Despite an increase in the average time it takes to sell a home, a trend that aligns with the current market conditions, home prices have remained stable or have even risen in most neighborhoods of the city. This data, provided by Housfy, spans the period from when a property is listed for sale to when the sale is finalized.
Noteworthy are the neighborhoods of Gràcia and Horta-Guinardó, where homes sold on average in just over a month in 2023, marking a quicker sale pace than in 2022. In Gràcia, homes were sold in an average of 31 days, representing a 25.3% increase in speed compared to the previous year. Horta-Guinardó witnessed an average sales period of 37.5 days, 22.7% faster than in 2022. These statistics reflect the dynamics of supply and demand as well as the negotiating prowess of sellers.
Conversely, in other parts of the city, the timeframe for selling homes has lengthened. The most modest increases were seen in Sarrià-Sant Gervasi (30.5% longer), l’Eixample (33.3%), and Les Corts (35.6%). However, a significant slowdown was noted in Nou Barris and Ciutat Vella, with the average time to sell a home increasing by 162.5% and 189.7% respectively, compared to 2022.
These trends indicate a cooling in market demand, spurred by rising interest rates and stricter financing conditions. “2022 began with a negative Euribor and concluded with it exceeding 3%,” recalls Irene González from Housfy. She points out that individuals lacking adequate purchasing power have deferred their buying decisions, hoping for the market to stabilize—a trend that persisted through 2023.
PBASpain is ready to guide you through every step of buying a house in Spain.
Our team of experts offers:
- Help in finding the perfect home that meets your criteria.
- Assistance during viewings and negotiations.
- Legal advice and help navigating the Spanish legal system.
- Assistance in obtaining a mortgage and other financial arrangements.
- Support in handling all necessary documentation and registration processes.
Nevertheless, the prices of existing homes have surged in most areas of Barcelona, as evidenced by both official statistics and Housfy’s findings. Although foreign investment has contributed to price escalations, González suggests that the market might adapt to the higher interest rates, leading to a stabilization of prices without a significant downturn.
Making long-term forecasts remains challenging, given the myriad of political, economic, and demographic factors at play. Across Catalonia, the average time to sell a property in 2023 was 62 days, in contrast to a national average of 63 days and 50 days in Madrid.
Bron: Housfy
See also:
