Barcelona province

Q4 2024

Barcelona province housing market – Q4 2024

The housing market in Barcelona province closed out 2024 with strong annual growth in both sales volumes and new-build transactions. Foreign demand increased overall but declined slightly as a percentage of the total market. Prices for resale homes continued to climb modestly, while average new-build prices dipped. Mortgage lending and construction activity remained well above historical averages, supporting overall growth momentum.

Sales volumes expand sharply

Home sales in Q4 totalled 20,004, marking an increase of 27% compared to the same period in 2023 (Fig. 1-1). This figure was 34% above the ten-year average and 80% higher than in the same quarter a decade ago, confirming sustained long-term expansion in transaction volumes.

Foreign demand grows but market share dips

There were 3,122 transactions involving foreign buyers during the quarter, a 21% rise from the same period last year (Fig. 1-2). Of these, 2,637 were purchases by resident foreigners (expats), up 24%, and 485 were by non-resident foreign buyers (FNRs), up 4%. Over the ten-year period, there has been an 86% increase in expat purchases, while the FNR segment has grown by 4%.

Despite the rise in foreign sales, their share of the overall market fell to 16%, down from 17% a year earlier and slightly below the ten-year peak of 17% (Fig. 1-3).

New build vs. resales

There were 17,751 resale transactions in Q4, showing an annual increase of 25%. New-build home sales rose more sharply, reaching 2,253—a 50% rise from Q4 2023. Compared to the ten-year average, resale activity was up 31%, while new-build sales were up 65%, indicating strong demand in both market segments (Fig. 1-4).

Price growth mixed between segments

The average resale home price in the province was €244,698, a year-on-year increase of 6%. Over five and ten years, resale prices rose by 19% and 46% respectively. The average price of a new-build home was €289,215, representing an 11% annual decrease. Over the longer term, however, new-build prices were down 5% over five years but up 32% over ten years (Fig. 2-1 and Fig. 2-2).

Mortgage lending remains robust Barcelona recorded 54,445 new mortgages in Q4 2024, representing a 14% increase from the same period last year and 33% above the ten-year average. This reflects ongoing access to credit and solid financing activity among buyers (Fig. 3-1).

Construction activity strengthens further

There were 11,237 housing starts, based on planning approvals during the quarter, which was a 25% increase over Q4 2023 (Fig. 4-1). Compared to the average of the last ten years, construction starts were up by 53%, pointing to an active and expanding development pipeline.

Outlook

The Barcelona province housing market ended the year on a strong footing, with significant growth in sales volumes, mortgage lending, and construction activity. Although foreign demand’s share of the market declined slightly, total foreign buyer transactions rose sharply. Moderate increases in resale prices and renewed activity in new builds suggest continued momentum moving into 2025.