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Sales of Homes in Spain Slowed in May

admin | 21st July 2023 | Andalucía, Costa del Sol, Málaga, Marbella, News, Property For Sale, Property Market, Selling, Spain, Statistics/Figures

Sales of Spanish homes fell in May

May saw a total of 200,906 property transfers registered, a fall of 5.4% than in the same month in 2022.

Of those transfers, 109,714 related to property sales, an annual decrease of 7%, according to data from the INE.

86.8% of the sales registered in May correspond to urban properties and 13.2% to rustic ones. In the case of urban property sales, 58.9% were for house purchases.

The number of sales of rustic properties decreased by 6.7% in May in the annual rate, while sales of urban properties by 7.0%. Home sales registered an annual decrease of 6.4%.

Of the homes sold in May, 19% were new build properties, while the remaining 81.0% were second-hand.

The number of sales of new homes increased by 4.1% compared to May 2022, while that of used homes decreased by 8.6%.

Sales by Autonomous Community

In the month of May, the total number of property sales in Spain registered in the property registers per 100,000 inhabitants reached its highest values in Castilla y León (866), La Rioja (811) and Aragón (808).

Cantabria (18.8%), Principality of Asturias (7.8%) and Extremadura (5.0%) registered the highest annual variation rates.

In turn, La Rioja (–21.8%), Madrid (–16.9%) and the Basque Country (–14.6%) presented the lowest annual rates.

Considering registered home sales, the communities with the highest number of transfers per 100,000 inhabitants are Valencia (232), Cantabria (183) and Andalucía (173).

The autonomous communities that presented the highest annual increases in the number of home sales in May were Cantabria (21.1%), Principality of Asturias (8.6%) and Castilla y León (7.9%). Andalucía saw a small increase of just 0.2%.

In turn, La Rioja (–37.0%), Madrid (–20.5%) and the Canary Islands (–19.2%) registered the greatest decreases. The usually popular Balearic Islands also saw a significant fall registering -17.1% fewer sales.

Second-Hand Property Prices Rise in Q2

admin | 6th July 2023 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Used property prices up 2.1% at the end of Q2

During the first six months of 2023, second-hand property for sale in Spain has seen a year-on-year increase in price, closing the second quarter with a 10.8% change. The quarterly increase was 2.1%. This brings the average cost per square metre to 2,146 euros.

“The increase in the price of second-hand housing at the year-on-year level continues to climb, showing the highest variation since the financial crisis of 2008. This increase places us at levels similar to 2006, in the warm-up period prior to the housing bubble. Even so, the price at the national level is still 27% below its historical maximum value“, explained María Matos from Fotocasa.

“This acceleration is produced by the change in monetary policy and the increase in interest rates by the ECB, which has caused the demand for purchases to resurface and put pressure on prices due to the shortage of supply. It is a matter of time before the price begins to show signs of moderation and returns to a stable path, taking into account the rate of mortgage increase caused by the Euribor“.

Prices by Autonomous Community

In the Autonomous Communities, the second quarter of 2023 saw 15 quarterly increases and 17 year-on-year increases. The community with the highest quarterly increase is Navarra (7.5%), followed by the Canary Islands (6.9%), the Balearic Islands (5.3%), the Region of Murcia (4.7%), the Valencian Community (4.3%), Aragon (3.1%), La Rioja (2.5%), Cantabria (2.3%), Catalonia (2.2%), Castilla-La Mancha (2.1%), Asturias (1.3%), Galicia (1.1%) , the Basque Country (1.0%), Madrid (0.9%) and Andalusia (0.7%). On the other hand, the two regions with quarterly decreases in June are Castilla y León (-0.1%) and Extremadura (-0.7%).

Regarding the ranking of prices of second-hand property by communities, the Balearic Islands and Madrid occupy the top positions, and exceed the barrier of 3,000 euros, specifically 3,806 euros p/m² in the Balearic Islands and 3,477 euros p/m² in Madrid. They are followed by the communities of the Basque Country (2,988 euros p/m²), Catalonia (2,769 euros p/m²), the Canary Islands (2,190 euros p/m²), Navarra (2,044 euros p/m²), Andalusia (1,897 euros p/m²), Cantabria (1,881 euros p/m²), Aragón (1,701 euros p/m²), Galicia (1,690 euros p/m²), Comunitat Valencia with (1,677 euros p/m²), Asturias (1,624 euros p/m²), La Rioja (1,606 euros p/m²), Castilla y León (1,462 euros p/m²), Region of Murcia (1,264 euros p/m²), Extremadura (1,222 euros p/m²) and Castilla-La Mancha (1,177 euros p/m²).

