Current situation of the real estate market in Barcelona. A general overview

Transcription

1 UNIVERSITY OF MANCHESTER FIELDTRIP TO BARCELONA Current situation of the real estate market in Barcelona. A general overview MARCH 15, 2016 ROLANDO BIERE ARENAS ARCHITECT. M.Sc. RESERCHER. CENTRE OF LAND POLICY AND VALUATIONS POLYTECHNIC UNIVERSITY OF CATALONIA

2 BARCELONA: HISTORICAL REVIEW During the Roman Empire was the definition of the first important settlements of Barcelona, in the Roman Barcino

3 BARCELONA: HISTORICAL REVIEW THE ROMAN SETTLEMENT. BARCINO Maybe port and city share the same origin, but it consolidates with the Romans (Between 5th and 4th centuries BC) The Roman Barcino. Source: Historic Museum of the City interpretation

4 BARCELONA: HISTORICAL REVIEW THE MIDDLE AGE THE PROJECTS BETWEEN 1439 AN 1477 Sant Jaume Port and the Rivera neighbourhood (1450) Source: Salvador Sanpere i Miquel

5 BARCELONA: HISTORICAL REVIEW THE 17 TH CENTURY A glide of the 17 th century. (Salvador Sanpere i Miquel) Basis for all the military and urbanistic works in Barcelona of the 18 th century and of the first third of 19 th

6 BARCELONA: HISTORICAL REVIEW THE MODERN AGE

7 BARCELONA: HISTORICAL REVIEW A CHANGE IN THE CITY AND THE PORT TRANSFORMATION/EXTENSION PORT AND CITY THE EIXAMPLE PLAN

8 BARCELONA: HISTORICAL REVIEW BARCELONA DIVIDED INTO DISTRICTS AND NEIGHBORHOODS, APPROVED IN MUNICIPAL SESSION OCTOBER 31, 1878 Source:

9 Traditionally Barcelona grew inside and diversified, gathering ancient peoples (villages) nearby, which are currently neighborhoods of the city; Sants, Gracia, St. Andreu, etc. In the last sixty or seventy years it has had an internal growth in new central areas of market (offices, retail, hotels, services), but also in new metropolitan centralities (in the Metropolitan Region of Barcelona), as a result of its various processes of urban transformation.

10 BARCELONA: HISTORICAL REVIEW BARCELONA REFORM AND EXPANSION GRACIA SANT ANDREU - SAGRERA SANTS Source:

11 BARCELONA: HISTORICAL REVIEW EVOLUTION IN THE LAST YEARS DEFICIENT ZONE: CHANGING TO LOGISTIC PORT

12 BARCELONA: HISTORICAL REVIEW EVOLUTION IN THE LAST YEARS DOWN TOWN, PORT VELL, A NEW MARITIM FRONT

13 BARCELONA: HISTORICAL REVIEW EVOLUTION IN THE LAST YEARS DIAGONAL, FORUM ZONE, A NEW HOUSING AND SERVICES AREA

14 Urban intervention periods and transformation processes; the new urban projects

15 BARCELONA: GENERAL INTERVENTION PERIODS INDEPENDENT SMALL-SCALE INTERVENTIONS Urban acupuncture

16 BARCELONA: GENERAL INTERVENTION PERIODS INDEPENDENT SMALL-SCALE INTERVENTIONS Urban acupuncture

17 BARCELONA: GENERAL INTERVENTION PERIODS INFRASTRUCTURES AND LARGE URBAN SPACES Olympic Barcelona

18 BARCELONA: GENERAL INTERVENTION PERIODS INFRASTRUCTURES AND LARGE URBAN SPACES Olympic Barcelona

19 BARCELONA: GENERAL INTERVENTION PERIODS INFRASTRUCTURES AND LARGE URBAN SPACES Olympic Barcelona

20 BARCELONA: GENERAL INTERVENTION PERIODS SINCE BARCELONA AS CENTRAL AREA OF THE RMB Post Olympic Barcelona

21 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS BARCELONETA POBLENOU

22 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS MAIN PROJECTS Rehabilitation of the Olympic stadium Construction of a new sports stadium Ring roads (approx. 35 km) Other new roads. (approx. 35 km) 4,500 new flats in the 4 Olympic Villages 2 telecommunication towers 5 areas of new centrality (offices) Enlargement of the airport Improvement s to the leisure port Cultural facilities (museums, etc.) 5,000 new hotel rooms

23 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS The sectors of POBLENOU and the BARCELONETA were in decay THE OLYMPIC VILLAGES - POBLENOU

24 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS The sectors of POBLENOU and the BARCELONETA were in decay THE LEISURE PORT - BARCELONETA Open the city to sea. Leisure port. Cultural activities. World trade center. Aquarium Commercial Centre Maremagnum.

