Barcelona property prices increased by almost 17%
Madrid holds 4th position, after Dublin and Shanghai
Two (!) Spanish cities can be found in the top 5 of world cities where house prices increased the most in 2018. Barcelona comes at the first position with an average growth of 16.9 percent in 2018, and capital Madrid came in fourth, with an increase of 10.2 percent.
Madrid and Barcelona, along with Dublin and Shanghai, where house prices rose 11.6 and 11.2 percent respectively, are the only cities in the world where real estate prices have risen more than 10 percent over the last year. These figures can be found in the fifth edition of the Global Living report from CBRE Global Investors, who analyzed house prices in 35 major cities worldwide.
‘Six of the ten cities with the largest growth numbers can be found in Europe. Three of them, Barcelona, Madrid and Dublin, faced significant falls in house prices during the economic crisis and took longer to recover after the recession. Now the recovery has definitely started and the growth is significant’, says CBRE.
Barcelona: from renovation to new construction
In Barcelona the activity on the housing market in recent years has mainly focused on renovation and refurbishment of old buildings. The most popular – and therefore the most expensive – neighborhoods in the city are Sarrià-Sant Gervasi, Eixample and Les Corts. Now that opportunities in these neighborhoods are falling, project developers are focusing more on areas in the periphery of Barcelona, CBRE says, although the construction volume is still lower than before the crisis. Prices for new construction have risen by 6 percent in the city in the last three years.
Madrid: price increases in the center and luxury suburbs
In Madrid the demand in the mid and high segment is in particular high. Prices are increasing a lot faster in the center of the Spanish capital and in the more luxurious suburbs. As a result, house prices in districts such as Salamanca, Chamartín and Chamberí are almost back to the highest level before the crisis.
Although the average prices throughout the city are still below those of 2008, the economic recovery is attracting more and more project developers and investors and building permits are increasing by 30 percent annually.
Most expensive city in the world: Hong Kong
Both Barcelona and Madrid are among the 25 most expensive cities in the world when it comes to real estate. Barcelona holds position 21 in the world ranking, with an average price of € 292,362, and Madrid ranks 24th with an average price of € 244,040.
The report shows that Hong Kong is currently the most expensive city for housing, with an average house price of € 874,372, followed by Singapore (€ 872,555) and Vancouver (€ 815,332).
Rental prices Madrid rise by 11.1 percent
When it comes to the growth in rental prices, Madrid is in second place worldwide with a growth of 11.1 percent, after Lisbon, where prices have risen by 20.9 percent.
In Barcelona, prices rose by 7.7 percent, putting the Catalan capital in fifth position worldwide.
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