Barcelona house prices rise 13% in first quarter of 2018
Report by real estate company Tecnocasa indicates that properties on sale in city are "overpriced"
House prices in Barcelona rose by 12.86% during the first quarter of 2018, compared to the same period the previous year, according to a study by real estate company Tecnocasa.
Investment in Barcelona has also decreased due to the increase in prices, as people look to buy in other towns within the metropolitan area.
House prices in the capital are now at the same level as in 2009. "Barcelona has advanced two years more than the average city, with house prices rising faster," said Lázaro Cubero, director of analysis and reports and Tecnocasa at the presentation of the study on Wednesday.
"Overpriced"
The report also indicates that properties on sale in the city are "overpriced" by 18% of what they are actually worth. This is due to sellers putting houses on the market at a higher price with the expectation that it will rise, the study says.
Despite this, there have been "discounts" as people have to make "greater efforts" in order to sell in the Barcelona.
Barcelona's housing market is showing "signs of tiring." Most houses sold in the capital are first properties, with less than 30% of them being bought up by investors.
Buying as an investment has decreased compared to previous years due to the increase in prices, and the fact that Barcelona is not "as attractive" as it has been in the past.