25 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS The sectors of POBLENOU and the BARCELONETA were in decay THE LEISURE PORT - BARCELONETA

26 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS. STRENGTHS Use of an international (flagship) event as an element for attracting public and private investment, and for covering the to the deficits arising from the infrastructure. Integration of the Olympics project with a wider strategic plan. Collaboration between public and private sectors. (60-40%-40) Institutional consensus. Development of an ad hoc formula of management: HOLSA (43% of the government investment of MPTA)

27 BARCELONA: THE PROCESS OF TRANSFORMATION 1992 OLYMPIC OPERATIONS. NEGATIVES POINTS Opinion "cut across": Increase of the prices of the housing ACCELERATION of the urban process of decentralization OVERESTIMATION OF THE DEMAND FOR OFFICES A reduced investment in public transportation

28 BARCELONA: THE PROCESS OF TRANSFORMATION 2004 FORUM OPERATIONS DIAGONAL MAR

29 BARCELONA: THE PROCESS OF TRANSFORMATION UNIVERSAL FORUM OF THE CULTURES URBAN TRANSFORMATION AREAS

30 BARCELONA: 2004 FORUM OPERATIONS CURRENT SITUATION An empty urban space

31 BARCELONA: THE PROCESS OF TRANSFORMATION CURRENT DEVELOPMENTS PLAN LA SAGRERA

32 BARCELONA: THE PROCESS OF TRANSFORMATION CURRENT DEVELOPMENTS: PLAN Decentralization of the economic activity Transformation of a derelict and degraded industry area in new offices technological buildings

33 BARCELONA: THE PROCESS OF TRANSFORMATION CURRENT DEVELOPMENTS: LA SAGRERA Decentralization of the economic activity New infrastructures

34 BARCELONA: THE PROCESS OF TRANSFORMATION New commercial centres in the NEW AREAS OF URBAN CENTRALITY Barcelona; Las Arenas La Maquinista Diagonal Mar

35 Metropolitan Dynamics

36 THE FUR AND METROPOLITAN REGION OF BARCELONA Data: 2001 Census (RMB) 3,100 Sq Km million inhabitants million locally based jobs million resident workers 75% GDP Catalan and 13% Spanish CMA 213 municipalities (NUT 5) RMB 164 Municipalities (NUT 5)

37 CITY OF CITIES

38 Decentralisation process of employment Sant Cugat Palau El Prat L H Santa Perpetua Cerdanyola Emergent sub-centres

39 Decentralisation process of locally based jobs Suburban real estate premises Sant Cugat

40 Decentralisation process of locally based jobs Suburban real estate premises El Prat & Hospitalet de Llobregat

41 Decentralisation process of locally based jobs Suburban real estate premises Cerdanyola & Santa Perpetua

42 Restructuration of economic activity

43 Terciarisation process to services According to employment In more or less twenty years it has grown in almost 20% Outsourcing + deslocalization>> Deslocalization & crisis effect >>

44 Location coefficient Especializacion serv bajo valor Especializacion serv bajo valor Specialization in low added value services 1, , , , , , ,2 1, ,1 0,9 1,0 0,8 0,9 0,7 0,8 0,6 0,7 0,5 0,6 0,4 0, , Km desde 30 Barcelona na Servicios Km desde Barcelona Bajo Servicios valor anadido Bajo valor anadido ,2 Barcelona 1,1 1,0 0,9 1,2 Barcelona 1,1 1,0 0,9 0,9 Resto Continuo 1,1 1,2 1,2 0,9 Resto Continuo 1,1 1,2 1,2 0,8 0,8 1a Corona 1a Corona 0,8 0,8 1,0 1,0 1,1 1,1 0,8 0,8 2a Corona 2a Corona 0,9 0,9 1,0 1,0 1,0 0,7 0,7 3a Corona 3a Corona 0,9 0,9 0,9 1,0 1,0 0,8 0,8 4a Corona 4a Corona 1,0 1,1 1,0 1,0 0,7 0,7 Resto Resto de Provincia de 0,8 0,9 0,9 0,9 1,0 1,0 Provincia de de Barcelona 1,0 1,0 1,0 1,0

45 Specialization in high added value services Location coefficient

46 New urban projects for new economy

47 Such a reversal is due the new central urban projects? Or Due the crisis effect that has affected to manufacturing sector located in the metropolitan peripheries?

48 Square meters defined by the new plans Logistics activities, new commercial centralities, etc.

49 77 millions of potential building space, 39,7 millions for housing, 29,0 for commercial & industrial space, and almost 8,4 millions for public facilities.

50 Office specialization Source: CPSV 2008 In order to synthesize the spatial distribution of economic activity was calculated a location coefficient. This indicator takes values ranking from 0 onwards. If a municipality is specialized in a particular activity then its localization ratio is greater than unity and vice versa.

51 Retail specialization Source: CPSV 2008 In order to synthesize the spatial distribution of economic activity was calculated a location coefficient. This indicator takes values ranking from 0 onwards. If a municipality is specialized in a particular activity then its localization ratio is greater than unity and vice versa.

52 Manufacturing specialization Source: CPSV 2008 In order to synthesize the spatial distribution of economic activity was calculated a location coefficient. This indicator takes values ranking from 0 onwards. If a municipality is specialized in a particular activity then its localization ratio is greater than unity and vice versa.

