Barcelona property market: Q2 2022

Are you looking for the latest Barcelona property market information for the second quarter of 2022? Below, we’ll take a look at what’s happening in the Barcelona property market from April to June 2022.

 

The figures will help you figure out if now is the time to sell your house or apartment in Barcelona, to buy property or to make an investment in Barcelona.

As a leading real estate agency in Barcelona, you can always reach out to us with questions relevant to your situation.

Barcelona property transactions – best semester since 2007

On paper, the first six months of 2022 has been the best half-year for real estate in Spain since 2007.

A total of 330,997 properties changed hands between January to the end of June this 2022. The figure is 23.1% higher than last year, and the largest since the property bubble in 2007.

In the first half of 2007, a total of 432,608 properties changed hands in Spain.

Property transactions in the province of Barcelona reached 33,685 in the first half of 2022. This was a 18.7% year-on-year increase compared to the first six months of 2021. The first semester of 2022 was also the best first half of the year since 2007, when 40,812 properties changed hands in the province of Barcelona.

The best month in 2022 by far was May, with 6,370 property transactions registered before June figures fell to 5,533 as sky-high inflation started to show its effect in the property market.

Barcelona property prices on the rise in Q2

The huge increase in property transactions in Q1 and Q2 of 2022 was matched by a resurgence in Barcelona property prices.

According to Idealista, prices in June 2022 rose 1.1% on last year to hit an average of 4,032 €/m2 across the city of Barcelona. Seven of Barcelona’s 10 districts witnessed higher property prices in June 2022 compared to June 2021 – the exceptions being Horta-Guinardó, Ciutat Vella and Sant Martí.

 

 

Three out of Barcelona’s four most expensive districts witnessed the greatest year-on-year leaps in property prices in June 2022, with Nou Barris the exception:

– Eixample: 4,781 €/m2 (6.3%)

– Gràcia: 4,295 €/m2 (4.1%)

– Sarrià-Sant Gervasi: 5,417 €/m2 (3.4%)

– Nou Barris: 2,481 €/m2 (2.4%)

Prices in these four districts were more expensive in June 2022 than in June 2020 – except for Les Corts. Property prices in Les Corts hit 5,164 €/m2 at the end of Q2 in 2020 following a surge in demand for Barcelona’s quietest, greenest and least populated district at the onset of the COVID-19 pandemic.

Gràcia was the only Barcelona district in June 2022 to see higher prices than June 2019 (4,295 €/m2 compared to 4,229 €/m2).

Here’s what happened in the remaining six districts in Barcelona:

– Ciutat Vella: 4,136 €/m2 (-0.2%)

– Sant Martí: 3,627 €/m2 (-2.5%)

– Sants-Montjuïc: 3,385 €/m2 (1.3%)

– Sant Andreu: 3,155 €/m2 (1.4%)

– Horta-Guinardó: 3,074 €/m2 (-0.7%)

– Nou Barris: 2,481 €/m2 (2.4%)

– Les Corts: 4,793 €/m2 (0.8%)

Prices across the whole of Barcelona city have risen continuously since hitting a low in October 2021 of 3,908 €/m2. The highest property prices ever recorded in Barcelona were in September 2018 with a figure of 4,279 €/m2.

Though property prices are on the rebound in Barcelona, for investors and home-owners there’s still ample room for growth.

Barcelona rental prices almost break records

While property prices in Barcelona have a way to go, rental prices are reaching historic records.

 

 

The average price of a Barcelona rental hit 17.2 €/m2 in June 2022 – almost breaking the record of 17.6 €/m2 in May 2020. Compared to June 2021 rental prices in Barcelona are up 18.6% – in the district of Ciutat Vella the year-on-year increase was 28.7%.

Rental prices are well above pre-pandemic levels when June 2019 registered an average price of 16.5 €/m2.

Here’s how rental prices performed in each of Barcelona’s 10 districts compared to June 2021:

• Ciutat Vella: 20.2 €/m2 (28.7%)
• Eixample: 18 €/m2 (22%)
• Sant Martí: 17.6 €/m2 (20.5%)
• Gràcia: 16.7 €/m2 (18.5%)
• Les Corts: 16.2 €/m2 (16.1%)
• Sants-Montjuïc: 16 €/m2 (15.9%)
• Sarrià-Sant Gervasi: 17.3 €/m2 (11.9%)
• Sant Andreu: 13.2 €/m2 (10.8%)
• Horta-Guinardó: 13.5 €/m2 (9.8%)
• Nou Barris: 12.8 €/m2 (9.8%)

Is now the time to buy Barcelona property?

Many property analysts believe that 2022 will be a record-breaking year for Barcelona – this has already happened in terms of total investment and rental prices in the district of Ciutat Vella.

Whether overall property transactions and the average property price in Barcelona city can break records remains to be seen.

With inflation at 10.8% in July, and the European Central Bank raising interest rates for the first time in 11 years, there is likely to be an impact on the Barcelona property market. In the first few months of 2022 buyers in Barcelona could get the best deals ever on fixed-rate mortgages. In the second half of 2022, that will no longer be the case.

That said, housing prices in Barcelona have a way to go to get equal with 2018-2019.

And there’s a good chance they will get there soon. Record investment into the 22@ tech hub in El Poblenou, renovation projects in Ciutat Vella and regeneration in the old Olympic Port to make way for the 2024 America’s Cup are all likely to see property prices rise.

For any questions about buying a house or flat in Barcelona, selling your Barcelona property or making an investment in Barcelona real estate, don’t hesitate to contact Barcelona Advisors for support.

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