Quarterly Report on the Real Estate Market in Sant Martí, Barcelona – Q3 2023
By Real Estate Gumper API
I. Introduction
The third quarter of 2023 has marked a new stage in the real estate market of Sant Martí, Barcelona. Despite certain challenges, demand and supply remain significant. This report details the key aspects influencing the market and provides a detailed view of the socioeconomic environment, real estate activity, housing prices, and the mortgage market situation.
Executive Summary (Q3 2023): the real estate market in Barcelona in 2023 shows a moderation in sales, a more demanding mortgage environment due to high rates, and increasing pressure on rentals due to lack of supply. In Sant Martí, demand remains strong thanks to its residential appeal, proximity to 22@, and good connectivity, which supports prices and dynamism despite the overall market adjustment.
II. Socioeconomic Environment
2.1 Population and Households
In 2023, Catalonia has experienced a population increase, reaching 7,970,295 inhabitants, with an annual increase of approximately 134,000 inhabitants. The number of households has reached 3,127,420, with an average of 2.55 inhabitants per household. These data reflect an upward trend in household formation and suggest an increase in housing demand.
2.2 Employment and Wages
Although the unemployment rate has slightly increased to 8.5%, the number of employed has reached record levels in recent years, registering 3,716,400 employed persons. Wages have experienced a year-on-year increase of 5.6%, which could positively contribute to housing purchasing power.
2.3 Economic Activity and Prices
Sant Martí is one of the districts with the highest real estate interest in Barcelona for combining consolidated areas (such as Poblenou, Clot, or Camp de l’Arpa) with areas undergoing urban transformation linked to 22@. This mix of traditional housing, rehabilitation, and new construction makes the district very attractive for both national buyers and investors.
In addition, the proximity to the coast, the improvement of public space, and the presence of technology companies explain why Sant Martí is usually among the districts with the highest demand within the Barcelona real estate market 2023.
Despite an economic growth of 5.5% in 2023, a slowdown is observed compared to previous years. Inflation has risen to 3.4%, and although interest rates remain at 4.5%, some stability is expected. The profitability of housing, with a year-on-year increase of 1.64%, is below other investments, such as 10-year government bonds and the IBEX-35.
III. Real Estate Activity
3.1 Sales and Types
This decrease in sales does not necessarily imply a sharp drop in prices, but rather a cooling of the pace of transactions due to the rising cost of financing and greater buyer caution. In Barcelona, and especially in high-demand districts like Sant Martí, the scarcity of available supply continues to act as a supporting factor for prices.
In the third quarter, 21,613 sales were recorded in Catalonia, showing a quarterly decrease of -10.7% and a year-on-year adjustment of -19.9%. Used housing continues to lead transactions with 84.55% of the market, while new housing represents 15.45%.
3.2 Sales by Foreigners
Despite declines in absolute terms, foreign demand remains strong, representing 16.4% of sales in the third quarter. This trend has been more pronounced in Girona, with 30.6%, followed by Tarragona (16.4%), Barcelona (12.5%), and Lleida (9.6%).
3.3 Rental Housing
In the case of Barcelona, the rental market in 2023 has been conditioned by very intense demand (young people, families, displaced workers, and international profiles) against an increasingly limited supply. The combination of regulation, perceived legal insecurity by some landlords, and the rise of temporary rentals has contributed to reducing the available stock, further straining prices.
This situation explains why, even with less published supply, the average asking price continues to rise: the imbalance between supply and demand has become structural in Barcelona.
The rental market shows persistent problems, with a reduction in supply and an increase in prices. The average rent has reached €830, and there is a decrease in rental offers, which has led to an increase in the average asking price to €1,913 with a year-on-year increase of 12.4%.
IV. Housing Prices
4.1 Price Evolution per m2
In districts like Sant Martí, the price per m² tends to remain at competitive levels compared to prime areas like Eixample or Sarrià-Sant Gervasi, but with greater potential for appreciation in certain neighborhoods. Proximity to employment zones (22@), connection to the center, and urban renewal explain why many buyers consider Sant Martí as one of the areas with the best balance between quality of life and growth potential.
The price per square meter of housing has experienced a slight quarterly increase of 0.2%, standing at €2,430/m2. In new housing, the price has reached €2,625/m2, while in used housing it has been €2,391/m2.
4.2 Appraised Price and Variations
The appraised price of housing has experienced a reduction of -0.7%, accumulating a year-on-year increase of 1.5%. The housing price index from INE records a quarterly rise of 1.8%, with a year-on-year rate of 3.2%.
4.3 Housing Supply for Sale
The offered price per m2 of housing for sale has shown a quarterly decrease of -1.9%, standing at €2,438/m2. The average price for free housing has experienced a year-on-year increase of -2.5%, standing at €217,164.
V. Mortgage Market
5.1 New Mortgages and Indebtedness
The key factor during 2023 has been the direct impact of high interest rates, which have reduced purchasing power and tightened access to financing. This has caused many buyers to delay decisions or negotiate more on price, while others have opted for used housing instead of new builds. In Barcelona, this situation has affected the volume of transactions more than the price, due to high structural demand.
In the last twelve months, 72,075 new mortgages on housing have been registered, showing a quarterly decrease of -4.7%. The average mortgage indebtedness per square meter has been €1,741/m2, with a quarterly decrease of -0.9%. The loan-to-value ratio remains stable at 73.91%.
5.2 Mortgage Distribution
75.6% of housing sales have been made with a mortgage, with the province of Barcelona having the highest weight at 85.4%.
VI. Conclusions and Future Perspectives
Despite certain challenges in the real estate market of Sant Martí, Barcelona, the favorable socioeconomic environment and strong foreign demand provide significant opportunities. The mortgage market is expected to remain stable, and the evolution of housing prices will depend on the market’s ability to adapt to changes in supply and demand.
Outlook for 2024 and 2025: if interest rates stabilize or begin to moderate, the volume of sales is likely to gradually recover. However, the evolution of the real estate market in Barcelona will continue to be heavily influenced by the lack of available housing, population growth, and rental pressure. In dynamic areas like Sant Martí, investor interest and residential demand could continue to sustain activity and prices in the medium term.
To obtain a free online appraisal of your home in Sant Martí, Barcelona, we invite you to use our Free Home Valuator.
References:
- Free Home Valuator
- Data from the quarterly real estate market report Q3 2023 API.
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