New Development Sales Soar in Barcelona

Driven by a surge of transactions in Barcelona, new development property sales across Spain soared in the first four months of 2019, according to the latest market review from agents Lucas Fox.

The brokerage found that between January and April, sales of new homes nationwide more than tripled compared to the same time frame last year.

In Barcelona, sales increased nearly eightfold compared to the same period in 2018.

The increases logged in the east coast city are thought to be the result of the completion of a number of new construction projects.

“It’s been an excellent start to 2019 for new homes,” Joanna Papis, head of new developments at the firm, said in the report. “Scores of sales in Barcelona that had been in the ‘offer’ stage were completed in the year’s first quarter, and regions such as Girona, Sitges and Marbella will also see a good end to the year where many deals will finally be signed off.”

Buyers of new homes are primarily local, with Spanish buyers responsible for 30% of new development sales. But there has been a “major surge” in the number of buyers from the Middle East and the United States, who represent 23% and 5% of sales, respectively,  buying luxury homes.

Like transactions, prices of new homes are creeping up, too. The average price of a new property sold by Lucas Fox rose 23% to an average of €1.06 million (US$1.19 million) between January and April from €868,909 at the same time last year, the report said.