Published 13/10/2023 by Lucas Fox

Spanish Property Market: A Mid-Year Overview 2023

Through this Property Market Mid-Year Overview you will uncover unique insights and market analysis that solidify Lucas Fox’s leadership in navigating challenges and capitalizing on opportunities in the Spanish real estate market.

Spanish Property Market Mid-Year Overview

Welcome to Lucas Fox’s exclusive Spanish Property Market Mid-Year Overview 2023, where we unfold the intricate layers of the Spanish property market, offering a comprehensive understanding of the current landscape. This report goes beyond the surface, providing crucial insights into the latest trends, buyer typology, and sales prices, post-pandemic recovery. As your trusted real estate partner, we navigate through key indicators such as home sales, mortgage lending, and house prices, presenting a detailed mid-year outlook. 

The Spanish property market has demonstrated remarkable resilience and recovery in the first half of 2023, showcasing robust performance across key indicators such as home sales, mortgage lending, and house prices. With figures resembling decade-high levels, the market’s overall strength echoes the solid recovery witnessed in the aftermath of the post-pandemic euphoria experienced last year. 

As of mid-2023, the market indicates a levelling out after the previous year’s boom, navigating challenges posed by rising interest rates and political uncertainty. Particularly noteworthy is the sustained appetite of foreign buyers for Spanish property, reflecting the enduring appeal of real estate in the country. 

Despite a slight moderation in sales compared to the exceptional growth witnessed last year, house prices have maintained their ground. The latest data reveals a marginal decline in completed sale prices, coupled with an upward acceleration in asking prices, reaching double digits in the second quarter. This price stability is attributed to robust demand and a shortage of high-quality properties for sale in major cities and sought-after coastal areas, a trend persisting for the past couple of years. 

While the first half transactions saw a decline compared to 2022, they marked the highest on record for any other year in the last decade and a half, presenting a 13% increase over the same period in 2019 – the last normal year before the pandemic. 

Property Sales comparisson

Examining transactions in regions serviced by Lucas Fox offices, sales were higher or unchanged in six out of eight regions, with the Valencian region leading with a 24% increase, followed by Galicia (+17%), Andalusia (+15%), and Catalonia (+10%). A moderate decline of 1% was observed in the Balearics, and a 9% decline in the Basque country. 

The surprising buoyancy of the market in 2023, despite expectations of a slowdown post-2022’s boom, underlines the adaptability and strength of the Spanish property sector. As the year progresses, all eyes will be on how these trends continue to shape the market’s trajectory. 

Download our Spanish Property Market Mid-Year Overview 2023 to discover the latest trends and resilience of the Spanish property market in 2023 with Lucas Fox, your trusted partner in real estate. 

At Lucas Fox, we pride ourselves on being at the forefront of market intelligence, empowering you with the knowledge needed to make strategic decisions in today’s dynamic real estate environment. Join us as we unravel the complexities and unveil opportunities within the Spanish property market through our exclusive Market Report Analysis. 

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