Lucas Fox Spanish Real Estate Market Analysis Q1-Q3 2019: Barcelona

New homes sales in Barcelona showing a positive trend as prices steady.

Real Estate Market Analysis Q3 2019 - Barcelona Province

It has been a fairly turbulent few months politically for Spain and the recent elections were once again inconclusive with no overall majority for Pedro Sánchez and his socialist party (PSOE). However they have reached a preliminary coalition deal with the anti-austerity Podemos party to try to form a government. This should bring greater stability to the country, which is good news for the country’s property market.

Read our full analysis of Spain’s property market here

Barcelona Province

Volume of Sales – Barcelona Province

Compared to the second quarter of 2014, the number of transactions in Barcelona Province in the second quarter of 2019 rose from 9,247 to 15,474, an increase of just over 67%. However, the number of sales is still 17% below the second quarter of 2007 (18,738 sales), around the peak of Spanish sales transactions. (Ministry of Development, Spain)

Year-on-year the number of sales transactions decreased by 9% in the second quarter of 2019. However, when compared to the first quarter of 2019 sales have risen by nearly 6%, suggesting a positive trajectory once again. (Ministry of Development, Spain)

Property Transactions - Barcelona Province

New Homes Sales – Barcelona Province

Sales of new homes in Barcelona Province represented 7% of the total number of sales in the second quarter of 2019, the same proportion as in the second quarter of 2018. The proportion has reduced significantly since the second quarter of 2007 when 28% of the total sales were for new homes. (Ministry of Development, Spain).

Prime Sales – Barcelona Province

Latest official data shows that the number of prime market sales transactions (over €900,000) in Barcelona Province in the first quarter of 2019 increased by 38% compared to the prime sales in the first quarter of 2018, from 101 to 139 sales. The number of prime sales in the whole of 2018 (529 sales) was up by 82% compared to the number of prime sales in the whole of 2014 (291 sales). (Ministry of Development, Spain)

Value of Sales – Barcelona Province

The total value of sales transactions in Barcelona Province in the second quarter of 2019 decreased by 2% over the amount of trading in the same period in 2018, but when compared to the first quarter of 2019 the value of sales rose by 8%. Compared to the second quarter of 2014 the total value of sales transactions has more than doubled but it is still 38% below that of the same quarter in 2007. (Ministry of Development, Spain)

Barcelona City

Volume of Sales – Barcelona City

The number of sales transactions in Barcelona City in the second quarter of 2019 (4,021 sales) decreased by 5% compared to the same quarter in 2018 (4,220 sales). However, sales increased by 4% when compared to the first quarter of 2019 (3,852 sales). Compared to the second quarter of 2014 (3,323 sales) the number of transactions has risen by 21% and is now 4% above the number of transactions in the second quarter of 2007 (3,875 sales). (Ministry of Development, Spain)

Property Transactions - Barcelona City

New Homes Sales – Barcelona City

The number of sales transactions of new homes in Barcelona City in the second quarter of 2019 (172 sales) increased by 13% compared to the same quarter in 2018 (152 sales). Compared to the second quarter of 2014 (444 sales) the number of sales of new homes is down by just over 60% and is still 67% below the second quarter of 2007 (518). (Ministry of Development, Spain)

Proportionally, new homes sales in Barcelona City represented just over 4% of the total number of sales in the second quarter of 2019, slightly up from the second quarter of 2018 when sales of new homes represented just under 4% of the total number of sales. The proportion has reduced since the second quarter of 2007 when 13% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Barcelona City

For the second consecutive quarter average property prices in Barcelona City have shown slight year-on-year decreases. Prices averaged at €4,205 per square metre in September 2019, registering an annual decrease of just under 2%. Although average prices in the key districts of Barcelona Old Town, Eixample, Gràcia and Sant Martí all showed annual decreases, they have registered slight increases since August, ending September 2019 on €4,412 per square metre (0.1% increase), €4,785 per square metre (0.5% increase), €4,283 per square metre (1.2% increase) and €3,847 per square metre (1.6% increase) respectively. (Idealista, resale property prices)

Since September 2014 anyone investing in property in Barcelona will have seen excellent returns with prices going up by nearly 38% across the city. Breaking it down by regions, prices have risen by 45% in Eixample, by 44% in Gràcia, by 38% in the Old Town and by over 25% in Sant Martí which incorporates Diagonal Mar. (Idealista, resale property prices)

