Lucas Fox Spanish Real Estate Market Analysis Q1 2020

The Q1 2020 Market reports show a slight contraction of the Spanish residential property market as the Coronavirus pandemic started to make an impact.

After four years of growth the Spanish property market contracted slightly in 2019. Government statistics show that the number of property sales during 2019 decreased by 2.5% compared to 2018. This was the pattern throughout almost all regions and cities in Spain. Regions popular with foreign buyers including the Balearic Islands (10.4% decrease) and Málaga Province (10.5% decrease) both showed a significant slowing of sales. Girona was one of the provinces with a notable increase, with a 5% increase in sales.

The number of sales transactions in Spain’s key cities during 2019 followed the same pattern as the provinces, seeing annual drops of 10.7% in Valencia and 8.6 % in Madrid. The decrease was much less pronounced in Barcelona where sales fell by just under 2% when compared to 2018.

The figures compiled in this report reflect the Spanish property market before the Coronavirus pandemic took hold. The pandemic inevitably has dented demand and previous trends will be disrupted. Spain, like most other countries, has severe restrictions, which is stalling property market activity and probably will do for some time to come. While the pandemic has delivered a shock to the market, it will, however, be a passing crisis.

The Bank of Spain has stated that the domestic market could remain fragile for some time but it expects international investment to find momentum sooner. For foreign buyers, Spain’s lifestyle benefits continue to be some of the most attractive in the world and property will once again be an excellent investment. Interest rates continue to be extremely low and therefore make borrowing very attractive.

Property Prices, Spain

Average sales prices across Spain increased by 3.2% year-on-year, when comparing prices from March 2019 to March 2020, according to property portal Idealista. Prices have grown by almost 12% since March 2014, around the time when they had bottomed out, but are still just over 13% below those in March 2007 when prices were almost at their peak, The provinces that registered some of the most significant price rises were Málaga Province (8%), the Balearic Islands (3.9%), Tarragona Province (3.3%) and Girona Province (3.3%). Prices in Alicante Province increased by 2.6%, in Valencia Province by 2.1%, in Barcelona Province by 1.7% and in the Community of Madrid by 1.6%. Looking at the towns and cities, Marbella saw one of the highest price increases year-on-year, up by 9.1% to €3,028 per square metre. Prices in Madrid City saw an annual increase of 0.5% (€3,741 per square metre) and Valencia City registered an increase of 3.5% (€1,795 per square metre). Property prices in the city of Barcelona continued to decrease for the tenth month in a row, showing a drop of 2.5% and averaging at €4,111 per square metre in March 2020.

Comparing prices in Spain’s three major cities in March 2020 to prices in March 2014, around the time of the property turnaround, Madrid prices are up by 39.1%, Barcelona by 36.9% and Valencia by 27.1%.

Foreign Buyers, Spain

In 2019 foreign buyers represented 12.45% of all buyers of Spanish property according to the Spanish Land Registry. This compares to 12.64% in 2018 and to 4.24% in 2009. Regions that had the highest proportion of foreign buyers included Málaga Province (which incorporates the Costa del Sol) where 27% of buyers were non-nationals, the Balearic Islands where foreigners accounted for 35% of sales and Girona Province (which includes the Costa Brava) where foreign buyers represented almost 28% of all sales. The region with the highest proportion of foreign buyers has consistently been Alicante Province (which includes the Costa Blanca) where they accounted for 42% of all sales in 2019.

Lucas Fox Sales, Nationality and Buyer Motivation

Lucas Fox’s offices in Sitges and Valencia saw the greatest increase in the number of sales in the first quarter of 2020, rising by 67% and 29% respectively. Across the group, the number of sales went down by 10% year-on-year.

Looking at buyer nationality, Spanish buyers represented 35% of sales in the quarter of 2020. The biggest foreign buyer group was the French, who represented 12% of Lucas Fox sales, followed by the British, who accounted for 7% of Lucas Fox sales. Buyers from the United States and Latin America each represented 5% of sales whilst 3% of sales were made by Middle Eastern buyers.

Looking at buyer motivation, the majority (41%) of Lucas Fox clients bought as a secondary residence in the first quarter of 2020. 38% purchased as a primary residence with 18% buying as an investment.

