The post-pandemic Spanish housing boom has run its course, as home sales decline 18% in December 2022.
There were 59,730 home sales witnessed by Spanish notaries in the final month of 2022, a decline of 18% compared to the previous year, according to figures just published by the notaries association of Spain.
As you can see from the chart above, growth in sales has been on a declining trend since the star of last year, going from +36% in January 2022 to -18% in December. That said, December sales were higher than in 2019, and one of the highest in the last decade, as illustrated in the next chart.
Looking at the 12-month rolling sales total, which smooths out the monthly ups and downs and gives us a better idea of the underlying trend, the market is clearly coming off the boil and the year-on-year figure (the blue area line in the chart below) is moving sharply down.
Price-wise in terms of €/sqm the average price of property in Spain increased by just 0.6% over 12 months to the end of December, ending the year at 1,590€/sqm, down from a high of 1,694€/sqm in the middle of the year, and still significantly below the prices of around 1,800€/sqm that were common in Spain more than 15 years ago. The chart below illustrates the post-pandemic boom in prices coming to an end.
Looking at the regional picture, sales were down the most in the Balearics (-32%) and the least in Murcia (-8%), as illustrated by the final chart below. Prices went from +13% in the Canaries to -6% in the Balearics. You can use the two tables below to get figures for other areas of interest to foreign buyers.
dlt Latest monthly sales by region & YoY (Notaries id 142)
This table shows sales by selected region in the latest month available, using data from the notaries. Use the filter box at the bottom of the first column on the right to toggle between sales and year-on-year change (replace '2' with 'y' for year on year). The associated chart will update to reflect the data.
dlt Latest prices by region / province (id 149)
This table shows house prices (average €/sqm) by select region / province in the latest period available, and the year-on-year change. Latest periods are: MITMA Q2-2023, Notaries Sep-2023, Idealista Oct-2023.