Property Prices in Barcelona Fall

Recent property re-sale figures show a drop in resale housing prices in the Catalan Capital city Barcelona, for the first time since 2001. Research into the second quarter of 2007, conducted by Spanish property information portal Idealista, revealed that the price of property in Barcelona city and it’s surrounding municipalities have dropped by an average of 1.3%.

The results placed the average price per square meter of property in Barcelona at 4,285 euros (£2901) compared to 4,888 euros (£3309) as shown in the same report for the first quarter of this year.

While prices fell in all areas covered by the survey, the Les Corts district showed the most dramatic drop of 3.2%. Four other districts in the city showed a drop in excess of one percent, those being Ciutat Vella, Eixample, Sant Martí and Horta Guinardó. The most exclusive area of the city, Sarrià- Sant Gervasi, reported the lowest fall at a figure of 0.2%.

After ten years of rapid but steady growth, property prices in Barcelona are now lower than they were at the beginning of the year.