The average sales price in the first quarter of 2020 was €741,719.

BARCELONA

Barcelona City

Average Sales Prices – Barcelona City

Average property prices in Barcelona City have continued a slight downward trend since June 2019, showing small year-on-year decreases. However, average prices are now 3.5% higher than they were in March 2008, around the time of the peak. Prices averaged  €4,111 per square metre in March 2020, registering an annual decrease of 2.5%. Average prices in the key districts of Barcelona Old Town, Eixample, Gràcia, Sant Martí and Sarrià-Sant Gervasi have also all showed annual decreases, ending March 2020 on €4,297 per square metre (0.5% decrease), €4,693 per square metre (1.8% decrease), €4,185 per square metre (5.1% decrease), €3,697 per square metre (5.3% decrease) and €5,270 per square metre (3.1% decrease) respectively. The districts of Nou Barris and Les Corts showed the highest annual increases, ending March 2020 on €2,551 per square metre (2.8% increase) and €4,981 per square metre (2.7% increase) respectively. (Idealista, resale property prices)

However, since March 2014 anyone investing in property in Barcelona will have seen excellent returns with prices going up by 36.9% across the city. Breaking it down by regions, prices have risen by 35.4% in Barcelona Old Town, 45.1% in Eixample, 37.1% in Gràcia, 26.4% in Sant Martí (which incorporates Diagonal Mar) and 37.2% in Sarrià-Sant Gervasi in the six years since March 2014. (Idealista, resale property prices)

Average Rental Prices – Barcelona City

Average rental prices in Barcelona City showed an annual increase of 4.4% in March 2020, ending the month on €17 per square metre. Average rental prices in nine of the ten districts increased with Sant Martí being the only district showing a decrease. Rental prices in Barcelona Old Town, Eixample, Gràcia and Sarrià-Sant Gervasi in March 2020 averaged €19.6 per square metre (6.7% increase), €17.5 per square metre (5% increase), €15.9 per square metre (0.5% increase) and €17.6 per square metre (6.1% increase) respectively. Average rental prices across the city as a whole have risen by almost 55% since March 2014. (Idealista)

Volume of Sales – Barcelona City

The number of sales transactions in Barcelona City in 2019 (14,872 sales, latest data available) decreased by 1.9% compared to the number of sales in 2018 (15,156 sales). Compared to 2014 (12,782 sales), however, the number of transactions in 2019 was up by 16.4% and was almost 7% above the number of transactions in 2007 (13,908 sales). (Ministry of Development, Spain)

Maresme

Average Sales Prices – Maresme

Looking at average property prices in Maresme’s key towns, Alella has seen one of the greatest increase in the year to March 2020, with prices rising by 3.7% and ending the month on €2,612 per square metre. Teià and Cabrils also saw year-on-year price increases, of 2.2% (€2,390 per square metre) and 0.9% (€1,964 per square metre) respectively. However average prices in Premià de Dalt and Sant Vicenç de Montalt have gone down, by 2.3% (€2,109 per square metre) and 0.5% (€2,444 per square metre) respectively. Since March 2014 Sant Vicenç de Montalt has seen prices rise by 19%, Teià by 14.7%, Alella by 11.4%, Premià by Dalt by 8.4% and Cabrils by 1.7%. (Idealista, resale property prices)

Volume of Sales – Maresme

The number of sales transactions in the Maresme region in 2019 (5,312 sales, latest data available) increased by 1.5% compared to the number of sales in 2018 (5,233 sales). Compared to 2014 (2,719 sales) the number of transactions in 2019 was almost double. (Generalitat de Catalunya)

Sant Cugat del Vallès

Average Sales Prices – Sant Cugat del Vallès

Average property prices in Sant Cugat del Vallès showed an annual increase of 3.4% in March 2020, ending the month on €3,630 per square metre. Since March 2014 prices in Sant Cugat have increased by 36%. (Idealista, resale property prices)

Volume of Sales – Sant Cugat del Vallès

The number of sales transactions in Sant Cugat del Vallès in 2019 (1,195 sales, latest data available) increased by 5.9% compared to the number of sales in 2018 (1,128 sales). Compared to 2014 (717 sales) the number of transactions in 2019 rose by 66.7% but it was still 3.3% below the number of sales in 2007 (1,236 sales). (Ministry of Development, Spain)

