Next year, home sales are expected to increase by 6.5% and prices to rise by 3.5%
According to the latest real estate market studies, home sales are expected to increase by 6.5% and prices to rise by 3.5% next year. It is anticipated that the sale of houses will reach 475,000 transactions, despite the moderation in economic growth. Catalonia, along with Madrid and the Balearic Islands, will lead these real estate transactions.
The data indicates that 2024 is a favorable year to sell your property. But do you know how much your apartment is worth today? Do you know how its value is calculated? Since the 2008 crisis, the real estate market has experienced an average decline of 40%, although prices have started to recover in recent years. It is possible that the apartment you bought in Barcelona ten years ago is worth something different today.
How to Determine the Real Value of Your Apartment in 2024
To know the real value of your apartment, an appraisal is an excellent option. This process will help you determine with precision what price a buyer would be willing to pay, based on current supply and demand. An appraiser will evaluate the property and compare it with similar properties to calculate its market value. For more information, check out this analysis of the future of the real estate market in 2024.
What Factors Influence the Value of a Property?
All the details surrounding a property determine its value. This includes square footage, the number of bedrooms and bathrooms, age, condition, and whether the building has an elevator. The location of the property is also a crucial factor; the quality of the surroundings, nearby commercial activity, the availability of green areas, sports facilities, and public transport lines can increase its value. Equally important are the materials used in the floors and walls, the doors and windows, lighting, closets, bathrooms, the age of the boiler, and whether there is a terrace or the year of the last renovation.
Although energy efficiency can increase the value of a property, it is not yet a decisive factor for many buyers in Spain. In cities like Barcelona, for example, apartments near the sea or in a penthouse with a terrace are the most sought-after and best valued. For a more detailed understanding, check out this guide on important factors in property valuation.
Elements That Affect Property Prices in 2024
According to reports from data analysis companies and real estate portals, there are elements that increase or decrease the price of a property. In some areas of major cities like Barcelona, the lack of an elevator can devalue a property by between 20% and 40%. Being near a metro or bus stop is an advantage, especially in areas far from the city center. Additionally, properties located less than 500 meters from a school are usually more expensive than those that are farther away.
Services from Casc Antic BCN
At Casc Antic BCN, we offer:
- Professional advice for valuing your property: Market-updated appraisals, free and without obligation.
- Professional advice for the sale of your property: obtaining the Certificate of Habitability, Certificate of Habitability according to article 132a of Law 18/2007, and the Energy Efficiency Certificate.
We are the only real estate agency in Barcelona specializing in the old town. Often, properties in this area are managed by agencies from other parts of the city, which can attract the wrong buyer due to a lack of knowledge about the neighborhood and its characteristics. Don’t risk your investment; rely on specialized professionals.
Recommended External Links
For a broader perspective on the real estate market and property valuation, we recommend the following articles:
Relevant Opinion Notes
For more information and opinions on how to sell your property, visit our Sell My Apartment section.
