The two markets are evolving somewhat unevenly across different districts, but the citywide average is still stable or rising, making it difficult for many citizens to access housing.
Author: Patricia Castañares

Source: El Periódico

Most people interested in buying or renting a property in Barcelona are eagerly waiting to see if there will finally be an adjustment in prices that might fit their budget. However, the first quarterly reports from major real estate portals offer mixed signals to hopeful buyers. In terms of sales, Idealista reports that the prices of its thousands of listings have stabilized over the past three months (at an average of 4,063 euros per square meter), but with decreases in half of the districts. According to Fotocasa, declines in second-hand properties only affect two districts, resulting in an average city-wide increase of 2.8%. For rentals, Idealista’s report this Wednesday shows an average increase of 0.7% over the quarter, reaching 18.4 euros per square meter in the Catalan capital, with reductions occurring in only two areas.

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The data indicate that the real estate market remains strong, despite some forecasts suggesting gradual adjustments in sale prices, as rising mortgage costs are expected to slow market activity. Conversely, the shrinking stock of rental apartments keeps this segment highly active, further strained by the demand from those who, unable to obtain a mortgage, turn to the rental market.

According to Idealista’s report, in the first quarter of the year, sale prices decreased in Gràcia (1.2%), followed by Eixample, Sant Martí, Sarrià-Sant Gervasi, and Ciutat Vella, all with decreases of less than one percentage point. The rest have increased, with Sants-Montjuïc leading at 2.1%. The most expensive district, Sarrià-Sant Gervasi (5,425 euros per square meter in its listings), more than doubles the least expensive, Nou Barris (2,418).

In contrast, Fotocasa sets the average city price at 4,425 euros per square meter and only reports reductions in Eixample and Sant Andreu, both below 1%. The quarterly increase is reported as 2.5% for Catalonia as a whole and 2.3% for the province of Barcelona.

Rentals 19% More Expensive Than a Year Ago

Idealista’s analysis of rental trends, although noting a quarterly increase of 0.7%, reveals two other significant points: that renting in the city is now 19.1% more expensive than a year ago, but that its evolution over the last month shows a decrease of 0.8%. It remains to be seen if this marks a turning point, although spokesperson Francisco Iñareta maintains that the government-imposed limits on contract increases have helped those with existing contracts but “have created significant complications” for current seekers. He attributes this to many apartments being withdrawn from the market because owners find political intervention excessive, leading to skyrocketing prices for the limited supply.

According to their data, rents have only decreased in the high-end area (4.9%) and Ciutat Vella (2.8%) over the quarter. Nevertheless, the center of Barcelona remains the most expensive district per square meter, at 20.8 euros.