Barcelona Province

Volume of Sales – Barcelona Province

Looking at Barcelona Province as a whole, the number of sales transactions in 2019 (latest data available) increased by 63.4% when compared to the number of sales in 2014, rising from 36,396 to 59,470. However, year-on-year the number of sales transactions in 2019 registered a slight decrease, of 2.2%, and it was still 10.4% below the number of sales in 2007 (66,356 sales) (Ministry of Development, Spain)

Tourism & Foreign Buyers, Barcelona

The number of passengers arriving at Barcelona airport in the first two months of 2020 was almost 6.7 million, an increase of 2% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in Catalonia in the first two months of 2020 decreased by 0.5% over the same period in 2019, with the region hosting just over 1.8 million international visitors. (INE)

Foreign buyers in Barcelona Province accounted for 9.6% of the total sales in 2019, a larger proportion than in 2018 (8.7%). (Spanish Land Registry)

MADRID

Madrid City

Average Sales Prices – Madrid City

Average property prices in Madrid City showed an annual increase of 0.5% in March 2020, ending the month on €3,741 per square metre. Average prices are 39.1% higher than they were in March 2014 and are now 7.3% higher than they were in March 2008, around the time of the peak. Average prices in the sought-after Chamberí district also rose when comparing prices in March 2020 with those in March 2019, by 2.6% (€5,386 per square metre), and they are 50.1% higher than they were in March 2014. Prices in the districts of Centro, Chamartín and Salamanca all registered decreases, of 0.8% (€5,026 per square metre), 1.1% (€5,118 per square metre) and 0.1% (€5,815 per square metre) respectively. However, prices in these desirable districts have seen price rises of 54.6% in Centro, 50.1% in Chamberí and 43.5% in Salamanca since March 2014. (Idealista, resale property prices)

Volume of Sales – Madrid City

The number of sales transactions in Madrid City in 2019 (40,399 sales, latest data available) decreased compared to the number of sales in 2018 (44,178 sales), by 8.6%. Compared to 2014 (30,206 sales), however, the number of transactions was up by 33.7% and it also surpassed the number of sales in 2007 (37,003 sales), by 9.2%. (Ministry of Development, Spain)

Pozuelo de Alarcón

Average Sales Prices – Pozuelo de Alarcón

Average property prices in Pozuelo de Alarcón showed an annual decrease of 2.1% in March 2020, ending the month on €3,025 per square metre. Since March 2014 prices have increased by 14.4%. (Idealista, resale property prices)

Volume of Sales – Pozuelo de Alarcón

The number of sales transactions in Pozuelo de Alarcón in 2019 (807 sales, latest data available) decreased by 16.4% compared to the number of sales in 2018 (836 sales). Compared to 2014 (657 sales), however, the number of transactions was up by 22.8% and it also surpassed the number of sales in 2007 (747 sales), by 8%. (Ministry of Development, Spain)

Community of Madrid

Volume of Sales – Community of Madrid

In the Community of Madrid the number of sales transactions in 2019 (latest data available) increased by 48.7% when compared to the number of sales in 2014, rising from 52,697 to 78,375. However, year-on-year the number of sales transactions in 2019 registered a decrease, of 8.1%, and it was still 2.2% below the number of sales in 2007 (80,115 sales) (Ministry of Development, Spain)

Tourism & Foreign Buyers, Madrid

The number of passengers arriving at Madrid-Barajas airport in the first two months of 2020 was just over 9 million, an increase of 6.1% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in the Community Madrid in the first two months of 2020 increased by 4.3% over the same period in 2019, with the region hosting just over 1.1 million international visitors. (INE)

Foreign buyers in the Community of Madrid accounted for 5.6% of the total sales in 2019, a slightly smaller proportion than in 2018 when they accounted for 5.8% of all buyers. (Spanish Land Registry)