Provinces

In the provinces, the price of homes for sale in Spain during the second quarter of 2023 showed 39 quarterly increases and 49 year-on-year increases. The ten provinces with the highest quarterly increases are Soria (9.4%), Lleida (7.7%), Santa Cruz de Tenerife (7.6%), Navarra (7.5%), Alicante (6.2%), Teruel (5.7%), Las Palmas (5.4%), the Balearic Islands (5.3%), Malaga (4.9%) and Murcia (4.7%). On the other hand, the provinces that present quarterly decreases are Huelva (-0.03%), Salamanca (-0.2%), Zamora (-0.5%), Badajoz (-0.6%), Jaén (-0.7%), Cáceres (-0.8%), Valladolid (-0.9%), Araba – Álava (-0.9%), Cuenca (-1.1%), Seville (-1.4%) and Segovia (-10.9%).

Regarding the ranking of prices for second-hand property by provinces, the Balearic Islands, Madrid, Gipuzkoa, Barcelona and Málaga are the only ones that exceed the barrier of 3,000 euros. The order of the provinces with the highest house prices is the Balearic Islands (3,806 euros p/m²), Madrid (3,477 euros p/m²), Gipuzkoa (3,328 euros p/m²), Barcelona (3,085 euros p/m²) and Malaga (3,040 euros p/m²). On the other hand, the province that did not exceed 1,000 euros was Ciudad Real (998 euros p/m²).

Home Sales Slow While Prices Increase

admin | 14th June 2023 | Buying, Costa del Sol, Málaga, Marbella, New Developments, News, Prices, Property For Sale, Property Market, Spain

Sales of new-buid homes fell 4.2% in April

The latest data from the INE shows that property sales in Spain fell by 8.1% in April, when compared to the previous year.

86.5% of those property sales correspond to urban properties, of which, 57.9% were sales of homes. The sales of all urban properties fell 8.2% while sales of rustic property also fell, dropping 10%.

Of the homes sold in April, 19.1% were new homes and 80.9% were second-hand properties, according to the INE data.

The number of new home sales fell by 4.2% when compared to the same month last year. Sales us used homes also fell, dropping 9% since last April.

Autonomous Communities

In the month of April, the total number of transferred properties in the property registers per 100,000 inhabitants reached its highest values in Castilla y León (666), Cantabria (598) and Aragón (596).

Cantabria (14.3%), Extremadura (0.8%) and Valencian Community (0.3%) registered the only positive annual variation rates.

The Balearic Islands (–20.7%), Canary Islands (–20.0%) and La Rioja (–19.6%) presented the lowest annual rates.

Considering registered home sales, the communities with the highest number of sales per 100,000 inhabitants are the Valencian Community (166), Cantabria (135) and Andalucía (131).

The autonomous communities that presented the greatest annual increases in the number of home sales in April were Cantabria (11.6%), the Valencian Community (6.0%) and Extremadura (3.7%).

In turn, the Basque Country (–23.4%), the Balearic Islands (–19.6%) and La Rioja (–18.6%) registered the greatest decreases.

House Prices in Spain

The fall in sales of homes in Spain has many factors, but one is the continuing rise in prices. The price of housing increased 10.2% year-on-year in May.

The monthly variation in the price of second-hand homes for sale in Spain increased by 0.8%, bringing the average price per square metre to 2,131 euros in May, according to data from Fotocasa. This last year-on-year value (10.2%) is the highest increase detected since August 2006.

“The cost of housing continues to become more expensive at an increasing rate and setting records. In other words, we are facing a cycle of very significant increases and they are in many cases the highest since 2006. The price is increasing at a very fast pace, making the situation of the second-hand market increasingly more complicated, with a very strong and intense demand and with a reduced supply. However, this price acceleration, caused by the change in monetary policy, should be temporary and begin to show signs of moderation in the coming months, as the demand for purchases cools off due to difficulties in accessing financing and inflationary tensions“, explained María Matos, Director of Studies at Fotocasa.

When we look at the prices of homes for sale compared to those of a year ago, we see that 17 communities saw increased prices in May. In six communities, those increases exceed 10%, specifically, in the Balearic Islands (22.7%), Navarra (20.2%), the Canary Islands (17.9%), the Valencian Community (12.0%), La Rioja (10.5%) and Andalusia (10.2%). They are followed by the Region of Murcia (9.3%), Catalonia (6.4%), Cantabria (5.4%), Aragon (5.3%), Extremadura (4.8%), Castilla-La Mancha (4.8 %), Madrid (4.7%), Galicia (3.4%), Castilla y León (3.0%), the Basque Country (2.7%) and Asturias (2.3%).

