Lucas Fox Spanish Real Estate Market Report / First half 2023
MARKET ANALYSIS
TOTAL SALES Source: Notaries
400,000
75%
TRANSACTIONS
50%
300,000
Spanish home sales declined by 11.6% year-on-year to just over 328,000 transactions in the first half, according to the General Council of Spanish Notaries. Looking back over a longer time frame there were 672,780 sales over 12 months to the end of June, down 7% on the same period a year before. Although sales were down in the first half compared to 2022, they were the highest on record compared to any other year in the last decade and a half, and 13% higher than the same period in 2019 - the last normal year before the pandemic. The ‘Total Sales’ chart comparing first half sales every year for the last decade illustrates the resilience of the market this year. Whilst a moderate slowdown in sales was to be expected after the boom that took off last year in the wake of the pandemic, and was already materialising in the second half of 2022, the continued buoyancy of the market in 2023 has taken many people by surprise.
Looking at first half transactions in regions with mid to high-end segments serviced by Lucas Fox offices, compared with sales in the first half of 2019 before the pandemic disrupted the market, sales were higher or unchanged in six out of eight regions, with a 1% decline in the Balearics, and 9% decline in the Basque country. Sales have risen the most in the Valencian region (+24%) followed by Galicia (+17%), Andalusia (+15%) and Catalonia (+10%).
25%
200,000
0%
100,000
-25%
-50%
0
H1 2014 H2 2014 H1 2015
H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023
FIRST HALF 2023 SALES COMPARED TO 2019 SELECTED REGIONS Source: Notaries
30%
24%
20%
17%
15%
13%
10%
10%
0%
0%
-1%
-9%
-10%
VALENCIAN R.
GALICIA
ANDALUSIA
SPAIN
CATALONIA
MADRID
BALEARICS
BASQUE C.
www.lucasfox.com
6
Made with FlippingBook interactive PDF creator