COSTA BLANCA & VALENCIA

Valencia City

Average Sales Prices – Valencia City

Average property prices in Valencia City went up year-on-year, registering an annual increase of 3.5% in March 2020 and ending the month on €1,795 per square metre. Average prices in the Old Town also increased, ending the month on €2,859 per square metre (5.1% increase). Prices in beachside La Patacona averaged €3,158 per square metre, registering a slight annual decrease, of 0.5%. Although prices in the district of L’Eixample registered a decrease, of 0.2%, ending the month on €2,876 per square metre, they have seen the greatest gains since March 2014, with prices increasing by almost 36%. Since March 2014 prices in La Patacona have risen by almost 35% and in the Old Town by 30.6%. The city as a whole has seen prices go up 27.1% in the six years to March 2020. However, they are still 23.1% below the average prices in March 2007, around the time of the peak. (Idealista, resale prices)

Volume of Sales – Valencia City

The number of sales transactions in Valencia City in 2019 (10,209 sales, latest data available) decreased compared to the number of sales in 2018 (11,432 sales), by 10.7%. Compared to 2014 (6,459 sales), however, the number of transactions was up by 58.1% but it was still below the number of sales in 2007 (10,592 sales), by 3.6%. (Ministry of Development, Spain)

Alicante City

Average Sales Prices – Alicante City

Average property prices in Alicante City showed an annual increase of 4.6% in March 2020, ending the month on €1,509 per square metre. Property prices in the city have gone up by 17.2% in the six years to March 2020. (Idealista, resale property prices)

Volume of Sales – Alicante City

The number of sales transactions in Alicante City in 2019 (6,530 sales, latest data available) decreased compared to the number of sales in 2018 (7,070 sales), by 7.6%. Compared to 2014 (3,685 sales), however, the number of transactions was up by 77.2% but it was still below the number of sales in 2007 (7,803 sales), by 16.3%. (Ministry of Development, Spain)

Dénia

Average Sales Prices – Dénia

Average property prices in Dénia showed an annual decrease of 0.7% in March 2020, ending the month on €1,958 per square metre. Since March 2014 prices in Dénia are up by just over 21%. (Idealista, resale property prices)

Volume of Sales – Dénia

The number of sales transactions in Dénia in 2019 (1,532 sales, latest data available) decreased compared to the number of sales in 2018 (1,542 sales), by 0.6%. Compared to 2014 (1,219 sales), however, the number of transactions was up by 25.7% but it was still below the number of sales in 2007 (3,670 sales), by 58.3%. (Ministry of Development, Spain)

Valencia Province

Volume of Sales – Valencia Province

Looking at Valencia Province as a whole, the number of sales transactions in 2019 (latest data available) increased by 74.1% when compared to the number of sales in 2014, rising from 18,912 to 32,923. However, year-on-year the number of sales transactions in 2019 registered a decrease, of 5.8%, and it was still 30.3% below the number of sales in 2007 (47,268 sales) (Ministry of Development, Spain)

Alicante Province

Volume of Sales – Alicante Province

Looking at Alicante Province as a whole, the number of sales transactions in 2019 (latest data available) increased by 44% when compared to the number of sales in 2014, rising from 29,353 to 42,263. However, year-on-year the number of sales transactions in 2019 registered a decrease, of 4.4%, and it was still 28.6% below the number of sales in 2007 (59,218 sales) (Ministry of Development, Spain)

Tourism & Foreign Buyers, Costa Blanca & Valencia

The number of passengers arriving at Valencia airport in the first two months of 2020 was just over 1.1 million, an increase of 4.4% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in the Valencian Community in the first two months of 2020 increased by 10.3% over the same period in 2019, with the region hosting just over 960,000 international visitors. (INE)

Foreign buyers in Valencia Province accounted for 11.7% of the total sales in 2019, a slightly larger proportion than in 2018 when they accounted for 10.3% of all buyers. (Spanish Land Registry)

Foreign buyers in Alicante Province accounted for 42.5% of the total sales in 2019, a larger proportion than in 2018 when they accounted for 40.8% of all buyers. (Spanish Land Registry)

COSTA BRAVA & GIRONA

Girona City

Average Sales Prices – Girona City

Average property prices in Girona City registered an annual increase of 7.2% in March 2020, ending the month on €2,279 per square metre. Since March 2014 prices in Girona City are up by 26.7%. (Idealista, resale property prices)

