Average Real Estate Prices in Spain: Results for the 2nd Quarter of 2023
Spain is an amazing country with a rich culture, beautiful climate, and captivating history. It attracts tourists from all over the world with its beautiful beaches, numerous landmarks, and unique way of life. However, Spain is also an excellent place for real estate investments, and it’s not surprising considering its advantages and stability in the market. In this article, we will examine the results of the second quarter of 2023, specifically the average property prices in Spain and the interest of foreign investors in this market.
The average property prices in Spain continue to rise, reaching new heights. In the second quarter of 2023, the average price for housing was €1,952 per square meter, which is the highest figure since the end of 2008. This indicates a stable and sustainable growth in the real estate market in the country.
Average real estate prices in Spain per square meter: 2nd quarter of 2023
| Average price per sq. meter | |
|---|---|
| Overall housing price | €1,952 |
| New housing | €2,143 |
| Resale housing | €1,910 |
It is interesting to note that the price of new housing has reached a record level in the historical series, amounting to €2,143 per square meter. This indicates the demand for new properties and their attractiveness to buyers. At the same time, the cost of secondary housing has slightly decreased to €1,910 per square meter, but it has remained in demand on the market.
The interest of foreign investors in the Spanish real estate market continues to grow. In the second quarter of 2023, foreign demand accounted for 14.9% of total sales, which is 0.4 percentage points higher than in the previous quarter. This is the second-largest figure in history, second only to the third quarter of 2022.
The largest number of foreign property buyers in Spain are the British, accounting for 8.8% of total sales. They are followed by Germans (7.3%), French (6.6%), Moroccans (5.4%), Italians, and Romanians (5.2%). Russians rank 10th in the list of the most numerous foreign property buyers, accounting for 3.43% of total transactions. Ukrainians make up an even smaller share of the Spanish real estate market – 2.72% of the total number of foreign transactions.
The most popular regions in Spain among foreigners for purchasing real estate
| Region | Percentage of foreign transactions (%) |
|---|---|
| Canary Islands | 30.6 |
| Balearic Islands | 30.4 |
| Valencian Community | 29.9 |
| Murcia | 23.6 |
| Catalonia | 15.4 |
| Andalusia | 14.2 |
Different regions of Spain also attract the attention of foreign investors. The Canary Islands, the Balearic Islands, the Valencian Community, Murcia, Catalonia, and Andalusia are the regions with the highest volume of transactions with foreigners. The Canary Islands have the largest share of transactions – 30.6%, followed by the Balearic Islands – 30.4%, and the Valencian Community – 29.9%.
So, real estate in Spain continues to attract the attention of foreign investors. Rising prices and market stability create a favorable environment for investment. Spain offers unique opportunities for acquiring property, whether it be new housing or the secondary market. The future of real estate investment in Spain looks promising, and those who decide to invest here will be able to enjoy a wonderful life in this amazing country.
