Lucas Fox Spanish Real Estate Market Analysis 2019: Tarragona
Tarragona Province registered slight increases in sales volume and property prices during 2019. Tourism figures were also up.
Market Analysis: Tarragona 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
Tarragona City
Average Sales Prices – Tarragona City
Average property prices in Tarragona City showed a small annual increase of 1% in December 2019, ending the year on €1,734 per square metre. Prices in Tarragona City are yet to see the huge increases seen in some other regions of Catalonia, having risen by just 4.4% since December 2014. (Idealista, resale property prices)
Average Rental Prices – Tarragona City
Average rental prices in Tarragona showed an annual increase of 8.4% in December 2019, ending the year on €8.4 per square metre. (Idealista)
Volume of Sales – Tarragona City
The number of sales transactions in Tarragona City in the first nine months of 2019 (1,230 sales) registered a very slight decrease, of 0.3%, when compared to the same period in 2018 (1,230 sales). Compared to the first nine months of 2014 (634 sales) the number of transactions has almost doubled but it is still just under 23% below the number of sales in the same period in 2007 (1,591 sales). (Ministry of Development, Spain)
New Homes Sales – Tarragona City
Sales of new homes in Tarragona represented 4.3% of the total number of sales in the first nine months of 2019, a smaller proportion than in the same period in 2018 (7.8%). The proportion is also notably smaller than it was in the first nine months of 2007 when almost 28.4% of the total sales were for new homes. (Ministry of Development, Spain)
Tarragona Province
Volume of Sales – Tarragona Province
Compared to the first nine months of 2014 the number of transactions in Tarragona Province in the same period in 2019 has risen from 5,346 to 9,237, an increase of almost 73%. Year-on-year the number of sales transactions in the first nine months of 2019 registered a very slight increase, of 0.8%, but it is still 41% below the number of sales in the same period in 2007 (15,665 sales). (Ministry of Development, Spain)
New Homes Sales – Tarragona Province
Sales of new homes in Tarragona Province represented 4.2% of the total number of sales in the first nine months of 2019, a smaller proportion than in the same period in 2018 (7%). The proportion has reduced significantly since the first nine months of 2007 when almost 46% of the total sales were for new homes. (Ministry of Development, Spain)
Value of Sales – Tarragona Province
The total value of sales transactions in Tarragona Province in the first nine months of 2019 registered a 2.3% increase 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 almost 75% more than doubled but it is still almost 66% below the total value in the same period in 2007. (Ministry of Development, Spain)
Tourism & Foreign Buyers, Tarragona
The number of passengers arriving at Reus airport in 2019 was just over 1 million, an annual increase of 0.8% over passenger arrivals in 2018. (Aena)
International tourism in Catalonia in the first eleven months of 2019 increased by 0.8% over the same period in 2018. Catalonia hosted almost 18.4 million international tourists in the first eleven months of 2019. (INE)
Foreign buyers in Tarragona Province accounted for 14.5% of the total sales in the third quarter of 2019, a smaller proportion than in the third quarter of 2018 (12.9%), but larger than the proportion in the whole of 2012 when they accounted for 7.7% of all buyers. (Spanish Land Registry)
Lucas Fox Tarragona Buyer Profile
Note the following figures are provisional:
INE (Tourism) (from January 2019)
Ministry of Development, Spain (from Q3 2019)
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