Volume of Sales – Girona City

The number of sales transactions in Girona City in 2019 (1,112 sales, latest data available) decreased compared to the number of sales in 2018 (1,196 sales), by 7%. Compared to 2014 (614 sales), however, the number of transactions was up by 81.1% but it was still below the number of sales in 2007 (1,461 sales), by 23.9%. (Ministry of Development, Spain)

Begur, Costa Brava

Average Sales Prices – Begur

Average property prices in Begur registered an annual increase of 2.2% in March 2020, ending the month on €2,786 per square metre. Average prices in the neighbouring areas of Castell-Platja d’Aro, Lloret de Mar and Sant Feliu de Guíxols all increased, ending the month on €2,867 per square metre (0.1% increase), €1,939 per square metre (0.3% increase) and €2,159 per square metre (0.2% increase) respectively. Average prices in nearby Palamós, however, registered a slight annual decrease, of 0.6%, ending the month on €2,314 per square metre. All areas have seen property price increases since March 2014, with the biggest rise in Palamós, where prices have risen by 16.9%, and with prices up by 2.5% in Castell-Platja d’Aro, by 3.5% in Lloret de Mar and by 1.2% in Sant Feliu de Guíxols (Idealista, resale property prices)

Volume of Sales – Begur

The number of sales transactions in Begur in 2019 (150 sales, latest data available) decreased compared to the number of sales in 2018 (155 sales), by 3.2%. Compared to 2014 (141 sales), however, the number of transactions was up by 6.4% but it was still below the number of sales in 2007 (197 sales), by 23.9%. (Ministry of Development, Spain)

Castell-Platja d’Aro, Costa Brava

Average Sales Prices – Castell-Platja d’Aro

Average property prices in Castell-Platja d’Aro registered a slight annual increase of 0.1% in March 2020, ending the month on €2,867 per square metre. Since March 2014 prices have gone up by 2.5%. (Idealista, resale property prices)

Volume of Sales – Castell-Platja d’Aro

The number of sales transactions in Castell-Platja d’Aro in 2019 (512 sales, latest data available) increased compared to the number of sales in 2018 (483 sales), by 6%. Compared to 2014 (367 sales) the number of transactions was also up, by 39.5%, and it also surpassed the number of sales in 2007 (467 sales), by 9.6%. (Ministry of Development, Spain)

Girona Province

Volume of Sales – Girona Province

Compared to 2014 the number of transactions in Girona Province in 2019 (latest data available) rose from 8.054 to 12,223, an increase of 51.8%. Year-on-year the number of sales transactions in 2019 also registered an increase, of 5%, but it was still 25.2% below the number of sales in 2007 (16,346 sales). (Ministry of Development, Spain)

Tourism & Foreign Buyers, Costa Brava & Girona

The number of passengers arriving at Girona airport in the first two months of 2020 was 71.219, a decrease of 0.5% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in Catalonia in the first two months of 2020 decreased by 0.5% over the same period in 2019, with the region hosting just over 1.8 million international visitors. (INE)

Foreign buyers in Girona Province accounted for 28.3% of the total sales in 2019, a larger proportion than in 2018 (26.1%). (Spanish Land Registry)

BARCELONA SOUTH COAST

Sitges

Average Sales Prices – Sitges

Average property prices in Sitges showed an annual decrease of 2.4% in March 2020, ending the month on €3,651 per square metre. Prices rose in the neighbouring areas of Gavà and Vilanova i la Geltrú, however, where prices averaged €3,135 per square metre (3.6% increase) and €1,966 per square metre (2.3% increase) respectively. Since March 2014 prices in Sitges have gone up by 11.4%. Those in Gavà and Vilanova i la Geltrú have risen by 24.8% and 8.6% respectively. (Idealista, resale property prices)

Volume of Sales – Sitges

The number of sales transactions in Sitges in 2019 (654 sales, latest data available) increased compared to the number of sales in 2018 (603 sales), by 8.5%. Compared to 2014 (446 sales) the number of transactions was also up, by 46.6%, and it also surpassed the number of sales in 2007 (357 sales), by 83.2%. (Ministry of Development, Spain)

