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June 27, 2016

New residential real estate in Barcelona may soon be exhausted

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New residential real estate in Barcelona may soon be exhausted

The census of new housing in the province of Barcelona showed minimal results. The stock of new buildings decreased by 73.3% compared with 2014: from 2,719 items available for sale in that year, are on sale currently only 725, according to data obtained by the Evaluation Society ST. This reduction of stocks of residential property in Barcelona suggests that the availability of these facilities can be exhausted in less than a year.

 

"If the current rate of purchase of new housing will continue, its stock can be completed in a period of 12 months in the province of Barcelona and within 14 months in the city of Barcelona," said the general manager of the official valuation company ST, Juan Fernandez Aceytuno.

Over the past two years, some 2,068 new homes were built in Barcelona, ​​which led to a total supply of 2,793 apartments and residential houses that means a net increase in stock at 2.7% compared to 2014.

In the city of Barcelona, ​​of the 917 new homes for sale recorded in the census of 2014, there is on sale now 215 of them, which means that 82.5% of the new real estate objects were sold during two last years. In addition to these new homes that are for sale from 2014, there have been added more than 857 new units in the last two years, so that the current proposal is of 1,072 new homes and apartments in Barcelona. Therefore, the net increase in the total number was by 16.9% compared with 2014, according to the census of the evaluation agency ST.

Fernandez Aceytuno also highlighted changes in the composition of the stock of the new real estate in Barcelona, ​​compared to the census of 2014: "In the city of Barcelona increased the number of houses in the initial stage of construction, in this case by 150% compared to 2014, according to the data. For example, while in 2014 the completed housing stock accounted for 50.4% of the total, it is only 19.2% in 2016".

The report released by the rating agency ST also reflects a significant change in the average size of new residential property in Barcelona. While in 2014 residential apartments and houses under 100 m2 accounted for 67.7% of the proposals, now their share is 47.6%.

Similarly, in 2016 the new housing objects in Barcelona have a higher average price than in 2014. This is because a house in Barcelona of worth more than 300,000 euros accounted for 26% of supply in 2014, but in 2016, they received a share of 35.3%. According to the CEO of the company ST: "It is possible that this change in the distribution of sizes and prices of new homes in Barcelona is the result of increased demand for smaller residential properties, whose construction has already been completed."

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