The price of rent in Barcelona rises more than inflation and exceeds pre-pandemic levels

BarcelonaThe price of rent in the city of Barcelona has shot up again. In the second quarter of this year, the average rent was 980 euros, with an increase of 10.3% compared to the second quarter of the previous year, according to official data from the Generalitat based on the deposits deposited with the Incasòl , the price indicator in Catalonia that most reflects the reality of prices. Thus, the average cost of rent already exceeds pre-pandemic levels and has risen by 10.3% in the last year, above the general increase in prices, since inflation in June in Spain was 10, 2% and in Catalonia 9.7%.

Average rental price

Price in monthly euros, average price in the second quarter of each year

The increase in prices is largely due to a decrease in supply. In fact, 11,443 rental contracts were signed in the second quarter of this year in the city of Barcelona, ​​when in the same quarter of the previous year there were 14,110. In other words, in one year there has been a decrease of almost 19%.

Compared to the previous quarter, the average rental price in Barcelona has risen by around 30 euros. Of course, evolution goes by neighborhoods. In the Ciutat Vella district, for example, the average price has become cheaper, and if in the first quarter it exceeded one thousand euros, in the second quarter it was below, by 966 euros. On the other hand, in the Eixample the price increased and went from 1,068 euros in the first quarter to 1,103 euros in the second quarter.

In Barcelona, ​​according to Incasòl data, the most expensive districts are Sarrià-Sant Gervasi (1,362 euros per month), Les Corts (1,133 euros) and Eixample (1,103 euros). At the other end, the districts with the cheapest rent are Nou Barris (714 euros), Sant Andreu (794 euros) and Horta-Guinardó (804 euros).

Less increase in Catalonia

In Catalonia as a whole, the average rental price has also risen and exceeds pre-covid levels. However, the increase has not been as exaggerated as that of the city of Barcelona and the increase has been almost 6.6% compared to the second quarter of last year. In other words, on average the rent in the Principality as a whole has grown less than inflation. The price of rent in Catalonia has climbed to 759.91 euros per month in the second quarter of 2022, while new contracts signed have decreased by 11.2% compared to last year.

And while the price of rent is rising, home purchases in Catalonia in July kept the pulse and increased by 2.1% compared to the same month of the previous year, according to the observatory of the College of Notaries of Catalonia. In the seventh month of the year, 11,371 sales were registered in Catalonia. Thus, not only did the purchase of flats increase compared to a year ago, but there were also more transactions than in June, when 10,492 were registered.

The average price per square meter for sales was 2,008 euros, an increase of 7.9%, well above the national interannual average of 0.3%, but, unlike rent, below the rent increase and inflation. Raquel Iglesias, vice-dean of the Notarial Association of Catalonia, points out that “these data indicate a slight increase compared to the same period of the previous year in terms of the granting of loans and the average price per square meter”. Regarding mortgage loans for the purchase of homes, the total number increased in July by 6.4% year-on-year, up to 8,601 operations. The average amount increased by just 1.1%. Specifically, it stood at 208,678 euros.