Lucas Fox Spanish Real Estate Market Analysis Q1-Q3 2019: Costa Brava & Girona

The city of Girona represents a new wave of Spain’s ‘second-tier’ cities seeing significant annual prices rises.

Real Estate Market Analysis Q3 2019 - Costa Brava

It has been a fairly turbulent few months politically for Spain and the recent elections were once again inconclusive with no overall majority for Pedro Sánchez and his socialist party (PSOE). However they have reached a preliminary coalition deal with the anti-austerity Podemos party to try to form a government. This should bring greater stability to the country, which is good news for the country’s property market.

Read our full analysis of Spain’s property market here

Girona Province

Volume of Sales – Girona Province

Compared to the second quarter of 2014 the number of transactions in Girona Province, Costa Brava, in the second quarter of 2019 has risen from 2,135 to 3,239 an increase of almost 52%. However, the number of sales is still 31% below the second quarter of 2007 (4,715 sales), around the peak of Spanish sales transactions. (Ministry of Development, Spain)

Year-on-year the number of sales transactions decreased by 2% in the second quarter of 2019. However, when compared to the first quarter of 2019 sales have risen by nearly 10%. (Ministry of Development, Spain)

Property Transactions - Girona Province

New Homes Sales – Girona Province

Sales of new homes in Girona Province represented 6% of the total number of sales in the second quarter of 2019, a similar proportion as in the second quarter of 2018. The proportion has reduced significantly since the second quarter of 2007 when 37% of the total sales were for new homes. (Ministry of Development, Spain).

Prime Sales – Girona Province

Latest official data shows that the number of prime market sales transactions (over €900,000) in Girona Province in the first quarter of 2019 increased by 47% compared to the prime sales in the first quarter of 2018, from 15 to 22 sales. The number of prime sales in the whole of 2018 (79 sales) has almost doubled compared to the number of prime sales in the whole of 2014 (44 sales). (Ministry of Development, Spain)

Value of Sales – Girona Province

The total value of sales transactions in Girona Province in the second quarter of 2019 increased by 3% over the amount of trading in the same period in 2018, and when compared to the first quarter of 2019 it showed an increase of 6%. Compared to the second quarter of 2014 the total value of sales transactions has increased by 57% but it is still 52% below that of the same quarter of 2007. (Ministry of Development, Spain)

Girona City

Volume of Sales – Girona City

The number of sales transactions in Girona City in the second quarter of 2019 (292 sales) decreased by 7% compared to the same quarter in 2018 (313 sales). However, sales have registered an increase of 12% when compared to the first quarter of 2019 (292 sales). Compared to the second quarter of 2014 (152 sales) the number of transactions has almost doubled but it is still 29% below the second quarter of 2007 (410 sales). (Ministry of Development, Spain)

New Homes Sales – Girona City

Sales of new homes in Girona City represented 9% of the total number of sales in the second quarter of 2019, the same proportion as in the second quarter of 2018. The proportion is still notably less than in the second quarter of 2007 when 37% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Girona City

Average property prices in Girona City registered a huge annual increase of just over 21% in September 2019, ending the month on €2,248 per square metre. (Idealista, resale property prices)

Average Sales Price - Girona City

Average Rental Prices – Girona City

Average rental prices in Girona City showed a slight decrease, of 1.4%, in September 2019, ending the month on €8.9 per square metre. (Idealista)

Begur, Costa Brava

Volume of Sales – Begur

The number of transactions in Begur, Costa Brava, in the second quarter of 2019 decreased by 3% compared to the same quarter in 2018. However, they increased in the second quarter by 19% when compared to the first quarter of the year. Compared to the second quarter of 2014 the number of transactions is down by 12% and it is still 42% below the number of sales around the peak in the second quarter of 2007 (64 sales). (Ministry of Development, Spain)

New Homes Sales – Begur

Sales of new homes in Begur represented 14% of the total number of sales in the second quarter of 2019, a higher proportion than in the second quarter of 2018 (8%). The proportion is still notably less than in the second quarter of 2007 when 30% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Begur

Average property prices in Begur, Costa Brava, registered an annual decrease of 4.2% in September 2019, ending the month on €2,744 per square metre. Average prices in the neighbouring areas of Castell-Platja d’Aro, Lloret de Mar, Palamós and Sant Feliu de Guíxols all increased, ending the month on €2,874 per square metre (1.2% increase), €1,934 per square metre (0.6% increase), €2,334 per square metre (2.1% increase) and €2,198 per square metre (5.2% increase) respectively. All areas have seen property price increases since September 2014 with the biggest rise in Palamós where they have risen by nearly 25%. (Idealista, resale property prices)

See graph above in Girona City

Castell-Platja d’Aro, Costa Brava

Volume of Sales – Castell-Platja d’Aro

The number of transactions in Castell-Platja d’Aro (132 sales) in the second quarter of 2019 increased by 10% compared to the same quarter in 2018 (120 sales). Compared to the second quarter of 2014 (94 sales) the number of transactions has risen by 40% and it is now also surpassing the number of sales around the peak in the second quarter of 2007 (130 sales), an increase of 2%. (Ministry of Development, Spain)

New Homes Sales – Castell-Platja d’Aro

Sales of new homes in Castell-Platja d’Aro represented 5% of the total number of sales in the second quarter of 2019, a slightly higher proportion than in the second quarter of 2018 (3%). The proportion is still less than in the second quarter of 2007 when 16% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Castell-Platja d’Aro

Average property prices in Castell-Platja d’Aro registered a small annual increase in September 2019, of 1.2%, ending the month on €2,874 per square metre. Since September 2014, prices have gone up by almost 5%. (Idealista, resale property prices)

See graph above in Girona City

Tourism & Foreign Buyers, Costa Brava & Girona

The number of passengers arriving at Girona airport in the first nine months of 2019 was just over 1.6 million, showing an annual decrease of 7% over passenger arrivals in the same period in 2018. (Aena)

International tourism in Catalonia in the first eight months of 2019 increased by 0.7% over the same period in 2018. Catalonia hosted just over 13.6 million international tourists in this period. (INE)

Foreign buyers in Girona Province accounted for 26% of the total sales in the second quarter of 2019, a similar proportion to both the second quarter of 2018 and the whole of 2012 when they accounted for 25%. (Spanish Land Registry)

Lucas Fox Costa Brava Buyer Profile

Lucas Fox Costa Brava Buyer Profile

Lucas Fox Girona Buyer Profile

Lucas Fox Girona Buyer Profile

Note the following figures are provisional:

  • INE (Tourism) (from January 2019)
  • Ministry of Development, Spain (from Q2 2019)

View Lucas Fox Spanish Real Estate Market Analysis Q1-Q3 2019: Spain

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