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Catalonia property market update |
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Barcelona has, once again, been nominated as the best city in Europe for quality of life in an annual poll of top European senior executives. It ranks first as the city seen to be doing the most to improve itself and fourth overall as the best city to locate a business today.
The city and province present a contrast to the stagnating situation in other parts of Spain. While the rate of increase is also slowing down, the typical new 99m2, 3 bedroom apartment now costs in excess of €600.000 – 9% more than in 2005 and double the 2002 price. Prices in the suburbs have gone up on average 11.7% over the last 12 months. New projects sell out more quickly than at any time since 2000, taking on average only 14 months. The number of new units on offer is down nearly 7% over last year due to lack of available construction sites, with the inner city showing the biggest decrease - 18% fewer new properties on the market than 12 months ago. 40% of the new offer is in Sant Martí, on the edge of Poble Nou. Prices range from €3.878/m2 in Sant Andreu to €13.625 in the Eixample. Prices for resale properties are traditionally 10% - 20% lower. Lack of accommodation in the inner city is putting pressure on the suburbs. Fully 44% of all new build for the province of Barcelona is concentrated in Sant Cugat del Vallés – only 20 minutes from the city centre by metro - with prices starting at €3.752/m2 for a 4 bedroom, 135m2 flat. |
