Periodic reports on the Costa Brava property market (Girona province, Catalonia)
This page offers data-driven reports on the southern Costa Brava property market, consolidating key data from public sources to highlight the latest trends and developments. Illustrated with charts and infographics, these reports provide critical insights into the Costa Brava real estate market, with a focus on flagship municipalities such as Begur and Pals. These reports are written for foreign investors, property buyers, vendors, professionals, and journalists looking for insight into the Girona province / Costa Brava property market to help inform big decisions with important financial consequences.
Costa Brava property market overview
The Costa Brava is a prime destination for international property buyers looking for second homes, holiday properties, or investment opportunities. Renowned for its stunning coastline, charming towns, and vibrant expatriate community, the region attracts a significant share of Spain’s foreign property transactions. As one of the most dynamic housing markets in the country, a focused report on the Costa Brava property market is invaluable for anyone with an interest in this region.
Located in Girona province, Catalonia, the Costa Brava stretches from Blanes in the south to the French border in the north. Known for its diverse housing options, from luxury villas to coastal apartments, the market offers both unique opportunities and challenges worth analysing. Key municipalities like Begur, Pals, Palafrugell, Palamos, and Platja d’Aro are among the most sought-after areas for buyers and investors.
The reports cover a wide range of topics to provide a comprehensive understanding of the market, including:
- Home sales across Girona province and key municipalities.
- Foreign buyers: market share, residency status, and second-home investments.
- New-build properties: sales, pricing trends, and index data.
- House prices: general trends and specific insights into flagship municipalities like Begur, and Pals.
- Mortgage lending: base rates, borrowing costs, and their influence on the market.
- Housing starts and key factors affecting supply and demand.
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2024 Full Year
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2024 H1
Girona province and Costa Brava property market report: H1 2024
Sales performance
In the first half of 2024, Girona province (home to the Costa Brava) recorded 7,254 home sales, reflecting a slight year-on-year increase of 0.2% (Fig. 1). This represents a similar 0.2% rise compared to the ten-year average. Over the past decade, the market has experienced a cumulative growth of 91.1%, demonstrating robust long-term development.
Foreign buyers
Sales involving foreign buyers totalled 1,939 transactions, a 14.2% decline year-on-year. Compared to the ten-year average, however, this segment has grown by 9.9%, with a ten-year increase of 40.3%. Among these (Fig 2):
- 868 sales were by foreign residents in Spain (expats), marking a 0.5% year-on-year increase.
- 1,071 sales were by foreign non-residents (FNR), representing a 23.3% decrease year-on-year.
The overall market share of foreign buyers was 26.7%, down from 31.2% in the same period a year ago and below the ten-year high of 36.4% (Fig. 3). This indicates a declining contribution of foreign buyers, particularly in the non-resident segment.
New build homes
The new build market saw significant growth, with 667 sales, a 86.3% year-on-year increase. This was a 64.2% rise compared to the ten-year average, and over the decade, new build sales have surged by 156.5% (Fig. 4). This highlights increasing demand for new developments, driven by both domestic and international buyers.
Costa Brava municipalities
In the Costa Brava region specifically, 2,404 sales were recorded in municipalities of the Costa Brava (Fig. 5), a 0.5% year-on-year rise, and the second-highest level on record. Compared to the ten-year average, this marks a 21.4% increase, with cumulative growth of 81.9% over the past decade.
Price trends
The average price of homes sold in Girona province during H1 2024 was €218,915, representing a 6% increase year-on-year. (Fig. 6) The average price of newly built homes was €301,000, a 1% decline year-on-year, suggesting potential shifts in supply or buyer preferences.
Long-term price index
Over ten years, the price index for all properties in Girona has risen from 100 to 151, and 149 for newly-built homes.
But in just the last five years:
- Prices for all properties have grown by 51%.
- New build prices have risen by only 8%, indicating slower growth in this segment.
Interpretation: The divergence between overall price growth and new build trends may reflect increased supply of affordable new developments or shifting buyer focus towards resale properties.
Mortgage activity
In H1 2024, 3,332 new mortgages were signed in Girona province (Fig. 8), a 14.2% year-on-year decline (Source: INE). Compared to the ten-year average, this represents a 1.2% increase, and over the decade, mortgages have grown by 44.3%.
The average Euribor rate during the period was 3.67 (Fig. 9), slightly lower than the previous year’s high of 3.69 in 2023. This rate remains significantly higher than the decade-low of -0.49 recorded in 2021. The elevated Euribor reflects tighter monetary policy by the European Central Bank (ECB) aimed at combating inflation. However, markets anticipate stabilisation or slight reductions in 2025, depending on inflation trends.
Housing starts
The period saw 1,490 housing starts, based on planning approvals (Fig. 10). This represents a 72.9% year-on-year increase and a 99.2% rise compared to the ten-year average. Over the past decade, housing starts have surged by 367.1%.
A ten-year index of housing starts (Fig. 11) illustrates a marked increase, underscoring strong developer confidence and alignment with demand for new housing stock.
H1 2024 Girona / Costa Brava report – key takeaways
- Stable overall sales: Modest growth in total transactions highlights resilience, despite a decline in foreign non-resident activity.
- Foreign market shift: Reduced foreign market share indicates changing dynamics, particularly among non-residents, while expat demand remains stable.
- New build boom: The sharp increase in new build sales and housing starts underscores robust development activity.
- High mortgage rates: Elevated Euribor levels reflect ongoing ECB monetary tightening, potentially dampening borrowing activity in the short term.
- Price trends: Divergent growth in prices for resale and new build properties offers insights for developers and investors.
Methodology and geographic focus
The Costa Brava comprises the coastal municipalities of Girona province, specifically located in the counties (comarcas) of La Selva, Baix Empordà, and Alt Empordà. Because much of the publicly available data is aggregated at the provincial level, this report uses figures for Girona province to analyse general trends in sales, prices, mortgage lending, and housing starts in the area where the Costa Brava is located.
To provide a more focused view, we also drill down into sales data for the Costa Brava municipalities themselves and examine house prices in one or two representative locations to get a clearer picture of pricing trends at the local level.
The Costa Brava can be divided into two distinct sections: northern and southern. This report focuses on the southern Costa Brava, which is the best known and most popular part of the coast, especially among second-home buyers and international investors.
When it comes to sales in the southern Costa Brava, the report uses data for the following municipalities:
In the comarca of La Selva:
- Blanes
- Lloret de Mar
- Tossa de Mar
In the comarca of Baix Empordà:
This geographical focus ensures that the analysis in the following sections accurately reflects the market dynamics of the southern Costa Brava
- Sant Feliu de Guíxols
- Santa Cristina d’Aro
- Castell–Platja d’Aro
- Calonge
- Palamós
- Mont-ras
- Palafrugell (including Llafranc, Calella de Palafrugell, and Tamariu)
- Begur
- Pals
- Torroella de Montgrí (including L’Estartit)
This geographical focus ensures that the analysis in the following sections accurately reflects the market dynamics of the southern Costa Brava
Disclaimer
These reports are prepared in good faith using publicly available data. While efforts are made to ensure accuracy, no guarantees are provided regarding the completeness, reliability, or suitability of the information for any purpose. Use of this information is at your own risk.