Prices in Autonomous Communities

Regarding the ranking of Autonomous Communities with the most expensive second-hand home prices in Spain, are the Balearic Islands and Madrid, with prices of €3,679 p/m² and €3,446 p/m², respectively. They are followed by the Basque Country (€2,968 p/m²), Catalonia (€2,744 p/m²), the Canary Islands (€2,123 p/m²), Navarra (€2,012 p/m²), Andalusia (€1,897 p/m²), Cantabria (€1,863 p/m²), Aragon (€1,692 p/m²), Galicia (€1,672 p/m²), Valencian Community (€1,646 p/m²), Asturias (€1,607 p/m²), La Rioja (€1,597 p/m²), Castilla y León (€1,466 p/m²), Region of Murcia (€1,249 p/m²), Extremadura (€1,215 p/m²) and Castilla-La Mancha (€1,169 p/m²).

Provinces

In 94% of the 50 provinces analysed, the interannual price of housing rose in the month of May. In 14 provinces it exceeds 10%, specifically in the Balearic Islands (22.7%), Santa Cruz de Tenerife (21.6%), Navarra (20.2%), Alicante (15.9%), Malaga (15.5%), Las Palmas (14.2%), Cádiz (12.1%), Guadalajara (12.0%), Tarragona (11.6%), Almería (10.7%), Huesca (10.6%), La Rioja (10.5%), Seville (10.2%) and Girona (10.1%). On the other hand, the interannual decreases correspond to the provinces of Palencia (-1.4%), Jaén (-0.2%) and Zamora (-0.1%).

Regarding prices, the Balearic Islands is the most expensive province with €3,679 p/m², followed by Madrid (€3,446 p/m²) and Gipuzkoa (€3,272 p/m²), among others. On the other hand, the province with the price per square meter below 1,000 euros is Ciudad Real with €973 p/m².

Rental Prices in Spain Increase in April

admin | 2nd June 2023 | Costa del Sol, Marbella, Prices, Property Market, Rental Property, Renting, Spain

Price of rental housing broke records again in April

Rental Prices broke records again in April

The price of rental housing in Spain increased by 1.2% in April, when compared to the previous month. When compared to the same month in 2022, the increase was 7.3%. The average cost per square meter, per month, now stands at €11.69.

“Although increases are no longer in double digits, the price of rental housing once again sets a price record in the month of April, for the fourth consecutive time in 2023. This increase in the price is caused by the great imbalance between supply and demand and that tension once again pushes prices up. The main problem – and one that has increased in the last year and a half – is the reduction in the supply of residential rentals. A very significant volume of properties have been sold, have been converted to tourist rentals or remain empty. Owners concerned about the legal insecurity in the Housing Law have been keen to migrate to other markets“, explained María Matos, director of Studies at Fotocasa.

Autonomous Communities

If we look at rental prices compared to those of a year ago, we see that 16 communities saw year-on-year price increases in April. In six communities double-digit increases were exceeded, specifically in the Balearic Islands (32.5%), the Canary Islands (22.5%), the Valencian Community (16.5%), Cantabria (14.8%), Madrid (12.8 %) and Navarre (11.2%). They are followed by Andalusia (9.3%), Catalonia (7.1%), Castilla y León (5.9%), Galicia (5.5%), Extremadura (5.1%), Asturias (3.6%), the Basque Country (3.5%), La Rioja (2.7%), the Region of Murcia (2.0%) and Aragon (1.7%). On the other hand, the only community that registered a fall in rental costs compared to the previous year is Castilla-La Mancha with -5.5%.

In April 2023, eight communities exceed the previous maximum price for rental property in Spain per square meter per month. The areas of Spain with the highest prices in the entire historical series are: Madrid (€16.41 p/m² per month), the Balearic Islands (€16.23 p/m² per month), the Canary Islands (€12.27 p/m² per month), Cantabria (€11.35 p/m² per month), Valencian Community (€11.02 p/m² per month), Navarra (€10.99 p/m² per month), Andalusia (€9.64 p/m² per month) and Galicia (€8.19 p/m² per month).

The most expensive rental prices in Spain are Madrid and the Balearic Islands, with prices of €16.41 p/m² per month and €16.23 p/m² per month, respectively. They are followed by six more communities with prices above €10.00 p/m² per month and they are: Catalonia (€15.63 p/m² per month), the Basque Country (€14.00 p/m² per month), the Canary Islands (12 €.27 p/m² per month), Cantabria (€11.35 p/m² per month), Valencian Community (€11.02 p/m² per month) and Navarra (€10.99 p/m² per month).

