The two markets are evolving with some disparity in the different districts, but the city average remains 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 home in Barcelona are eagerly waiting to see if there will finally be a price adjustment that favors their budget. However, the first quarterly balances from the major real estate portals give mixed signals to prospective buyers. In terms of sales, Idealista states 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 declines in half of the districts. In Fotocasa’s listings, price drops in second-hand homes only affect two districts, resulting in an overall average increase of 2.8% across the city. Regarding rentals, according to Wednesday’s report from Idealista, there was an average increase of 0.7% in one quarter, reaching 18.4 euros per square meter in the Catalan capital, with reductions only in two areas.

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The data indicate that the real estate market is still strong, although some forecasts point to gradual price adjustments in sales, as the rising cost of mortgages will slow down this market’s activity. On the other hand, the shrinking stock of rental apartments keeps this segment skyrocketing, further strained by the demand from those who, unable to get a mortgage, opt for the rental market.

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

Fotocasa, on the other hand, sets the city’s average price at 4,425 euros per square meter, only noting reductions in Eixample and Sant Andreu, both below 1%. For the whole of Catalonia, they set the quarterly increase at 2.5%. And in the province of Barcelona, at 2.3%.

Rents 19% more expensive than a year ago

Idealista’s analysis of rental trends, while placing the quarterly rise at 0.7%, highlights two other relevant data points: that rents in the city are now 19.1% more expensive than a year ago, but that in the last month, they decreased by 0.8%. It remains to be seen if this marks a turning point, although their spokesperson, Francisco Iñareta, maintains that the Government’s restrictions on contract increases have helped those with an existing contract but “have posed a huge complication” for current seekers. He attributes this to many apartments being withdrawn from the market because owners see excessive political intervention, thus driving up the price of the limited supply.

According to their data, rents in the last quarter only fell in the upper area (4.9%) and in Ciutat Vella (2.8%). Nonetheless, the center of Barcelona remains the most expensive district per square meter, at 20.8 euros.