Spanish real estate market 2019


The Spanish real estate market 2019 showed very good results, exceeding last year’s figures for the same period by 73%. At the same time, the total amount of sales almost doubled, and the number of new buildings sold increased fourfold.

According to experts, 41% of clients made a purchase for investment purposes, for 28% it was their second home, and for 24% it was their first home. The Spanish real estate market 2019 differs from last year in the increase in the share of foreigners among buyers, whose share amounted to 63% – mainly from EU countries.

According to information from the Spanish College of Registrars, almost 65,500 properties were sold to citizens of other countries in 2018, which is equal to 12.64% of total sales. A similar proportion was observed at the peak of construction and trade in Spanish real estate in 2007, and the minimum occurred in 2010.

Official data from the National Institute of Statistics (INE) states that in the first two months, the Spanish real estate market 2019, like a year earlier, again showed an increase in the number of purchase and sale transactions. During this period, 91,300 apartments and houses changed owners, which is 2% more than the same period in 2018.

Increase in home sales in the Autonomous Community of Madrid

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The Spanish real estate market in 2019, as in previous years, is characterized by great heterogeneity, and housing prices are largely determined by the autonomy or city in which the residential property is located. This can be judged by the example of the country’s three largest settlements: Madrid, Barcelona and Valencia, of which the Spanish capital is gradually emerging as a leader.

According to official data from INE, the number of sales transactions in the Autonomous Community of Madrid reached 6,593 per month in the first two months of 2019, an increase of 3% compared to the same period last year. Sales in new buildings in Madrid and the surrounding area increased sharply by 29%. And although there is still quite a long way to go to pre-crisis indicators, the Spanish real estate market 2019 in the Autonomous Community of Madrid is showing a tendency to increase in both prices and sales.

Thus, average prices in the capital itself by the end of March showed an interannual increase of 14% and stood at 3,721 euros per square meter. Average prices in the Centro area (which also includes the Sol, Justicia and Cortes neighborhoods) increased by 7%, reaching €5,069 per sq.m. The areas in greatest demand, both among Spaniards and foreigners, are Chamartín, Chamberí (both €5,174) and Salamanca (5,818).

Features of the Spanish real estate market 2019 in Barcelona

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Last year’s political crisis in Catalonia had a direct impact on the sale of real estate in many cities of this autonomy, including Barcelona. However, earlier this year saw the recovery of the Spanish property market 2019 in Barcelona and sales growth of 9% with an average property price of almost a million euros.

Unlike Madrid, in Barcelona the main buyers of real estate are foreigners – 73%. Among the latter, US citizens (15%) and representatives of Arab states (14%) are now in the lead, while the former undisputed leaders, the British, have slipped to third place (from 20% to 12%), due to instability caused by the prospects of Brexit.

As a rule, foreign clients purchase houses and apartments in the middle price segment – from 450 to 900 thousand euros. However, the main buyers of luxury housing are still British citizens. This indicates their confidence in maintaining the current economic situation, and that the Spanish real estate market in 2019 will ultimately be able to significantly improve its performance.

In the meantime, in Barcelona there is a modest increase in prices – an average of 1.5% in the first three months with an average value of 4217 euros per 1 sq.m. The most noticeable increase took place in the areas of Sarrià-Sant Gervasi (5437 euros per sq.m.) – 4%, Gràcia (4409) – 3% and Sant Martí (3904) – 1.4%.

Valencia as an alternative to the “two capitals”

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As for the third city in Spain in many respects, the rise in real estate prices has not spared Valencia, despite the fact that the city itself is not as attractive to foreigners as many resort areas located on the Costa Blanca. In Valencia itself, in the first quarter, prices soared by almost 50% compared to the same period in 2018, and the average price of real estate was 511 thousand euros – 27% more than a year earlier.

In the Valencian real estate market in Spain, either local residents or Spaniards from other regions set the tone. Foreigners account for only 29% of real estate, which is completely incomparable with Madrid or, especially, Barcelona. This is explained by the fact that both visitors and local residents use the real estate market in Spain 2019 to look for permanent housing, and only then consider the purchase of apartments as a long-term investment.

In order to buy a decent apartment in Valencia, you need to expect at least 1,735 euros per square meter. However, in the Old Town area it will be 2720 euros per 1 sq.m. (9% higher than a year ago), 2882 per 1 sq.m. in Eixample (increase within 10%) and 2562 euros (highest achievement – 11%) in El Pla del Real.



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