Evolution of the Barcelona real estate market: Q4 2024

Are you looking for the latest information about the evolution of the real estate market in Barcelona from the fourth quarter of 2023? Below, let’s take a look at what’s happening in the Barcelona property market from October to December 2024.

Spain’s broader economic recovery positively impacted the real estate sector across the country during 2024. Falling interest rates and improved lending conditions made property purchases more accessible. Banks offered lower mortgage interest rates due to the declining Euribor, encouraging both domestic and international buyers to invest in the property market.

In 2024, Spain’s property market saw an impressive recovery, according to the latest data from the National Institute of Statistics. Compared to the same quarter last year, property transactions surged by 34.3% in the final quarter of 2024.

Between October and December 2024, a total of 174,054 properties were sold, marking a higher volume of transactions in the fourth quarter than during the peak of the property bubble in 2007.

New home sales in the last quarter of 2024 saw a year-on-year increase of 61.7%, with 39,933 homes changing hands. Meanwhile, second-hand property sales rose by 27.8%, totalling 134,121 transactions between October and December 2024.

Property prices in Spain continued to climb, with the average price reaching €2,271 per square metre by the end of December 2024, reflecting an 11.21% increase compared to the same month in 2023.

The Property Market in Barcelona Province Q4 2024

Property trends in Barcelona Province mirrored those observed nationally, with a notable rise in the number of properties sold during the final quarter of 2024 when compared to the same quarter in 2023. A total of 17,685 transactions were recorded, up from 12,904 during the same period in 2023, reflecting a 37.1% increase. Second-hand property sales saw a 35% increase compared to the last quarter of 2023, with 14,130 transactions taking place. New home sales also experienced an increase, rising by 45.6% year-on-year, with 3,555 transactions completed.

Barcelona City

When examining the city of Barcelona, the latest data from the Generalitat de Catalunya revealed a trend similar to the national pattern, with property transactions across the city rising by 34.1% in the final quarter of 2024 compared to the same period in 2023. Between October and December 2024, 4,368 properties were sold, up from 3,274 in the same quarter of the previous year. Of the city’s ten districts, only Sant Andreu saw a year-on-year decline in sales, with a decrease of 5.02%. Meanwhile, the other nine districts experienced increases, with gains ranging from 13.3% in Sarrià-Sant Gervasi to a remarkable 75.3% increase in the district of Sants-Montjuïc.

– Les Corts: 183 sales (48.78% increase)

– Barcelona Old Town: 430 sales (42.86% increase)

– Eixample: 806 sales (39.69% increase)

– Sant Martí: 547 sales (20.75% increase)

– Gràcia: 281 sales (14.23% increase)

– Sarrià-Sant Gervasi: 306 sales (13.33% increase)

– Sants-Montjuïc: 640 sales (75.34% increase)

– Horta-Guinardó: 448 sales (43.13% increase)

– Nou Barris: 415 sales (36.96% increase)

– Sant Andreu: 284 sales (5.02% decrease)

Barcelona Property Prices Q4 2024

Barcelona continued to face limited housing supply due to a lack of land availability and restrictive housing policies. This scarcity, coupled with strong demand, particularly in sought-after areas, put upward pressure on property prices According to Idealista, the average property price in Barcelona reached €4,700 per square metre at the end of 2024, marking a 12.8% increase compared to the average price at the end of 2023. Average prices experienced growth across all of the city’s ten districts, with the district of Sant Martí again leading with the highest increase.

– Sant Martí: €4431 per square metre (16.48% increase)

– Les Corts: €5748 per square metre (14.98% increase)

– Eixample: €5737 per square metre (12.56% increase)

– Sarrià-Sant Gervasi: €6080 per square metre (10.59% increase)

– Gràcia: €5027 per square metre (9.31% increase)

– Barcelona Old Town: €4634 per square metre (7.37% increase)

– Sant Andreu: €3628 per square metre (14.81% increase)

– Horta-Guinardó: €3644 per square metre (13.80% increase)

– Sants-Montjuïc: €3976 per square metre (13.18% increase)

– Nou Barris: €2554 per square metre (7.67% increase)

Madrid closed 2024 with an average property price of €4,952 per square metre, surpassing Barcelona’s by a notable margin and reflecting a 20.3% annual increase. In comparison,

Barcelona Rental Prices Q4 2023

According to Idealista, rental prices rose in all ten of Barcelona’s districts at the end of 2024. In the sought-after district of Eixample, rents saw a significant increase of 15.5%. Overall, the city’s average rental prices grew by 14.2%, reaching €23.4 per square metre by the end of the year.

– Eixample: €25.3 per square metre (15.53% increase)

– Sarrià-Sant Gervasi: €22.9 per square metre (12.25% increase)

– Les Corts: €21.1 per square metre (12.23% increase)

– Gràcia: €22.8 per square metre (10.68% increase)

– Sants-Montjuïc: €20.5 per square metre (10.22% increase)

– Sant Martí: €23.2 per square metre (9.95% increase)

– Horta-Guinardó: €17.7 per square metre (9.94% increase)

– Barcelona Old Town: €25.6 per square metre (7.56% increase)

– Nou Barris: €15.7 per square metre (1.95% increase)

Foreign buyers in Barcelona Q4 2024

Data from the Spanish Land Registry (Registradores) showed that by the end of the fourth quarter of 2024, the interannual percentage of foreign buyers in Barcelona province reached 14.3%, marking an increase from 13.01% in 2023.

The proportion of foreign buyers remains notably higher in Barcelona province compared to the Community of Madrid, where the interannual percentage at the close of the fourth quarter of 2024 was 7%.

“Foreign buyers continue to play a significant role in boosting Barcelona’e property market. This surge underscores the city’s global appeal and contributed to heightened demand and rising property prices. The continued appeal of the city, particularly among foreign buyers. alongside lower borrowing costs. will likely sustain demand and maintain upward pressure on prices”, concludes Frances Nathurmal, CEO of Bcn Advisors.

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