Evolución del mercado inmobiliario de Barcelona: tercer trimestre de 2024

Are you looking for the latest information about the evolution of the real estate market in Barcelona from the thir quarter of 2023? Below, let’s take a look at what’s happening in the Barcelona property market from October to December 2023.

According to the latest data from Spain’s National Institute of Statistics (INE), 61,887 properties were sold in Spain in September 2024, registering a significant year-on-year increase of 41.5% and the third consecutive month of rising sales. This is the largest annual increase since August 2021 and the highest volume of monthly transactions since the peak of the real estate boom in July 2007. Looking at monthly growth, property sales in September 2024 rose by 25.1% compared to August 2024, and over the first nine months of 2024 sales have grown by 3.1%.

Breaking it down by property type, new homes saw the most significant rise, with sales increasing by 54.9% year-on-year, the highest growth in new home sales since June 2021. In September 2024, 12,531 new homes were sold, the highest monthly total since January 2014, representing more than 20% of all transactions. Meanwhile, second-hand homes, which accounted for 80% of total sales, registered a 38.4% annual increase, reaching 49,356 transactions, the highest monthly figure since May 2022.

Analysts attribute the growth to two main factors: continued demand from foreign buyers and those not dependent on bank financing, as well as improved lending conditions, with banks offering lower mortgage interest rates as a result of the falling Euribor.

Barcelona Province

The latest data from INE shows a similar trend in Barcelona Province to the national trend, with 5,937 properties changing hands in September 2024, registering a year-on-year increase of 37.5%. New home sales grew by 47.3% year-on-year and second-hand home sales saw an increase of 35.5%. When analysing the sales over the first nine months of 2024, 46,883 properties were sold, registering a year-on-year increase of 2.9%. The number of new homes sold increased by 13.2% with 8.638 transactions, whilst second-home sales increased by only 0.8%, with 38,245 transactions over the first nine months of the year.

Barcelona City

However, in contrast to the national trend, the latest data from the Generalitat de Catalunya shows a slightly different pattern, with year-on-year sales growth in only three of the city’s ten districts during the first nine months of the year, in Horta-Guinardó, Sarrià-Sant Gervasi and Sant Andreu. The number of property sales across the city as a whole decreased by 1.7% when comparing the months of January to September in 2024 with the same period in 2023.

– Sarrià-Sant Gervasi: 918 sales (8.13% increase)

– Eixample: 1,873 sales (5.78% decrease)

– Gràcia: 829 sales (11.43% decrease)

– Barcelona Old Town: 1,038 sales (2.17% decrease)

– Sant Martí: 1,588 sales (3.82% decrease)

– Les Corts: 448 sales (3.86% decrease)

– Horta-Guinardó: 1,216 sales (10.14% increase)

– Sant Andreu: 943 sales (6.19% increase)

– Nou Barris: 1,116 sales (5.58% decrease)

– Sants-Montjuïc: 1,382 sales (1.22% decrease)

However, in the third quarter alone, all ten districts reported annual increases, indicating that the trend is beginning to align with the national pattern.

– Sarrià-Sant Gervasi: 311 sales (35.22% increase)

– Gràcia: 279 sales (22.91% increase)

– Eixample: 661 sales (11.47% increase)

– Les Corts: 142 sales (9.23% increase)

– Sant Martí: 570 sales (7.75% increase)

– Barcelona Old Town: 303 sales (4.12% increase)

– Nou Barris: 349 sales (3.25% increase)

– Horta-Guinardó: 431 sales (16.80% increase)

– Sant Andreu: 310 sales (12.73% increase)

– Sants-Montjuïc: 462 sales (9.74% increase)

Rising Prices

According to leading property portal Idealista, the average property price across the entire city of Barcelona ended the third quarter of 2024 on €4,561 per square metre, an increase of 9.8% on the average price at the end of the same quarter of 2023. Average prices at the end of September 2024 in all of the city’s ten districts registered an increase when compared to prices at the end of September 2023, and prices in all but one district (Nou Barris) were higher than the pre-pandemic prices of September 2019.

– Eixample: €5,655 per square metre (12.67% increase)

– Les Corts: €5,620 per square metre (10.63% increase)

– Gràcia: €4,964 per square metre (10.31% increase)

– Sant Martí: €4,169 per square metre (9.94% increase)

– Barcelona Old Town: €4,491 per square metre (3.74% increase)

– Sarrià-Sant Gervasi: €5,814 per square metre (4.53% increase)

– Horta-Guinardó: €3,396 per square metre (4.52% increase)

– Nou Barris: €2,460 per square metre (2.50% increase)

– Sant Andreu: €3,467 per square metre (9.92% increase)

– Sants-Montjuïc: €3,841 per square metre (8.17% increase)

Average prices in Barcelona City were lower than those in Madrid City for the first time in many years. At the end of September 2024, the average price stood at €4.756 per square metre in Madrid City, while in Barcelona City it was €4,561 per square metre.

Foreign buyers

According to data from the Spanish Land Registry (Registradores), Catalonia remains a top destination for foreign property buyers. In the third quarter of 2024 it ranked as the fifth most popular region in terms of the share of foreign buyers, following the region of Murcia, the Canary Islands, the Valencian Community and the Balearic Islands. The province of Barcelona registered an interannual percentage of 14.23% in foreign market share, considerably larger than Madrid, where it was 6.9%.

Rental Prices

Rental prices continued to show an increase in all of the city’s ten districts. Across the city as a whole, the average rental price ended September 2024 on €22.4 per square metre, an increase of 12% compared to the end of September 2023. The highest rise was in the district of Eixample, where prices rose by 17.2%, ending March 2024 on €24.5 per square metre. This was followed by the desirable Gràcia district and the prestigious neighbourhood of Sarrià-Sant Gervasi, where prices increased by 11.1% and 10.5% respectively.

– Eixample: €24.5 per square metre (17.22% increase)

– Gràcia: €22.0 per square metre (11.11% increase)

– Sarrià-Sant Gervasi: €22.1 per square metre (10.50% increase)

– Les Corts: €19.9 per square metre (9.34% increase)

– Sant Martí: €22.2 per square metre (8.29% increase)

– Horta-Guinardó: €17.1 per square metre (8.23% increase)

– Sants-Montjuïc: €20.0 per square metre (8.11% increase)

– Barcelona Old Town: €24.8 per square metre (7.36% increase)

– Nou Barris: €15.4 per square metre (4.05% increase)

– Sant Andreu: €16.1 per square metre (3.21% increase)

Evolution of the Barcelona real estate market: Q3 2024

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