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Mark StücklinThe property market in Catalonia’s Girona (Gerona) province, encompassing the Costa Brava and the Empordà region, showed a mixed performance during the third quarter (Q3) of 2024. This snapshot illustrated by graphs examines key metrics and trends shaping the market, including sales, foreign investment, and price movements.
Home sales increase
Home sales in Girona province rose by 10% to 3,382 transactions (chart above), marking a 15% increase above the ten-year average. This made Q3 2024 the third-best quarter on record for home sales, indicating robust local demand as a primary driver.
Foreign sales decline
Sales involving foreign buyers fell by 2% to 991 transactions, reducing the foreign market share (FMS) from 33% in 2023 to 29% this year (chart above blue line, right axis). However, foreign sales remained 6% above the ten-year average.
A closer look reveals contrasting trends: purchases by expats increased by 13%, while foreign non-residents (FNRs) buying second homes dropped by 11%. FNRs accounted for 56% of all foreign market activity.
New build sales drop
New build home sales decreased by 14% to just 177 transactions, representing only 5% of total sales. This segment underperformed, coming in 10% below the ten-year average. The reduction in new build sales highlights a shift towards the resale market, which continues to dominate.
Price movements
The average property sale price declined by 1% overall, driven by a sharp 30% drop in new build home prices. In contrast, resale home prices increased by 4%, reflecting the ongoing demand for existing properties.
Over the past decade, average house prices have risen by 49%, with new build prices up 31% and resales climbing 53%. Valuation data suggests overall price growth of 25% during the same period.
Local demand supports the market
The Girona property market performed well overall in Q3 2024, thanks to strong local demand, which grew by 15% year-on-year and was 20% above the ten-year average. Foreign demand, however, has weakened, reaching its lowest level since the pandemic boom of 2021. This contrasts with regions like the Costa del Sol, where foreign demand rose by 15%, and the Costa Blanca, which saw near-record foreign sales in Q3.
Regional comparisons and anomalies
The Costa Brava’s declining foreign demand stands out against other popular regions. Local factors may be affecting its appeal to foreign buyers. On the pricing front, the sharp decline in new build prices is likely an anomaly in the data rather than a trend, as resale prices climbed by 4%. However, resale price growth was modest compared to the Costa del Sol, where overall prices rose by 9%.
In summary, Girona province’s property market continues to exhibit resilience, driven by strong local demand. While foreign investment has softened, the region’s long-term growth trends remain positive, underscoring its enduring appeal in the face of regional competition and market fluctuations.
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