Apartments for sale in Galvany concentrate 70% of the demand for luxury housing in Barcelona
70% of the applicants for flats in the upper area of Barcelona look for the Galvany neighborhood as their first or second option, the area of Barcelona that has displaced Sarria and Pedralbes as the most desired by luxury home buyers in the city.
Very close to Galvany stand out Sarrià (63%), and at a considerable distance Bonanova (47%) and Tres Torres (25%).
Galvany also concentrates the largest number of homes for sale in the upper area: 40% of the 2,000 that are now offered in real estate and portals. Most of them come from inheritances or divorces, and that in the future it is possible that there will be more sales of entrepreneurs or managers affected by the crisis.
The pandemic has slowed down the rate of sales in the area, placing the average period to sell a home at six months. It has also adjusted prices. Rationality has been imposed on the market again: prices accelerated from the summer of 2019 and now they have returned to the level of then, around 5,000 euros / m2. The offer prices had reached around 7,000 euros / m2 in January-February, very high in contrast to the 8,500 euros / m2 for new construction in the area.
The pandemic has alienated the expectations of buyers (who seek steep discounts) and sellers, who are confident that the vaccine will normalize the economy in spring. But it is foreseeable that the transactions will stop in the coming months, until the situation is clarified. All in all, the negotiation margin has increased and the owners accept an average discount of 11% compared to 6% before the pandemic.
In the area, most buyers are young families who move from renting to buying, often with family help with entry. And investors, who are looking for a tight return, but without scares. What has changed the pandemic is the preference of buyers. Before they were looking for apartments with parking. Now what is essential is the terrace.