Average Sales Price - Barcelona City

Average Rental Prices – Barcelona City

Average rental prices in Barcelona City showed an annual increase of 1.8% in September 2019, ending the month on €16.7 per square metre. Average rental prices in Barcelona Old Town and Eixample remained steady with no annual change, ending September 2019 on €18.8 per square metre and €16.7 per square metre respectively. In the desirable district of Sarrià-Sant Gervasi prices rose by 3.7%, ending September 2019 on €17.2 per square metre. (Idealista)

Maresme

Volume of Sales – Maresme

The number of sales transactions in the Maresme region in the second quarter of 2019 (1,393 sales) decreased by just over 2% compared to the same quarter in 2018 (1,362 sales). Compared to the second quarter of 2014 (649) the number of transactions has more than doubled. (Generalitat de Catalunya)

New Homes Sales – Maresme

Sales of new homes in the Maresme region represented 20% of the total number of sales in the second quarter of 2019, a similar proportion as in the second quarter of 2018 (19%). They still represent less than in the second quarter of 2014 when 29% of the total sales were for new homes. (Generalitat de Catalunya)

Average Sales Prices – Maresme

Looking at average property prices in Maresme’s key towns, Teià has seen the greatest increase in the year to September 2019, with prices rising by 11.5% and ending the month on €2,628 per square metre. Premià de Dalt saw year-on-year price increases of 5.2% (€2,280 per square metre), Sant Vicenç de Montalt 5% (€2,513 per square metre), Cabrils 3.7% (€1,983 per square metre) and Alella 0.6% (€2,392 per square metre). Since the same month in 2014, Teià has seen prices rise by nearly 26%, Premià de Dalt by over 16%, Sant Vicenç de Montalt by 18%, Alella by 3.7% and Cabrils by 1%. (Idealista, resale property prices)

Average Sales Price - Maresme

Sant Cugat del Vallès

Volume of Sales – Sant Cugat del Vallès

The number of transactions in Sant Cugat del Vallès (242 sales) in the second quarter of 2019 remained steady compared to the same quarter in 2018 (240 sales). Compared to the second quarter of 2014 (208 sales) the number of transactions has risen by 16% and it is now also surpassing the number of sales around the peak in the second quarter of 2007 (233 sales), an increase of almost 4%. (Ministry of Development, Spain)

New Homes Sales – Sant Cugat del Vallès

Sales of new homes in Sant Cugat del Vallès represented 14% of the total number of sales in the second quarter of 2019, a higher proportion than in the second quarter of 2018 (9%). They still represent less than in the second quarter of 2007 when 20% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Sant Cugat del Vallès

Average property prices in Sant Cugat del Vallès showed an annual increase of 2.2% in September 2019, ending the month on €3,507 per square metre. Since September 2014, prices in Sant Cugat have increased by over 32%. (Idealista, resale property prices)

Average Sales price - Barcelona

Average Rental Prices – Sant Cugat del Vallès

Average rental prices in Sant Cugat del Vallès showed an annual increase of 3.7% in September 2019, ending the month on €12.7 per square metre. (Idealista)

Tourism & Foreign Buyers, Barcelona

The number of passengers arriving at Barcelona airport in the first nine months of 2019 was just over 40.6 million, an annual increase of 5% over passenger arrivals in the same period in 2018. (Aena)

International tourism in Catalonia in the first eight months of 2019 increased by 0.7% over the same period in 2018. Catalonia hosted just over 13.6 million international tourists in this period. (INE)

Foreign buyers in Barcelona Province accounted for just over 9% of the total sales in the second quarter of 2019, a slightly higher proportion to the second quarter of 2018 (8.5%) and higher than the proportion in 2012 when they accounted for just over 6% of all buyers. (Spanish Land Registry)

Lucas Fox Barcelona Buyer Profile

Lucas Fox Maresme Buyer Profile

Note the following figures are provisional:

  • INE (Tourism) (from January 2019)
  • Ministry of Development, Spain (from Q2 2019)

View Lucas Fox Spanish Real Estate Market Analysis Q1-Q3 2019: Spain

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