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

Resale and new homes sales increase in Sitges, which has also registered annual price rises.

Real Estate Market Analysis Q3 2019 - Barcelona South Coast

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 80% 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 of 2007. (Ministry of Development, Spain)

Sitges

Volume of Sales – Sitges

Bucking the national trend, the number of transactions in Sitges (218 sales) in the second quarter of 2019 showed an increase, of 46%, compared to the same quarter in 2018 (149 sales). It also increased in the second quarter, by 57%, when compared to the first quarter of the year (139 sales). Compared to the second quarter of 2014 (119 sales) the number of transactions has risen by 83% and it is now also surpassing the number of sales around the peak in the second quarter of 2007 (88 sales), an increase of 148%. (Ministry of Development, Spain)

Property Transactions Barcelona South Coast - Sitges

New Homes Sales – Sitges

Sales of new homes in Sitges represented 38% of the total number of sales in the second quarter of 2019, a higher proportion than in the second quarter of 2018 (13%). The proportion is significantly higher than in the second quarter of 2007 when 16% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Sitges

Average property prices in Sitges showed a slight annual increase in September 2019, of 0.4%, ending the month on €3,741 per square metre. Average prices also rose in the neighbouring area of Vilanova i la Geltrú where prices averaged at €1,967 per square metre (1.9% increase). However, average prices in another neighbouring area, Gavà, showed an annual decrease, of just under 1%, averaging €3,016 per square metre in September 2019. Since September 2014 prices in Sitges have gone up by just over 19%. (Idealista, resale property prices)

Average Sales Price - Barcelona South Coast

Average Rental Prices – Sitges

Average rental prices in Sitges showed a slight annual decrease, of 0.4%, in September 2019, ending the month on €14.1 per square metre. (Idealista)

Gavà

Volume of Sales – Gavà

The number of transactions in Gavà (123 sales) in the second quarter of 2019 decreased by 13% compared to the same quarter in 2018 (141 sales). Compared to the second quarter of 2014 (103 sales) the number of transactions has risen by 19% but it is still 13% below the number of sales around the peak in the second quarter of 2007 (141 sales). (Ministry of Development, Spain)

See graph above in Sitges

New Homes Sales – Gavà

Sales of new homes in Sitges 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 is less than it was in the second quarter of 2007 when 16% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Gavà

Average property prices in Gavà showed a slight annual decrease, of just under 1%, in September 2019, averaging €3,016 per square metre. Average prices in the neighbouring areas of Sitges and Vilanova i la Geltrú both showed an increase, ending the month on €3,741 per square metre (0.4% increase) and €1,967 per square metre (1.9% increase) respectively. Gavà property prices have increased by 21% since September 2014. (Idealista, resale property prices)

See graph above in Sitges

Average Rental Prices – Gavà

Average rental prices in Gavà showed an annual increase of 6.4% in September 2019, ending the month on €14.5 per square metre. (Idealista)

Vilanova i la Geltrú

Volume of Sales – Vilanova i la Geltrú

The number of transactions in Vilanova i la Geltrú (211 sales) in the second quarter of 2019 decreased by 11% compared to the same quarter in 2018 (236 sales). Compared to the second quarter of 2014 (102 sales) the number of transactions has more than doubled but it is still 42% below the number of sales around the peak in the second quarter of 2007 (361 sales). (Ministry of Development, Spain)

See graph above in Sitges

New Homes Sales – Vilanova i la Geltrú

Sales of new homes in Vilanova i la Geltrú represented 10% of the total number of sales in the second quarter of 2019, a slightly smaller proportion than in the second quarter of 2018 (12%). The proportion is still notably less than in the second quarter of 2007 when 49% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Vilanova i la Geltrú

Average property prices in Vilanova i la Geltrú showed an annual increase of 1.9% in September 2019, ending the month on €1,967 per square metre. Average prices in the neighbouring town of Sitges also increased, by 0.4%, ending the €3,741 per square metre. However, average prices in another neighbouring area, Gavà, showed an annual decrease, of just under 1%, averaging €3,016 per square metre in September 2019. Prices in Vilanova have gone up by almost 19% since September 2014. (Idealista, resale property prices)

See graph above in Sitges

Average Rental Prices – Vilanova i la Geltrú

Average rental prices in Vilanova i la Geltrú showed an annual increase of 13.9% in September 2019, ending the month on €9.7 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 Sitges Buyer Profile

Lucas Fox Sitges Buyer Profile

Lucas Fox Gavà Buyer Profile

Lucas Fox Gavà Buyer Profile

Lucas Fox Vilanova y la Geltrú Buyer Profile

Lucas Fox Vilanova y la Geltrú 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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View properties for sale in the Gavà Mar with Lucas Fox
View properties for sale in Vilanova i la Geltrú with Lucas Fox

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