign investors, property buyers, vendors, professionals, and journalists looking for insight into the Barcelona property market to help inform big decisions with important financial consequences.
Barcelona property market overview
Barcelona is a prime destination for international property buyers seeking second homes, urban apartments, or investment opportunities. Renowned for its vibrant cultural scene, stunning architecture, and Mediterranean lifestyle, the city attracts a significant share of Spain’s foreign property transactions. As one of the most dynamic housing markets in the country, a focused report on the Barcelona property market is invaluable for anyone with an interest in this iconic city.
Located on the northeastern coast of Spain, Barcelona offers a diverse range of housing options, from historic apartments in centuries-old buildings to modern developments that embrace contemporary design. Its strong international appeal, thriving economy, and cultural richness make Barcelona a standout market within Spain, offering unique opportunities for property buyers and investors alike.
The reports cover a wide range of topics to provide a comprehensive understanding of the market, including:
- Home sales across Barcelona city.
- Foreign buyers: market share, residency status, and second-home investments.
- New-build properties: sales, pricing trends, and index data.
- House prices: general trends and specific insights into Barcelona city.
- Mortgage lending: base rates, borrowing costs, and their influence on the market.
- Housing starts and key factors affecting supply and demand.
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2024 Full Year
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2024 H1
First half of 2024
Barcelona home sales performance
The Barcelona city housing market recorded 7,584 home sales in the first half of 2024, reflecting a year-on-year decline of 8% (Fig. 1-1). Despite this drop, sales were marginally higher than the ten-year average, with a 5% increase. Over a decade, sales have grown by 19%, indicating long-term resilience.
Foreign buyers (Fig. 1-2) accounted for 1,836 sales, a 6% year-on-year increase, and an impressive 55% rise compared to the ten-year average. Over the past decade, foreign buyer transactions have increased by 106%, highlighting their growing importance.
Figures 1-3 and 1-4 show a decline in local buyer activity contrasted by a rise in foreign demand. Among foreign buyers, expats dominated with 84% of sales, while foreign non-residents (FNRs) contributed 906 transactions, their second-highest level on record. This growth demonstrates the strong appeal of Barcelona for international buyers, particularly as a destination for expats.
Due to the recent surge in demand for homes in Barcelona from international buyers, foreign purchasers now account for 24% of the market (Fig. 1-5), the highest level in a decade, compared to 21% a year ago.
The new-build segment performed relatively well given supply constraints, with 768 new home sales, reflecting 12% year-on-year growth (Fig. 1-6). Compared to the ten-year average, new-build sales increased by 26%, underscoring robust demand for modern housing stock despite the recent collapse in the pipeline of new projects. Barcelona’s new-build home sales are set to decline in future when current projects sell out and there is little in the pipeline to replace them.
Barcelona house pricing trends
The average sales price in Barcelona city was €4,399 per sqm, with a year-on-year increase of 3% (Fig. 2-1). For new builds, the average price was €5,015 per sqm, up 5% year-on-year. Asking prices based on Idealista data stood at €4,349 per sqm, growing by 7% year-on-year.
Price indices reveal a steady rise since 2015 (Fig. 2-2):
- Overall sales price index: 151.
- New-build price index: 169.
- Asking price index: 139.
The higher growth in the new-build segment reflects the premium buyers are willing to pay for modern properties in Barcelona. The divergence between sales prices and asking prices suggests a potential ceiling for buyer affordability, despite steady demand.
Barcelona province mortgage activity
There were 25,390 new mortgages signed in Barcelona province during H1 2024 (Fig. 3-1), a modest decline of 2% year-on-year. However, this still marked the third strongest H1 in a decade, driven by post-pandemic momentum. Compared to the ten-year average, mortgages rose by 13%.
The average Euribor rate was 3.67% during the period (Fig. 3-2), close to its ten-year high of 3.69% in H1 2023, reflecting a sharp rise from negative rates as recently as 2021. The European Central Bank’s monetary tightening to combat inflation has resulted in increased borrowing costs, moderating demand. However, the robust mortgage activity suggests resilience in the face of higher interest rates.
Barcelona housing starts
Barcelona city approved 405 housing starts in H1 2024 (Fig. 4-1), a 25% year-on-year increase. However, this figure remains 44% below the ten-year average, indicating significant constraints on new construction.
Key factors influencing housing starts include City Hall policies that impose significant red tape, delays, and requirements for developers to allocate 30% of projects to social housing. These policies have curbed developer activity, despite a stated intention by the current administration to reduce barriers.
Barcelona property market in H1 2024 summary
- Home sales: 7,584 transactions, down 8% YoY but slightly above the ten-year average.
- Foreign buyers: Market share reached a decade-high 24%, with expat purchases dominating.
- New builds: 12% YoY growth, showing strong demand for modern properties.
- Prices: Sales prices grew by 3%, while new-build prices rose by 5%.
- Mortgages: The third-strongest H1 in a decade, despite rising interest rates.
- Housing starts: Increased 25% YoY but remained constrained by regulatory hurdles.
Barcelona property market in H1 2024 conclusion
The Barcelona city housing market in H1 2024 exhibited resilience amid challenging conditions. Sales volume softened, but long-term trends remain positive, especially in the foreign buyer segment, which now accounts for nearly a quarter of all transactions. Prices continue to rise moderately, led by the new-build segment, reflecting sustained demand for quality housing.
While mortgage activity remains robust, higher borrowing costs due to elevated Euribor rates may temper demand in the future. Housing starts show tentative growth, but regulatory barriers continue to stifle supply, adding pressure to the market. Overall, the Barcelona property market remains a sought-after destination, with strong international appeal balancing local challenges. The outlook is cautiously optimistic, contingent on policy reforms and broader economic conditions.
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Disclaimer
These reports are prepared in good faith using publicly available data. While efforts are made to ensure accuracy, no guarantees are provided regarding the completeness, reliability, or suitability of the information for any purpose. Use of this information is at your own risk.
The author accepts no liability for errors, omissions, or actions taken based on the content. Information is subject to change without notice.
These reports are for informational purposes only and do not constitute professional advice. Readers should conduct their own research and consult qualified professionals before making investment or business decisions.
By using this resource, you agree the author is not liable for any direct, indirect, incidental, or consequential losses arising from its use.
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