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Record Property Sales in Spain last Year
Wednesday, February 8, 2023 @ 8:34 AM


The General Council of Notaries has published the annual data on home sales and mortgages for 2022, which confirms the good year for the residential market in terms of operations, with almost 720,000 transactions, representing an increase of 6.1% year-on-year, and reaching maximums of 15. It is still 15% lower than when compared to 2007, but more than 90,000 houses have been sold in the Community of Madridthe Valencian Community and, above all, Andalusia, which concentrates 20% of the total operations. The four autonomies account for 63.7% of the sales volume in 2022.

No region exceeds the data for total housing operations compared to 2007, except Madrid, barely 0.5% more, but adds fewer sales than in 2021, falling 1.1% year-on-year. Catalonia does improve by 2021 (5.5%), but it has fallen less than 600 transactions from the 2007 record (-0.5%).

Housing transactions increased in 14 autonomous regions compared to 2021, with the Canary Islands (26.9%) in the lead and its more than 31,000 operations, mainly due to the increase in operations on apartments, reaching more than 23,700 sales, but also chalets (21.3%), exceeding 7,500 sales for the first time in 15 years.

Along with the Canary Islands, two other autonomous regions linked to the tourism, second-home and international markets, such as the Balearic Islands and the Valencian Community, have also registered record sales of single-family homes, with more than 4,400 and 28,200 operations, respectively, even more than in 2007.

Despite the fact that in Madrid, home sales have fallen compared to 2021, the region had never registered so many operations on apartments, with more than 79,630, barely 0.2% more than the previous year, but in no other region have they exceeded the figures for 2021.

The Balearic Islands and Madrid hit the ceiling in the prices of homes sold in 2023. The average price of those sold transacted in 2023 increased by 7.2% in the country as a whole, to 1,615 euros/m2. However, it remains 9.8% below the 2007 price (1,790 euros/m2). But not in all communities this has happened.

Two regions with high demand in the residential market such as the Balearic Islands and Madrid have reached the maximum average price recorded in the last 15 years, with 3,200 euros/m2 and 2,657 euros/m2, respectively, the highest in Spain.

In fact, Madrid (12.2%) leads the price increases this 2022, exceeding double digits together with Murcia (11.0%), the Canary Islands (10.4%) and the Valencian Community (10.3%). The Balearic Islands grew by 7.2% year-on-year, but the average price of homes had never exceeded 3,000 euros/m2.

The rise in apartment-type properties in the Balearic Islands (10.9%) has indeed been one of the highest during 2022, only surpassed by Madrid (11.7%), to leave sales prices among the highest in the country, with 2,958 euros/m2 and 2,881 euros/m2, respectively, even surpassing 2007.

The Balearic Islands also reached a ceiling in the prices of single-family homes (3,551 euros/m2) after growing 4.2% year-on-year. The prices of villas in Madrid (2,022 euros/m2) rose by 11.5% but remained below 2008 (2,029 euros/m2).

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