Luxury homes in Barcelona do not understand the crisis: more sales and rising prices
The residential segment of luxury homes in Barcelona is positioned as a driving force for the rest of the market. Proof of this is that purchase and sale operations rose 10% annually in the first half of 2023, according to the Report on the Spanish Real Estate Market. In this report, Barcelona, Madrid, Malaga and the Balearic Islands are identified as the most dynamic luxury markets (homes with a price greater than 2 million euros) within the Spanish territory. In these areas, transactions grew between 30% and 50% from one year to the next. Furthermore, in areas like Barcelona the increase reached 43%. As for prices, in global terms at the national level, they grew by 41%.
The results reflect the confidence and great purchasing power of buyers in the luxury segment of the market, who are less dependent on financing and can cope with rising interest rates.
Buyers in the luxury real estate sector are less sensitive to price increases than buyers in other segments and are guided more by confidence in their investments than by price and financial issues.
Spain has an increasingly mature luxury real estate market and at the same time is a country capable of attracting new international buyers, thanks to its mild climate and quality of life.
According to the report, the first half of 2023 has closed with around 13,000 luxury homes for sale published in Spain, with a price of more than 2 million euros. These represent 2% of the total supply of 650,000 homes on the market.
The supply of luxury homes is highly concentrated in a few regions, with 97% of the supply spread across only 5 of the 50 provinces. The province of Malaga, with Marbella in the lead, has the largest supply of luxury homes for sale with 4,416, closely followed by the Balearic Islands with 4,327, Barcelona with 1,304 luxury homes and Madrid with 1,230.
The most prominent areas of Barcelona continue to be the neighborhood of Pedralbes, Sarria-Sant Gervasi and Eixample Centro in the City of Barcelona, followed by the towns of Sant Andreu de Llavaneres, Sitges, Castelldefels, Gavá Mar, Matadepera, Cabrera de Mar, Alella , Esplugues de Llobregat and San Cugat.
Regarding the origin of buyers of luxury apartments, the majority are from the European Union, although there is also a notable presence of investors from the United Kingdom, America and Asia.
Barcelona brings together a unique combination of factors that make it attractive to the luxury real estate market. Its location, climate, culture, architectural design, investment programs and quality of life make it a desired destination for both investors and buyers of luxury properties, which has driven solid growth in this sector.
GEINBAR offers a personalized service for buyers from outside the European Union, with a specialized team focused on securing the best possible property for clients looking to benefit from the Golden Visa programme.