New houses and developments in Barcelona
New developments in Barcelona
Currently, there are more than 180 new construction developments in the city of Barcelona. According to data published by the Ministry of Transport, Mobility and Urban Agenda, the value of the square meter in Barcelona rose by 4.8% in the last quarter of 2021, reaching just over €3,300/m². In fact, it is in second place in terms of the most expensive provincial capitals in Spain, only behind San Sebastian (€4,088/m²). Madrid (€3,127/m²) and Bilbao (€2,850/m²) follow.
The average price per square meter of the top 10 districts in Barcelona is: Ciutat Vella at around €3,550/m²; Eixample at just over €4,000/m²; Sants-Montjuïc at around €3,150/m²; Les Corts at over €4,200/m²; Sarrià-Sant Gervasi at over €4,600/m²; Gràcia at almost €4,000/m²; Horta Guinardó at around €2,900/m²; Nou Barris at around €2,350/m²; Sant Andreu at around €2,900/m²; and Sant Martí at around €3,300/m².
Which areas of Barcelona have the highest amount of new developments?
Currently, the districts/neighbourhoods with the highest volume of developments are Horta Guinardó, Eixample, Sant Martí, and Ciutat Vella.
In which coastal areas are the main developments located?
The most prominent developments in the coastal area are located in the neighbourhoods of Sants Montjuic, Ciutat Vella, and Sant Adriá.
What factors influence the purchase price of a new property in the city of Barcelona?
In general, the price per square meter depends on the real estate situation of the area. Therefore, supply and demand dictate the final prices, as it happens in the rest of Spain. It is worth noting that Barcelona is the second most populated city in Spain and can boast of the same position in terms of the number of tourists in the country. The almost 2 million inhabitants of the city and the more than 12 million annual tourists interfere in the global economy, including the real estate sector, and therefore in the prices of new construction homes.
Regarding the characteristics of the property, the location, orientation, square meters, construction materials, and finishes define the final cost of the property.
Other elements that affect the value of newly built properties are the common areas of residential buildings and their facilities. These include solar panels, centralized heating and air conditioning, whether it has a garage and storage room, as well as extras such as a swimming pool, outdoor sports facilities, or a playground.
What is the new construction real estate market like in the city of Barcelona?
According to the Ministry of Transport, Mobility, and Urban Agenda, the total number of transactions for new construction homes was 741 in 2019, 767 in 2020, and 1,040 in 2021. Despite the increase in demand and purchases, prices have remained stable. The same Ministry indicates that the final average value of these acquisitions was around 305,000 euros in 2019, 315,000 euros in 2020, and 300,000 euros in 2021.
These data confirm the good acceptance of this type of property in the city, both by Barcelona residents and foreigners and investors. New construction developments have positioned themselves as one of the best real estate options, thanks to their competitive prices, excellent locations, and advantages offered by the relevant construction and real estate companies.
What benefits do new developments offer compared to second-hand properties in the city of Barcelona?
The perfect indicator of the preference for new construction homes over second-hand ones is that it is one of the Spanish cities with the most supply of brand-new homes. These homes are highly valued because the guarantee they offer to make modifications or customizations before handing over the keys is one of the main reasons why they are chosen over second-hand homes. The latter usually require some type of partial or total renovation before moving in, and not everyone has the time and resources to do so.
In addition, the current construction materials and finishes are much superior and more energy-efficient than in the past. Regarding the latter, it is worth noting the installation of solar panels and insulating materials as differentiating elements that will reduce monthly electricity and gas bills.
Where to buy new developments in the city of Barcelona?
Most of the new construction homes in the city of Barcelona are located in the 4 most prominent districts:
- Horta Guinardó. In this area, it is possible to buy a property starting at 180,000 euros for a 3-bedroom, 70-square-meter apartment, up to over 700,000 euros for a 160-square-meter duplex.
- Eixample. This area is home to one of the most iconic monuments in the city, La Sagrada Familia. This makes it the most expensive neighborhood in the entire city of Barcelona. The cheapest property is a 60-square-meter apartment for 360,000 euros, up to 1,900,000 euros for a penthouse with terrace, three bedrooms, and 160 square meters.
- Sant Martí is located on the coast and on Avenida Diagonal in the city of Barcelona. Prices start from 198,500 € for a 58 m² apartment, exceeding 750,000 € for a property with two bedrooms and about 125 m².
- Ciutat Vella includes the Gothic Quarter and El Raval. In this area, you can buy a 50 m² apartment for 255,000 €, a 96-square-meter duplex for 850,000 euros, or a 119-square-meter house for 1,290,000 euros.