Engel & Völkers has compiled a list of the 'top ten' streets that have set trends in the city
Pau Casals, Pau Alcover, Passeig Borbó, Plaça Concòrdia and Passeig Sant Joan are some of the most sought-after locations for property buyers
The average price of homes in the most sought-after streets of Ciudad Condal ranges between 4,000 euros / sqm and 10,000 euros / sqm
After a turbulent political situation that occurred in 2017, the first half of 2018 has managed to consolidate the main magnitudes of the sector and buyers have focused their preferences on ten streets that Engel & Völkers considers the 'top ten' trendiest addresses in Barcelona.
The most sought-after streets in recent months to buy a luxury home in Barcelona have registered average prices ranging between 4,000 euros / sqm and 10,000 euros / sqm.
Turó Park, Les Corts and Ciutat Vella, the 'Top' areas
Pau Casals boasts the highest property price listed by Engel & Völkers. With a price of 10,000 euros / sqm, which can rise up to 12,000 euros / sqm if the property is a new-build construction or a premium penthouse, it is the most desirable street in Turó Park, one of the most sought after areas of Zona Alta where you can find apartments up to 600 square metres.
In addition to this prestigious area, the districts of Eixample, Les Corts and Ciutat Vella continue to monopolise the preferences of the Engel & Völkers' customers along with the most emblematic stately homes in places such as Passeig de Gracia, Rambla Catalunya, and Enric Granados. Within very close proximity to all these areas, Passeig Sant Joan and Parlament, the most sought-after streets in Eixample due to having lower property prices than the previous ones, are around 5,500 euros / sqm and 4,800 euros / sqm, respectively.
Another popular district in Ciutat Vella is Passeig Borbó, with an average property price of 6,000 euros / sqm. The great advantage of this district, where foreigners -mainly French-, account for 70% of purchases compared to 30% of national customers, is its location in the heart of Barcelona, its proximity to the beach, and good transport links.
Plaça Concòrdia, with an average price of 5,700 euros / sqm, is the new trendy street in Les Corts. Being in the heart of the district, it is a quiet and family-friendly area highly sought by both local and international clients.
Around the same price range is Verdi (5,500 euros / sqm), undoubtedly one of the leading areas for buying a property in the most bohemian neighbourhood of the city. With the best amenities and services, mainly gastronomic and cultural, Gràcia maintains its identity as a town with a social cohesion in a central area that is the 2nd most populous district in Barcelona where another street like Gran de Gràcia has made a comeback.
Vallespir Street in Sants-Montjuïc, and Rambla Poblenou Street in Poblenou, complete the list of Barcelona's most sought-after streets by Engel & Völkers' customers in recent months.
"Looking ahead to the end of the year, we expect sale prices in Barcelona to rise slightly by around 1.5% compared to the end of the first half," predicts Oriol Canal, CEO of Engel & Völkers in Barcelona. This is an increase that will be 7% compared to the prices in December 2017.
The new-build properties will account for 20% of all sales until 2021
In the large Spanish cities in general and, in Barcelona in particular, there is great demand for new-build properties that cannot satisfy the scarce supply. This is the main reason for the price increase of the new-builds, which continue to be a great attraction for small investors who see this asset as a safe and profitable source of income, as well as for the end customers who mostly choose this type of property.
The average price of a newly built home in Barcelona stands at 595,000 euros, with an average price of 5,000 euros per square metre, which rises to 8,700 euros in the most popular areas, such as Eixample. Other districts that are highly sought by the Engel & Völkers' customers are the traditional Ciutat Vella and Gràcia, to which areas, such as Sants, Montjuïc, Nou Barris, Vallcarca and Sant Andreu have also been added. Demand has also grown in the outer areas of the city, such as Badalona, Hospitalet, Vallès and Baix Llobregat.
It is expected that in the next three years the percentage of new-build sales will rise to 20% in Barcelona compared to the current 9%.
For the first quarter of the year, the new-build and extensively renovated property buyers have been divided between 60.5% Spaniards and 39.5% foreigners. All of these buyers not only value culture and have high purchasing power, but they also know the city well.