The Barcelona real estate market has closed the first semester with an investment volume of 1,143 million euros. This figure represents a drop of 34% compared to the same period in 2022, but it is 9% above the average registered in the last five years.
The drop in investment in Barcelona is much lower than the year-on-year drop recorded in Europe, 56%, with 74.3 billion euros transacted. This trend is widespread, with most markets seeing declines ranging from 40% to 70%. The Nordic Countries and Italy are the ones that have registered the greatest decreases in investment, with 65%, followed by Germany and the Netherlands (-63% and -60%) and France and the United Kingdom (-52% and -49%) . In Spain, investment volumes have fallen by 47% compared to the figures for the same period last year.
«The solidity of Barcelona's fundamentals has allowed the Catalan market to fall less steeply than most European cities. The stabilization of the financial markets and the control of inflation will cause a reentry of capital in the coming months. However, it is possible that a large part of the transactions will end up consolidating in 2024.
The hotel segment has led the investment with 462 million euros, doubling the figure registered up to June 2022 and increasing the average of the last three years by 54% (299 million euros). The main transactions this semester have been the purchase and sale of the Mandarin Oriental Barcelona and the Hotel Sofia Barcelona, with a combined value of approximately 380 million euros.
«The rise of the luxury segment is being even more noticeable in Barcelona than in the rest of Spain. In fact, 5* and 5*GL hotels have accounted for 96% of the total transactions from January to June.
The Barcelona market has concentrated 33% of the volume transacted at a national level, with five operations and close to 1,000 rooms.
The second segment in investment volumes has been living, with 262 million euros. This figure represents a 68% drop compared to the first half of the previous year, an exceptional period due to the closing of the sale of 1,500 rental homes by BeCorp to Patrizia for 600 million euros.
The office market has positioned itself this semester as the third asset class in terms of investment volumes, with 76 million euros, practically 50% of the national investment in this sector. In Barcelona, the market with the highest volume of investment has once again been 22@ & FM, with 37% of the total invested in the city. The sale of the 'Binar' office project to the insurance company BanSabadell Vida took place in this area, the operation with the highest volume of the quarter. This market is closely followed by the City Center, with 34% of the investment, where Meridia's purchase of the Océano building, a 5,500-square-meter office complex, has stood out.
Regarding the profile of the investor in the office market, this semester the domestic investor has predominated especially, monopolizing 50% of the activity. In parallel, MidCaps operations (with volumes between one and ten million euros) have gained ground, representing half of the transactions in this second quarter.
The office segment was followed by industrial & logistics, with an investment of 149 million euros and a drop of 22% compared to the same period last year. Retail, for its part, has registered volumes of 29 million euros, 82% less than the first half of 2022.
During the first half of the year, the behavior of the Healthcare vertical has especially stood out, which, although it represents only 2% of the total investment in Barcelona, has grown considerably compared to the first half of 2022. Specifically, this segment closed the first semester with an investment of 22.2 million euros.
In general terms, a slowdown in the Spanish economy is expected in the coming months, with the consequent impact on the real estate market, and a reactivation of activity in the first months of 2024.
Brainsre.News