53 Diversity index on land uses Source: CPSV 2008 The diversity index shows how varied is the potential target ceiling, the higher this indicator

54 Office market in the Metropolitan Area of Barcelona

55 Background A study conducted to the ASSESSMENT OF THE SPATIAL DIFFERENTIATION OF THE CITY, including implicit factors of location in market prices to measure their contribution in the conformation of values, differentiating level stretch of roads, location, more or less centrality, etc. Criteria for the constructive characteristics that describe this type of office buildings, according to the characteristics of the space, functionality, equipment's, facilities, level of comfort and adaptation to the needs of demand. Study of the characteristics of office buildings for rent, based on their willingness and their contribution to the conformation of values in the different priority axes of offices in the city.

56 Other needs

57 672 cases in 15 municipalities PERIPHERY CASOS BARCELONA CODIGO NOMBRE DISTRITO TOTAL 01 CIUTAT VELLA EIXAMPLE SANTS MONTJUIC LES CORTS SARRIA SANT GERVASI GRACIA 9 07 HORTA GUINARDO 4 09 SANT ANDREU 7 10 SANT MARTÍ 46 TOTAL BARCELONA 415 MUNICIPALITY NAME TOTAL ESPLUGUES DE LLOBREGAT 19 MOLINS DE REI 12 SANT JOAN DESPI 4 SANT JUST DESVERN 21 CERDANYOLA DEL VALLES 31 GRANOLLERS 15 MANRESA 23 MARTORELL 10 SANT CUGAT DEL VALLES 25 TERRASSA 20 CORNELLA DE LLOBREGAT 17 EL PRAT DE LLOBREGAT 8 HOSPITALET DE LLOBREGAT 28 SABADELL 24 TOTAL PERIPHERY 257

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59 Source: CPSV 2008

60 Source: CPSV 2008

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65 The office s axes distribution in Barcelona

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71 Residential stock and market in Barcelona

72 Residential stock in Barcelona Present status of the housing stock built in Barcelona and the supply of new housing has been on the market since Typological, relevant quantitative and qualitative characteristics and their relation with the price of the offered housing.

73 Residential stock in Barcelona Year of construction of housing by district The stock is concentrated between 1961 and 1970 and 1971 and 1980 (26.7% and 19.1% respectively). Buildings in Old Town prior to 1900 (54.9% of total)

74 Residential stock in Barcelona Average age of housing by neighborhood The areas with the oldest average park correspond to historic areas in Ciutat Vella, particularly Gothic and followed by Raval and Barceloneta. Source: CPSV 2005 based in 2001 census

75 Residential stock in Barcelona Average size of housing by neighborhood Source: CPSV 2005 based in 2001 census

76 Residential stock in Barcelona Average height of buildings by neighborhood Source: CPSV 2005 based in 2001 census

77 Residential stock in Barcelona Percentage of buildings with elevator Source: CPSV 2005 based in 2001 census

78 Residential stock in Barcelona Stock by classes Source: CPSV 2005 based in 2001 census

79 Residential new offer in Barcelona Distribution of new large housing developments Source: CPSV 2005 based own studies

80 Residential new offer in Barcelona, characteristics Average housing area (size) by district

81 Residential new offer in Barcelona, characteristics Average living - dining room area (size) by district

82 Residential new offer in Barcelona, characteristics Average kitchen area (size) by district

83 Residential new offer in Barcelona, characteristics average number of bedrooms by district

84 Residential prices for rent and sale

85 Residential new offer in Barcelona, characteristics New housing sale prices (euros / square meter) by district

86 Residential new offer in Barcelona, characteristics Housing sales prices and area (size) evolution

87 What happened during the crisis?

88 Prices of residential real state market New housing sale prices (euros / square meter)

89 Prices of residential real state market Average sales prices of second-hand housing

90 Prices of residential real state market Average rent prices of housing (signed contracts)

91 Prices of residential real state market Rent market in Catalonia ( ) Similar structure to State Situation Maximum values in 2007 In general, a progressive price decline during the period Price stabilization and recovery during the last period

92 Prices of residential real state market Rent market in Barcelona ( ) Similar structure to State and Regional situation Maximum values in 2008 In general, fastest price decline Price stabilization and recovery during the last period

93 Prices of residential real state market Sale and rent price comparison in Barcelona ( ) Sale market superior variations regarding the rent prices Rents interannual variation Sale interannual variation

94 Prices of residential real state market Case analysis; Barcelona Extension District Study with 148 surveys Rent average price and average descent by housing surface

95 Prices of residential real state market Case analysis; Barcelona Extension District Study with 148 surveys Rent average price and average descent by old of the rent

96 Prices of residential real state market Case analysis; Barcelona Extension District Study with 148 surveys Rent average price and average descent by neighborhoods

97 UNIVERSITY OF MANCHESTER FIELDTRIP TO BARCELONA Thanks MARCH 15, 2016