Looking back at Spanish house price trends in 2022, and where the latest figures suggest that prices are heading in 2023.

The meat of this analysis is contained in the video at the bottom, but as I know that many of you prefer text to video I’ll also give you the main points in writing with accompanying charts.

Average Spanish house prices in €/sqm increased just 1% in the course of 2022 show the latest figures from the Spanish notaries’ association, as illustrated by the chart above.

If you look a bit further back to the start of 2020, just before the pandemic kicked-off, average prices are up 6.5%, as illustrated in the next chart in which you clearly see the price decline caused by the coronavirus, and the subsequent recovery.

Look even further back to 2007 and you see that average house prices are still significantly below where they were 15 years ago and have not recovered much since they bottomed out in 2013. The next three charts are interactive, which means you can zoom and filter them.

If you look at regions of most interest to foreign buyers it’s a slightly different story. Prices have more than recovered in the Balearics and the Canaries, just about recovered in Madrid, but are still lower in Andalusia, Catalonia, the Valencian region, and Murcia.

Year on year prices rose in all those regions with the exception of the Balearics (-6%) and Catalonia (0%). You can get the change in prices for the other regions from the chart below, and there’s a chart for each region in the gallery below too. 

City asking prices

City asking prices from the property portal Idealista give us a more local idea of the house price trend in different regions of interest to foreign buyers. The next three charts using the latest data for February 2023 show prices from highest to lowest, the annualised change in prices, and how prices compare to 2010. As you can see from the final chart, prices haven’t budged much in most places since 2010, the three obvious exceptions being Ibiza, Marbella, and Palma de Mallorca.

The asking prices curves in February all look like they will remain positive for at least the next few months, though Palma,Ibiza and Girona are heading down the fastest. Marbella and Tenerife are still growing fast at close to 20%.