Lucas Fox Spanish Real Estate Market Analysis 2019: Galicia

2019 proved to be a good year for tourism and property prices in Pontevedra Province, with prices up by almost 7% in Vigo.

Market Analysis: Galicia 2019

After two general elections in nine months, Spain now has its first ever coalition Government, made up of the Socialist Party (PSOE), headed up by Pedro Sánchez and Unidas Podemos with its leader Pablo Iglesias. The new coalition will hopefully bring some level of stability after a fairly turbulent year politically and will be addressing political, territorial and social dimensions, which could be challenging but could see some positive outcomes.

Read our full analysis of Spain’s property market here

Vigo

Average Sales Prices – Vigo

Average property prices in Vigo showed an annual increase of 6.8% in December 2019, ending the year on €1,921 per square metre. Since December 2014 they have increased by 6.8%. (Idealista, resale property prices)

Average Rental Prices – Vigo

Average rental prices in Vigo showed an annual decrease of 1.2% in December 2019, ending the year on €8.1 per square metre. (Idealista)

Volume of Sales – Vigo

The number of sales transactions in Vigo in the first nine months of 2019 (1,723 sales) decreased by 5.2% compared to the same period in 2018 (1,818 sales). Compared to the first nine months of 2014 (1,013 sales) the number of transactions has increased by jut over 70% but it is still 21% below the number of sales in the same period in 2007 (2,180 sales). (Ministry of Development, Spain)

New Homes Sales – Vigo

Sales of new homes in Vigo represented 4.8% of the total number of sales in the first nine months of 2019, a smaller proportion than in the same period in 2018 (6.7%). The proportion is also significantly smaller than it was in the first nine months of 2007 when almost 39% of the total sales were for new homes. (Ministry of Development, Spain)

Pontevedra Province

Volume of Sales – Pontevedra Province

Compared to the first nine months of 2014 the number of transactions in Pontevedra Province in the same period in 2019 has risen from 2,850 to 4,646, an increase of 63%. However, year-on-year the number of sales transactions in the first nine months of 2019 registered a decrease of 2.2% and it is still almost 48% below the number of sales in the same period in 2007 (8,897 sales). (Ministry of Development, Spain)

New Homes Sales – Pontevedra Province

Sales of new homes in Pontevedra Province represented 6.7% of the total number of sales in the first nine months of 2019, a smaller proportion than in the same period in 2018 (8.1%). The proportion has reduced significantly since the first nine months of 2007 when just over 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 first nine months of 2019 registered a very slight increase, of 0.5%, when compared to amount of trading in the same period in 2018. Compared to the first nine months of 2014 the total value of sales transactions has increased by just over 69% but it is still almost 54% below the total value in the same period in 2007. (Ministry of Development, Spain)

Tourism & Foreign Buyers, Pontevedra Province

The number of passengers arriving at Santiago de Compostela airport in 2019 was just over 2.9 million, an increase of 6.5% over passenger arrivals in 2018. (Aena)

Foreign buyers in Pontevedra Province accounted for just over 1% of the total sales in the third quarter of 2019, a slightly larger proportion than in the third quarter of 2018 (0.4%) and in the whole of 2012 (0.6%). (Spanish Land Registry)

Note the following figures are provisional:

INE (Tourism) (from January 2019)
Ministry of Development, Spain (from Q3 2019)

View Lucas Fox Spanish Real Estate Market Analysis 2019: Spain

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