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June 17, 2016

The growth of sales of real estate in Barcelona

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The growth of sales of real estate in Barcelona

If the real estate sector in Spain is recovering at two speeds, in the case of Barcelona’s real estate market we can speak about a very high growth rate, where the number of transactions of purchase and sale of real estate increased by 33% in the first quarter of this year compared with the same period last year. "The increase in sales in the city of Barcelona shows a clear upward trend, which according to some data is even approaching the pre-crisis level of 2007 year" says Joan Ollé, director of a real estate agency and president of the association of professional real estate agents of Barcelona, API. "We are talking about 16,000 purchase and sale transactions in the province of Barcelona," he said.

The current market dynamics generally indicates an increase by 10% per month in some areas of the country where demand is particularly high. And that is what is happening especially in big cities like Barcelona, ​​where demand is clearly higher than in other parts of Spain. "If the growth rate of real estate sales continues so for the next three years, we can achieve the 2005 data, in which the largest number of transactions was recorded," explains Ollé.

In addition, the president of the Association of API emphasizes that the demand for real estate in Barcelona has a high investment component. "About 30% of sales transactions are conducted with the participation of investors, who observed that prices began to rise again and therefore, they can get higher profitability," said Ollé. The main investors are persons who carry out the large-scale operations, but there are also medium and small investors. "Moreover, foreign buyers represent an important part of real estate operations, but the domestic buyer is being noted in the market," says Ollé.

In addition, most of the areas of tourism and recreation in Catalonia, where investors prefer to buy a second property, recorded an increase in real estate prices. In particular, Gava, Blanes and Palamos lead the ranking of growth in property prices near the sea in Catalonia.

A total of 15 of the 22 coastal municipalities of Catalonia, analyzed in the report prepared by the appraisal company Tinsa, recorded an annual growth of prices in the first quarter of 2016, three times higher than last year. Gava with an increase of 13.2%, Blanes, with 12.8% and Palamos, with 12.1%, are the coastal municipalities where the average property value has increased more during the last 12 months. The largest increase in the district of Barcelona and in Premia de Mar, 9.2% and 6.6%, respectively, close this group.

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