The number of apartments sold in L'Hospitalet and Baix Llobregat grows as prices rise

The number of apartments sold in L'Hospitalet and Baix Llobregat grows as prices rise

Despite the crisis trends and the threat of inflation, the number of apartments sold in L'Hospitalet and Baix Llobregat continues to grow. According to the latest quarterly economic report prepared by Llobregat Business Forum, this indicator increased by 25% compared to the months prior to the COVID-19 pandemic. And this is despite the fact that the cost of new buildings also continues to grow. In the first half of this year, it has risen by 2.5% compared to the first quarter of 2019.

While these trends are positive, professionals do not risk predicting the future of the real estate market in these areas after interest rates have risen by 0.5%. This increase is expected to have a direct impact on Euribor, the benchmark mortgage rate. "Due to the high level of economic uncertainty, we cannot predict the future development of the local real estate market," the representative of Llobregat Business Forum admitted.

Although experts cannot predict what will happen in the real estate market in the next six months, the situation remains positive. According to a study by the Association of Entrepreneurs of L'Hospitalet and Baix Llobregat (AEBALL), 3,448 purchase and sale transactions were concluded in L'Hospitalet and Baix Llobregat from April to June.

The data confirms that during this period, a quarter more residential real estate was sold than in the first quarter of 2019, when 2,755 transactions were made. If we compare the results of the second quarter of 2022 with 2021, we can see that the final growth decreased slightly – 18.7%.

The cities with the greatest sales growth (in order from the largest to the smallest number of units sold) are available in the following list:

  1. L'Hospitalet (222).
  2. Cornellà de Llobregat (95).
  3. Molins de Rei (62).
  4. El Prat and Martorel (48).
  5. Castelldefels (43).
  6. Sant Joan Despí (40).

This growth is partially offset by negative trends in other cities of L'Hospitalet and Baix Llobregat, where real estate sales and purchases declined. This is true for Begues (-6.6%), Abrera (-52.5%) and Castellví de Rosanes (-50%), although only 50 deals were lost in absolute figures.

On the other hand, according to the semi-annual Report of the New Construction Market, the average price per square meter in these areas is €2,535. The report emphasizes that " in the first months of the year in all these cities, there was an increase in prices."

But the price growth is uneven. So, according to ST, in Sant Just Desvern (a city in Baix Llobregat), where buying new buildings is the most expensive, the price per square meter is €3,040, which is 2.4% more than at the end of 2021. It is followed by Esplugues de Llobregat (€2,916), Sant Joan Despí (€2,897), Castelldefels (€2,749), Cornellà de Llobregat (€2,518), Viladecans (€2,501), Gavà (€2,427), and El Prat de Llobregat (€2,359). In all these cities, there has been an increase from 2.2% to 3.1% over the past six months.

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