Barcelona is one of the world’s most important urban centres. The real estate market in Spain’s second largest city saw positive growth in 2018, due to the strong interest from international investors and many new construction projects in districts outside the city centre. “While prices stabilised at a high level in the city centre, they rose by 12 percent in the suburbs,” said Oriol Canal, Managing Director of the Engel & Völkers Market Center Barcelona.
The exclusive neighbourhood of Pedralbes is located in the central Les Corts district. In 2018, properties sold here reached a maximum of 14,000 euros per square metre. In this prime location, buyer interest is focused primarily on detached homes spanning some 700 square metres with large gardens offering absolute privacy and views of the city. The area is particularly popular for many top athletes. Foreign buyers dominated the market in Les Corts, with the majority of prospective investors coming from the USA, Russia, Romania, Ukraine and Switzerland.
The district of Sarrià-Sant Gervasi is located in the northwest of the Catalan capital. Many different property types can be found here, ranging from penthouses through to large detached mansions with gardens. Last year the majority of buyers were Spanish citizens, but there was also interest from international buyers in residential property here. Buyers from abroad were particularly interested in exclusive properties on the market for over 3 million euros. Engel & Völkers also brokers the most expensive and high-profile new construction developments in its portfolio in this district. Prices for these new building projects reached up to 13,500 euros per square metre.
The district of Eixample is known worldwide for its Casa Milà, Casa Batlló and the buildings of the Spanish artist Antoni Gaudí. Its central location makes Eixample particularly attractive among international investors. Chinese nationals made up the largest buyer group in 2018, followed by the French, Americans and Poles. The most sought-after avenues in this area include Passeig de Gràcia and Rambla de Catalunya. Passeig de Gràcia is one of Barcelona’s most prestigious main thoroughfares and is famous for its notable art nouveau buildings. Properties here commanded top prices per square metre of up to 12,000 euros.
Very close to the beach, San Martí boasts exclusive residential complexes, congress and shopping centres. Interest from prospective buyers here tended to focus on spacious and modern freehold apartments with sea views. The former industrial area of Diagonal Mar, which forms part of the San Martí district, has seen regeneration in recent years turn it into one of the most premium residential areas in the Catalan capital. The location is also popular with international clients as a result. Real estate prices here peaked at as much as 11,000 euros per square metre.
Engel & Völkers anticipates that the residential property market will continue on a positive course of growth in the coming years. The ongoing rise in demand from international and national buyers will lead to further price increases. “Barcelona’s suburbs saw the biggest price rises last year. On the back of this, we expect sale prices for homes on the outskirts of Barcelona to increase further by ten percent in 2019. This could, in turn, result in higher demand for properties in central locations once again,” said Oriol Canal.
More information about Barcelona’s residential property market can be found in the “Market Report for Spain 2018-2019”, published by Engel & Völkers.