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Catalan’s capital is Spain’s second-largest city with 3,160,000 million inhabitants and ranks after only Paris on the list of most densely populated European cities. The Mediterranean lifestyle and the unique Art Nouveau architecture have attracted an ever-expanding population with a growing community of ex-pats who make up 14% of inhabitants.
Barcelona Real Estate Market
Barcelona has not experienced the same turbulence as other international luxury hotspots. A stably rebounding market, attractive fixed-term mortgage rates and Spain’s Golden Visa program make it an intriguing option for buyers interested in establishing a long-term investment. Throughout the past 12-18 months, prices in the luxury market have rebounded by 7-8% on average.
“A total of 896 properties transferred ownership in 2021 thanks to Engel & Völkers Barcelona. Compared to previous years, this figure has risen considerably. In 2022, we expect a rise in demand from international clients for existing properties and new constructions. In an environment of ongoing favorable mortgage rates, this will lead to an increase in real estate transactions. January and February have already been two very strong months. The number of properties in the rental division has decreased as new legislation has introduced a maximum price index. However, we are able to maintain our positive results here as well.”Joan Canela, Sales Director, Engel and Völkers Barcelona City Centre
Neighborhoods to Watch
Located at the very center of the city, Exiample is known for its modernist flare, marked by stylized buildings with sloped corners that dot many squares. Particularly sought after are the residential areas near the two magnificent boulevards Rambla de Catalunya and Passeig de Gràcia where the world-famous Gaudí palaces “Casa Milà” and “Casa Batlló” are located. The most popular properties in Eixample are multi-bedroom penthouses and apartments ranging from 968 to 1,400 square feet.
The district of Sarrià-Sant Gervasi is situated in northwest Barcelona, and houses a population boasting the highest per capita income of any district. Two neighborhoods in particular, Galvany and Bonanova, have sustained high levels of interest. Galvany is the original center of the district while Bonanova is a newer residential area. The prestigious area offers homes with expansive communal areas and gardens—a selling point for buyers.
Les Corts is home to exclusive, private properties with immaculate views of the surrounding mountain scenery, the city and the sea. Avenida Diagonal’s numerous business headquarters, hotels and luxury boutiques make this neighborhood synonymous with a luxury lifestyle. The Pedralbes neighborhood in western Les Corts is especially desirable among families.
Gràcia and Horta-Guinardó
Despite being further from the city’s center, northern districts Gràcia and Horta-Guinardó have become increasingly popular for their abundance of green, open spaces and pedestrian areas. Gràcia is home to the famous “Park Güell” by Antoni Gaudí, a haven of recreation and vibrant area with many galleries, bars, restaurants and artisanal shops. Large homes with amenities such as gardens, balconies and terraces have attracted an influx of buyers.
Ciutat Vella and Sant Martí
The demand for real estate in Ciutat Vella and Sant Martí is especially high among local clientele. Renowned for its deep ties to the local culture, the arts and history, Ciutat Vella attracts homeowners with these or similar interests. Alternatively, Sant Martí features an attractive portfolio of already-built, modern residential communities and space for new developments. Not only that, Sant Martí also offers the highest number of beaches of any neighborhood.
Each neighborhood of Barcelona has slightly different property values. The most desirable neighborhoods, inclusive of Eixample, Sarrià-Sant Gervasi and Les Corts, offer luxury apartments that sell for between $5,500,000 USD and $6,600,000 USD. Overall, the average price per square foot is $418 USD.
Property Trends in Barcelona
Bigger is better. Many buyers are seeking larger homes situated on larger plots of land. Properties within many of Barcelona’s suburban neighborhoods meet these criteria while, at the same time, providing appealing proximity to beaches and other outdoor recreational spaces. Properties with significant outdoor living areas like pools, terraces and gardens, will continue to be the most popular amongst potential buyers.
The Next Newest Thing
The number of transactions and the sales volume of newly constructed homes indicate extraordinary interest, which rose by more than 30% in 2021 as compared to the previous year. Apartments ranging between 1,075 and 1,295 square feet are in especially high demand.
Engel & Völkers Barcelona
The most expensive property that Engel & Völkers Barcelona sold in the last 12 months is located in Pedralbes, one of the most desirable neighborhoods in Barcelona. The residence boasts views of both the city and the Mediterranean Sea. A large garden, spanning more than 16,000 square feet, features a heated outdoor pool with changing rooms, a veranda, an outdoor kitchen and a paddle tennis court. The property was sold for approximately $7,600,000 USD.
Record-setting New Build
Also in Pedralbes, in proximity to Collserola Park, lies the most expensive property currently listed by Engel & Völkers Barcelona. This new build has an exceptional location—simultaneously providing the privacy of its unique, natural surroundings and all the luxuries and conveniences of city life. The property’s south-facing orientation and large, picturesque windows ensure the interiors are soaked with natural light while framing fabulous views of the city and the Mediterranean Sea beyond.
For further information about the property market in Barcelona and/or referrals please contact:
Sales Director E&V Barcelona City Centre
Phone: Phone +34 637 349 912
Sales Director E&V Barcelona Metropolitan Area
Phone: +34 607 482 145