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Eliore Properties Spanish Real Estate Market Analysis Q2 Q3 2018

Eliore Properties Spanish Real Estate Market Analysis Q2 Q3 2018

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The Spanish property market has continued to grow throughout 2018 with 295,725 property transactions in the first semester of 2018, according to the National Institute of Statistics (INE), an increase of 10% over the first semester  in 2017.

The number of new homes in the first five months of 2018 showed a similar growth, with 25,105 new homes sold across Spain, representing 8% of the total sales.

According to official data from the Spanish Property Registry (Registradores) almost 17,000 homes were sold to foreigners in the first quarter of 2018, representing just over 13% of total sales, compared to just under 15,000 in the same period in 2017.

Spanish property portal Idealista showed that property prices have increase year-on-year, recording an annual increase of  8% at the end of the third quarter of 2018. We observe that in Barcelona the market cooled down in the third quarter with selling prices offered on the portal at 4 388 €/sqm -0,3% compared to Q2 2018. The political situation in Catalonia towards the end of 2017 had a noticeable effect on sales in Barcelona in the first six months of 2018. Both the number of sales transactions and the total value of sales transactions were lower.

According to the INE the number of sales transactions in Barcelona province in the first semester of 2018 were stable over the same period in 2017, averaging 5,043 sales per month. The number of sales transactions of new homes was stable at 2012 sales in the first semester of 2018 versus 2017, representing 7% of the total number of sales.

The percentage of foreign buyers in Catalunya province was at 12% of the total sales in the first semester of 2018 (8% in Barcelona) compared to 13% in the first semester of 2017.

Barcelona airport had 23,5 million passengers in the first semester of 2018 +6,5% more than on the same period in 2017. Turism in Catalunya has decreased in the first semester of 2018 just by 1% at 8,6 million people according to the INE.

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