Luxury housing becomes 6% more expensive in 2022 with the French as 'top' buyers

The luxury real estate sector in Barcelona closed 2022 showing its resilient character and consolidating its importance as a refuge value. The high-end residential segment continues to be one of the favorites of large portfolios looking for a safe investment with stable profitability that does not depend on macroeconomic factors. Luxury housing in Barcelona has increased its average price by 6%, an indicator that has been the main driver of the number of operations registered during the year in this segment.

Regarding the average profile of real estate demand in this luxury market, this year the foreign buyer has stood out above the national, with French citizens being the most interested in acquiring properties from 1 million euros.

The most sought-after homes are those with large terraces or patios and are located in buildings with gardens or communal areas. And it is that properties with exterior elements are much more attractive after the pandemic, so those that do not have them are the most sensitive to a reduction in their publication price so that their sales periods are not so long.

The regions with the most high-end real estate interest in the province of Barcelona are: Barcelona, Esplugues de Llobregat, Sant Just Desvern, Valldoreix, Sant Cugat, Sitges, Castelldefels and Sant Andreu de Llavaneres.

2023 will be an excellent year for the luxury real estate market. Housing will continue to be the best option for those families who wish to protect their savings and increase their quality of life by acquiring a property with better benefits. On the other hand, there will continue to be an upward trend in buyers who are currently renting and want to own their own home, especially foreigners who, after living a year renting, make the decision to buy because of their desire to continue residing in Spain.

In conclusion, the forecasts for 2023 prices will remain stable and with slight increases in the premium segment. The increase in the cost of financing will make supply more balanced with demand. For this reason, the evolution of the real estate market, marked by instability, will surely be related to the duration of the war in Europe.