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

Vigo property prices increase faster than Barcelona and Madrid, year-on-year.

Real Estate Market Analysis Q3 2019 - Pontevedra

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

Pontevedra Province

Volume of Sales – Pontevedra Province

Compared to the second quarter of 2014 the number of transactions in Pontevedra Province in the second quarter of 2019 has risen from 1,022 to 1,773, an increase of 74%. However, the number of sales is still 41% below the second quarter of 2007 (2,993 sales), around the peak of Spanish sales transactions. (Ministry of Development, Spain)

Year-on-year the number of sales transactions remained steady in the second quarter of 2019 with just a very slight decrease. However, when compared to the first quarter of 2019 sales have risen by just over 20%. (Ministry of Development, Spain)

New Homes Sales – Pontevedra Province

Sales of new homes in Pontevedra Province represented 8% of the total number of sales in the second quarter of 2019, a slightly smaller proportion than in the second quarter of 2018 (10%). The proportion has reduced significantly since the second quarter of 2007 when 55% of the total sales were for new homes. (Ministry of Development, Spain).

Value of Sales – Pontevedra Province

The total value of sales transactions in Pontevedra Province in the second quarter of 2019 decreased by 4% over the amount of trading in the same period in 2018, but when compared to the first quarter of 2019 it rose by 21%. Compared to the second quarter of 2014 the total value of sales transactions has increased by 74% but it is still 48% below that of the same quarter of 2007. (Ministry of Development, Spain)

Vigo

Volume of Sales – Vigo

The number of transactions in Vigo (649 sales) in the second quarter of 2019 registered a very small decrease, of 1%, compared to the same quarter in 2018 (656 sales). However, they increased in the second quarter by 15% when compared to the first quarter of the year (566 sales). Compared to the second quarter of 2014 (355 sales) the number of transactions has risen by 83% and it is now only around 4% less than the number of sales around the peak in the second quarter of 2007 (678 sales). (Ministry of Development, Spain)

New Homes Sales – Vigo

Sales of new homes in Vigo represented 3% of the total number of sales in the second quarter of 2019, a smaller proportion than in the second quarter of 2018 (8%). The proportion is still notably less than in the second quarter of 2007 when 34% of the total sales were for new homes. (Ministry of Development, Spain)

Average Sales Prices – Vigo

Average property prices in Vigo showed an annual increase of 4% in September 2019, ending the month on €1,880 per square metre. Vigo is yet to experience the huge price increases registered in other cities in Spain. Since September 2014 they have increased by just 5%. (Idealista, resale property prices)

Average Rental Prices – Vigo

Average rental prices in Vigo showed an annual increase of 3% in September 2019, ending the month on €8.1 per square metre. (Idealista)

Tourism & Foreign Buyers, Pontevedra Province

The number of passengers arriving at Santiago de Compostela airport in the first nine months of 2019 was just over 2.2 million, an annual increase of 7% over passenger arrivals in the same period in 2018. (Aena)

Foreign buyers in Pontevedra Province accounted for just under 1% of the total sales in the second quarter of 2019, a similar proportion to the second quarter of 2018 and very slightly higher than the proportion in 2012. (Spanish Land Registry)

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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