On 31 July 2015 the price of sqmt of residential properties second hand increased by +0.4% in one monh on average in Spain and + 0.6% on Barcelona (source: Idealista).
On year over year trend, the price of sqmt in Spain is still declining (-1.2%) but Barcelona, prices have increased by + 6.2% in the last 12 months to reach: € 3,313 /m2 in July 2015.
In Barcelona, the drop in prices after the 2007/2008 crisis was -30.4%: from € 4,732 / m2 at its maximum at € 2,957 / m2 has its minimum. Today, the recovery is + 11.4% since the minimum.
The prices are still very attractive in Barcelona, the recovery will not be fast, the Investors therefore have the time to make their choice.
Economic indicators are now green in Spain with a GDP growth 2015 revalued upwards at 3.1%.
This new economic cycle cannot be clearly seen due to the high level of unemployment (22.5% of the population) and the lack of household liquidity.
However the number of domestic buyers of residential properties is increasing. Home loans (May 2015/2014) have recorded an increase of +10.9% which is a clear sign of recovery. The number of job seekers is also descreasing: -8.3% over the last 12 months.
17% of residential buyers in Spain are foreigners. The first buyers are from UK, then comes
French, Germans and Belgians.
If you wish to invest in Barcelona or Sitges, please contact us.