Granada Properties – Find Your Dream Home in the South of Spain

Housing market shrinks by 5pc in October but still on course for a good year

There were 51,952 home sales witnessed by Spanish notaries in October, a decline of 5pc compared to the same month last year.

Sales have now declined for 13 consecutive months, but the rate of decline appears to be losing steam. That has been the case for the last three months.

Sales declined the most in the Balearics, by 19pc to 1,193, followed by Andalusia (-6pc, 10,185), the Valencian region (-5pc, 8,531) and Catalonia (-5pc, 7,747). Sales declined the least in Murcia and the Canaries (-3pc).

Year-to-date (first ten months) sales are down 12pc compared to last year, and 3pc compared to 2021, but up by 12pc compared to 2019, and higher than any other year since 2007. Sales are way above the ten-year average for the period, so it’s turning out to be a relatively good year for the Spanish property market, declines compared to 2022 notwithstanding.

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