Gavà

Average Sales Prices – Gavà

Average property prices in Gavà registered an annual increase of 3.6% in March 2020, ending the month on €3,135 per square metre. Average prices in the neighbouring area of Vilanova i la Geltrú also showed an increase, of 2.3%, ending the month on €1,966 per square metre. Gavà property prices have increased by 24.8% since March 2014. (Idealista, resale property prices)

Volume of Sales – Gavà

The number of sales transactions in Gavà in 2019 (483 sales, latest data available) decreased compared to the number of sales in 2018 (535 sales), by 7.9%. Compared to 2014 (299 sales), however, the number of transactions was up by 64.9% and it was back to exactly the same number as in 2007. (Ministry of Development, Spain)

Vilanova i la Geltrú

Average Sales Prices – Vilanova i la Geltrú

Average property prices in Vilanova i la Geltrú showed an annual increase of 2.3% in March 2020, ending the month on €1,966 per square metre. Average prices in the neighbouring area of Gavà also showed an annual increase, of 3.6%, ending the month on €3,135 per square metre. However, average prices in the nearby town of Sitges registered an annual decrease, of 2.4%, ending the month on €3,651 per square metre. Prices in Vilanova i la Geltrú have gone up by 8.6% since March 2014. (Idealista, resale property prices)

Volume of Sales – Vilanova i la Geltrú

The number of sales transactions in Vilanova i la Geltrú in 2019 (923 sales, latest data available) decreased compared to the number of sales in 2018 (1,052 sales), by 12.3%. Compared to 2014 (447 sales), however, the number of transactions was more than double but it was still below the number of sales in 2007 (1,006 sales), by 8.3%. (Ministry of Development, Spain)

Barcelona Province

Volume of Sales – Barcelona Province

Looking at Barcelona Province as a whole, the number of sales transactions in 2019 (latest data available) increased by 63.4% when compared to the number of sales in 2014, rising from 36,396 to 59,470. However, year-on-year the number of sales transactions in 2019 registered a slight decrease, of 2.2%, and it was still 10.4% below the number of sales in 2007 (66,356 sales) (Ministry of Development, Spain)

Tourism & Foreign Buyers, Barcelona

The number of passengers arriving at Barcelona airport in the first two months of 2020 was almost 6.7 million, an increase of 2% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in Catalonia in the first two months of 2020 decreased by 0.5% over the same period in 2019, with the region hosting just over 1.8 million international visitors. (INE)

Foreign buyers in Barcelona Province accounted for 9.6% of the total sales in 2019, a larger proportion than in 2018 (8.7%). (Spanish Land Registry)

TARRAGONA

Tarragona City

Average Sales Prices – Tarragona City

Average property prices in Tarragona City showed an annual increase of 2.8% in March 2020, ending the month on €1,748 per square metre. Since March 2014 they have increased by 3%. (Idealista, resale property prices)

Volume of Sales – Tarragona City

The number of sales transactions in Tarragona City in 2019 (1,652 sales, latest data available) decreased compared to the number of sales in 2018 (1,664 sales), by 0.7%. Compared to 2014 (885 sales), however, the number of transactions was up by 86.7% but it was still below the number of sales in 2007 (2,023 sales), by 18.3%. (Ministry of Development, Spain)

Tarragona Province

Volume of Sales – Tarragona Province

Compared to 2014, the number of transactions in Tarragona Province in 2019 (latest data available) rose from 7,689 to 12,850, an increase of 64.9%. Year-on-year the number of sales transactions in 2019 registered a very slight increase, of 0.8%, but it was still 35.2% below the number of sales in 2007 (19,571 sales). (Ministry of Development, Spain)

Tourism & Foreign Buyers, Tarragona

The number of passengers arriving at Reus airport in the first two months of 2020 was 4,615, a decrease of 52.6% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in Catalonia in the first two months of 2020 decreased by 0.5% over the same period in 2019, with the region hosting just over 1.8 million international visitors. (INE)

Foreign buyers in Tarragona Province accounted for 13.6% of the total sales in 2019, a slightly smaller proportion than in 2018 (14.1%). (Spanish Land Registry)

