Real estate investment in Barcelona is on the road to recovery. According to the consultancy firm CBRE, the real estate market in the Catalan capital will grow by more than 10%, above the Spanish and European average, expected to exceed €2 billion in transacted volume, according to its 2024 Real Estate Market Outlook report. "Barcelona market recovery will be stronger because it suffered much more in 2023," the consultancy firm says.
More specifically, investment plummeted by 49%, to €1.821 billion, mainly due to the collapse of the office market. CBRE explains that last year marked the end of an expansionary cycle that began in 2014 and that "it is now – when investors begin to build the new portfolios – that will set out the market dynamics".
The study details that the residential, hotel, logistics and industrial sectors will gain prominence in the coming years. In addition, one of CBRE's predictions for the coming years in Barcelona focuses on health sciences, which could become a vector of growth, as well as data centres and educational and university centres.
In 2023, the hotel sector was the main player, with €580 million, almost doubling the figures of a year earlier. The rise is marked by large purchases, such as the Sofia hotel by Blasson Property and Axa, which paid some €180 million to Brookfield, and the Mandarin Oriental, acquired by the Saudi Olayan Group from the Andorran businesswoman Maria Reig in exchange for some €240 million.
The logistics sector also had a notable performance, with €560 million, down 16%. Two operations stood out at the end of the year: Amazon purchasing a warehouse in Girona for €150 million and the acquisition by Aquila Capital of Kave Home's warehouse in Tordera for €100 million.
For its part, the residential sector experienced a sharp drop in 2023 compared to the previous year, to €320 million, while the office segment saw a 70% drop to €260 million due to the lack of activity by large international funds.