Provinces of Spain

Almost all the provinces saw an increase in the year-on-year price of rental housing in April 2023, except for Huelva, Lugo and Pontevedra. Increases of more than 10% occur in 16 provinces.

The order of the provinces with year-on-year increases of more than 10% are: Balearic Islands (32.5%), Santa Cruz de Tenerife (26.4%), Alicante (24.6%), Málaga (22.8%), Las Palmas (20.3%), Valencia (17.5%), Cantabria (14.8%), Madrid (12.8%), Tarragona (11.3%), Navarra (11.2%), Almería (10.9%) and Girona (10.2%).

Regarding prices, 16 provinces exceed 10.00 euros per square meter per month. The three most expensive provinces are Barcelona with €16.88 p/m² per month, followed by Madrid with €16.41 p/m² per month and Balearic Islands with €15.23 p/m² per month.

Rental price increases were seen in 37 of the 40 provincial capitals. 15 capitals saw double-digit interannual increases, while in only nine capitals the interannual increases are less than 5%. Regarding the price per square meter in April, we see that 15 cities exceed €10.00 p/m² per month and only Ciudad Real has a price of €5.00 p/m² per month, specifically it is €5.58 p/m² per month.

Buying a New Property or a Resale Property

admin | 15th May 2023 | Andalucía, Buying, Costa del Sol, Holiday homes, Málaga, Marbella, New Developments, Off-Plan, Property For Sale, Property Market, Spain

The Costa del Sol offers a wide range of properties to suit all

Planning to buy a property on the Costa del Sol? Choosing between a resale property and a new one is a crucial decision. Below, we’ll explore the pros and cons of each option to help you make an informed choice that suits your preferences and needs.

Resale Properties

Pros:

Established Locations: Resale properties on the Costa del Sol are often situated in well-developed neighbourhoods with established infrastructure, offering a wide range of amenities and conveniences.
Lower Price Points: Resale properties generally come with more affordable price tags compared to new ones, providing an opportunity for budget-conscious buyers to get more value for their money.
Established Communities: Buying a resale property means becoming part of an existing community, allowing for a sense of belonging and social opportunities. You can also enjoy shared amenities like pools and sports facilities.
Reduced Waiting Time: Unlike new properties that require construction time, resale homes are usually ready for immediate occupancy. This means you can move in soon after completing the necessary legal procedures.
Potential for Renovation: Resale properties offer the flexibility to customize and renovate according to your preferences, allowing you to create your dream home on the Costa del Sol.

Cons:

Higher Maintenance Costs: Older properties may require more maintenance and repairs compared to new ones. It’s important to factor in potential renovation and upkeep expenses before finalizing your purchase.
Limited Warranty: Resale properties may not come with warranties for structural elements or appliances, which are often offered with new properties. This could result in potential maintenance and repair costs.
Outdated Features: Some resale properties on the Costa del Sol may have outdated features, decor, or technology that may not align with your tastes and preferences. Budgeting for upgrades may be necessary.
Less Energy Efficiency: Older properties might not meet the same energy efficiency standards as newer constructions, leading to higher energy bills and a less environmentally friendly footprint.

New Properties

Pros:

Modern Amenities: New properties on the Costa del Sol often boast the latest amenities and facilities, enhancing your overall living experience. From gyms and spas to communal areas, developers focus on modern design and technology.
Energy Efficiency: New constructions meet stringent energy efficiency regulations, featuring advanced insulation, efficient heating/cooling systems, and smart home technology. This translates to lower utility bills and a reduced environmental impact.
Customization Options: When purchasing off-plan or during the construction phase, you can often personalize certain aspects of your new property. From finishes and fixtures to layout modifications, you can tailor the space to your liking.
Long-Term Cost Savings: New properties generally require fewer immediate repairs or renovations, saving you money on maintenance costs during the initial years of homeownership.

Cons:

Higher Price Tags: New properties on the Costa del Sol often come with higher price tags due to their modern features, amenities, and construction quality. They may require a larger initial investment.
Construction Delays: Despite developers’ efforts, construction delays are not uncommon, which can lead to frustration and uncertainty about the completion date of your new property.
Uncertain Surroundings: Buying in a new development means living amidst ongoing construction and development. Surrounding infrastructure and amenities may take time to fully materialize.
Limited Location Choices: New developments are typically found in emerging areas that may lack the established charm and character of older neighbourhoods. If you prefer a more mature setting, a resale property may be a better fit.

We hope this helps with your choice! Feel free to browse our wide selection of both New Property and Resale Property For Sale all along the Costa del Sol. And of course, contact us now if we can help further.

info@marbellaforsale.com | +34 952 907 386

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