COSTA DEL SOL

Málaga City

Average Sales Prices – Málaga City

Average property prices in Málaga City showed an annual increase of 3.6% in March 2020, ending the month on €2,088 per square metre. Prices also rose in nearby Marbella, Estepona and Benahavís, where they averaged €3,028 per square metre (9.1% increase), €2,202 per square metre (6.1% increase) and €3,060 per square metre (4.5% increase) respectively. Since March 2014 these areas have seen significant property price increases. Estepona has seen prices rise by 53.8%, Marbella by 44.5% and Benahavís by 32.8%. Prices in Málaga City have increased by 35.9% in the six years to March 2020. (Idealista, property resale prices)

Volume of Sales – Málaga City

The number of sales transactions in Málaga City in 2019 (6,747 sales, latest data available) decreased compared to the number of sales in 2018 (7,674 sales), by 12.1%. Compared to 2014 (3,932 sales), however, the number of transactions was up by 71.6% but it was still below the number of sales in 2007 (9.764 sales), by 30.9%. (Ministry of Development, Spain)

Marbella

Average Sales Prices – Marbella

Average property prices in Marbella showed an annual increase of 9.1% in March 2020, ending the month on €3,028 per square metre. Prices also rose in nearby Estepona, Málaga City and Benahavís, where they averaged €2,202 per square metre (6.1% increase), €2,088 per square metre (3.6% increase) and €3,060 per square metre (4.5%) respectively. Marbella has seen prices rise by 44.5% since March 2014. (Idealista, resale property prices)

Volume of Sales – Marbella

The number of sales transactions in Marbella in 2019 (3,681 sales, latest data available) decreased compared to the number of sales in 2018 (4,075 sales), by 9.7%. Compared to 2014 (3,982 sales) the number of transactions was also down, by 7.6%, but it was up slightly on the number of sales in 2007 (3,568 sales), by 3.2%. (Ministry of Development, Spain)

Málaga Province

Volume of Sales – Málaga Province

Compared to 2014 the number of transactions in Málaga Province in 2019 (latest data available) rose from 23,877 to 30,827, an increase of 29.1%. However, year-on-year the number of sales transactions in 2019 registered a decrease of 10.5% and it was still 23.5% below the number of sales in 2007 (40,314 sales). (Ministry of Development, Spain)

Tourism & Foreign Buyers, Costa del Sol

The number of passengers arriving at Málaga-Costa del Sol airport in the first two months of 2020 was almost 2.2 million, an increase of 5% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in Andalucía in the first two months of 2020 increased by 2.5% over the same period in 2019, with the region hosting over 1.2 million international visitors. (INE)

Foreign buyers in Málaga Province accounted for 27.2% of the total sales in 2019, a slightly smaller proportion than in 2018 (28.3%). (Spanish Land Registry)

GALICIA

Vigo

Average Sales Prices – Vigo

Average property prices in Vigo showed an annual increase of 3.8% in March 2020, ending the month on €1,924 per square metre. Since March 2014 they have increased by 4.8%. (Idealista, resale property prices)

Volume of Sales – Vigo

The number of sales transactions in Vigo in 2019 (2,374 sales, latest data available) decreased compared to the number of sales in 2018 (2,451 sales), by 3.1%. Compared to 2014 (1,422 sales), however, the number of transactions was up by 66.9% but it was still below the number of sales in 2007 (3,182 sales), by 25.4%. (Ministry of Development, Spain)

Pontevedra Province

Volume of Sales – Pontevedra Province

Compared to 2014 the number of transactions in Pontevedra Province in 2019 (latest data available) rose from 4,183 to 6,550, an increase of 56.6%. Year-on-year the number of sales transactions in 2019 also registered an increase, of 1.9%, but it was still 45.8% below the number of sales in 2007 (12,081 sales). (Ministry of Development, Spain)

Tourism & Foreign Buyers, Pontevedra Province

The number of passengers arriving at Santiago de Compostela airport in the first two months of 2020 was 355,123, an increase of 3.2% over passenger arrivals in the first two months of 2019. (Aena)

Foreign buyers in Pontevedra Province accounted for 1.4% of the total sales in 2019, a larger proportion than in 2018 (0.6%). (Spanish Land Registry)

