Both Markets Evolve with Some Disparity Across Different Districts, but the City’s Average Remains Stable or Rising, Making Housing Inaccessible for Many Citizens
Author: Patricia Castañares
Source: El Periódico

Most people interested in buying or renting a home in Barcelona are eagerly waiting for a potential price adjustment that might suit their budgets. However, the first quarterly reports from major real estate platforms offer mixed news to hopeful buyers. In terms of property sales, Idealista reports that the prices of its thousands of listings have stabilized over the last three months (averaging 4,063 euros per square meter), with declines in half of the districts. In Fotocasa’s listings, price drops in the second-hand market affect only two districts, resulting in an overall average increase of 2.8% across the city. For rentals, according to Idealista’s report this Wednesday, there has been an average increase of 0.7% over the quarter, reaching 18.4 euros per square meter in the Catalan capital, with reductions in only two areas.

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The data indicate that the real estate market remains strong, despite some forecasts pointing to gradual adjustments in sale prices, as the rising cost of mortgages is expected to slow down market activity. On the other hand, the shrinking stock of rental apartments keeps this segment booming, further strained by the demand from those who, unable to secure a mortgage, are turning to the rental market.

According to Idealista’s report, in the first quarter of the year, property sale prices have decreased in Gràcia (1.2%), followed by Eixample, Sant Martí, Sarrià-Sant Gervasi, and Ciutat Vella, all by less than one percentage point. Prices have increased in the rest, 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 price of the cheapest, Nou Barris (2,418 euros).

Meanwhile, Fotocasa sets the city’s average price at 4,425 euros per square meter, noting reductions only in Eixample and Sant Andreu, both under 1%. For the entire region of Catalonia, they report a quarterly increase of 2.5%, and for the province of Barcelona, 2.3%.

Rentals 19% More Expensive Than a Year Ago

Idealista’s analysis of rental trends, despite indicating a quarterly rise of 0.7%, also highlights two significant facts: rents in the city are now 19.1% higher than a year ago, but they decreased by 0.8% over the last month. It remains to be seen whether this marks a turning point, although their spokesperson, Francisco Iñareta, states that the government-imposed limits on rent increases have helped those with existing contracts, but “have posed a major challenge” for current seekers. He attributes this to many apartments being withdrawn from the market as owners find the political intervention excessive, leading to skyrocketing prices for the limited available stock.

According to their data, rental prices decreased only in the upper area (4.9%) and Ciutat Vella (2.8%) over the quarter. However, the center of Barcelona remains the most expensive district per square meter, at 20.8 euros.