IBIZA & MENORCA

Ibiza

Average Sales Prices – Ibiza

Average property prices across the Balearic Islands showed an annual increase of 3.9% in March 2020, ending the month on €3,075 per square metre. In Ibiza, however, average prices in Ibiza Town showed an annual decrease, of 1.1%, ending the month on €5,115 per square metre. Prices in Santa Eulària des Riu and Sant Josep also showed a decrease, averaging €4,722 per square metre (2.4% decrease) and €4,970 per square metre (1% decrease) respectively. Ibiza’s most sought-after areas have all seen significant price increases since March 2014. In Ibiza Town they have increased by almost 78%, in Sant Josep de sa Talaia by almost 75% and in Santa Eulària des Riu by just over 68%. The Balearic Islands as a whole have registered price increases of 59.4% in the six years to March 2020. (Idealista, resale property prices)

Volume of Sales – Ibiza

The number of sales transactions in Ibiza Town in 2019 (489 sales, latest data available) increased compared to the number of sales in 2018 (462 sales), by 5.8%. Compared to 2014 (657 sales), however, the number of transactions was down, by 25.6%, and it was also down compared to the number of sales in 2007 (901 sales), by 45.7%. (Ministry of Development, Spain)

The number of sales transactions in Santa Eulària des Riu in 2019 (443 sales, latest data available) decreased compared to the number of sales in 2018 (495 sales), by 10.5%. The number of transactions in 2019 was also down compared to both 2014 (461 sales, 3.9% decrease) and 2007 (745, 40.5% decrease). (Ministry of Development, Spain)

The number of sales transactions in Sant Josep de sa Talaia in 2019 (423 sales, latest data available) decreased compared to the number of sales in 2018 (515 sales), by 17.9%. Compared to 2014 (379 sales), however, the number of transactions was up by 11.6% but it was still below the number of sales in 2007 (816 sales), by 48.2%. (Ministry of Development, Spain)

Menorca

Average Sales Prices – Menorca

Average property prices across the Balearic Islands showed an annual increase of 3.9% in March 2020, ending the month on €3,075 per square metre. Average prices in Ciutadella de Menorca, Es Mercadal and Mahón also increased, ending the year on €2,219 per square metre (1.9% increase), €2,348 per square metre (7.1% increase) and €1,979 per square metre (1.3% increase) respectively. Since March 2014 property prices in Mahón have gone up by 37.4%, in Es Mercadal by 32.5% and in Ciutadella de Menorca by 24.7%. (Idealista, resale property prices)

Volume of Sales – Menorca

The number of sales transactions in Ciutadella de Menorca in 2019 (468 sales, latest data available) decreased compared to the number of sales in 2018 (624 sales), by 25%. Compared to 2014 (380 sales), however, the number of transactions was up by 23.2% but it was still below the number of sales in 2007 (841 sales), by 44.4%. (Ministry of Development, Spain)

The number of sales transactions in the Menorcan capital Mahón in 2019 (421 sales, latest data available) decreased compared to the number of sales in 2018 (455 sales), by 7.5%. Compared to 2014 (247 sales), however, the number of transactions was up by 70.4% but it was still below the number of sales in 2007 (569 sales), by 26%. (Ministry of Development, Spain)

Balearic Islands

Volume of Sales – Balearic Islands

Compared to 2014 the number of transactions in the Balearic Islands in 2019 (latest data available) rose from 10,972 to 15,643, an increase of 42.6%. However, year-on-year the number of sales transactions in 2019 registered a decrease of 10.4% and it was still 28.1% below the number of sales in 2007 (21,767 sales). (Ministry of Development, Spain)

Tourism & Foreign Buyers, Balearic Islands

The number of passengers arriving at Ibiza airport in the first two months of 2020 was 373,501, an increase of 6% over passenger arrivals in the first two months of 2019. (Aena)

The number of passengers arriving at Menorca airport in the first two months of 2020 was 164,450, an increase of 12.2% over passenger arrivals in the first two months of 2019. (Aena)

International tourism in the Balearic Islands in the first two months of 2020 decreased by 11.3% over the same period in 2019, with the region hosting 289,452 international visitors. (INE)

Foreign buyers in the Balearic Islands accounted for 35.1% of the total sales in 2019, a larger proportion than in 2018 (30.5%). (Spanish Land Registry)

Note the following figures are provisional:

  • INE (Tourism) (from March 2019)
  • Ministry of Development, Spain (from Q4 2019)

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