Slowing down Mark Stucklin

Spanish home sales in May 2023 show cooldown continues

THE Spanish property market continues to cool down after a post-pandemic boom in 2022 but there is no sign yet of a crash in sales, as shown by the latest housing market figures from the Spanish notaries’ association. There were 58,880 home sales witnessed by Spanish notaries - actually more than recorded by the National In- www.spanishpropertyinsight.com stitute of Statistics - in May, down 8% on last year, and the seventh consecutive month of sales dropping.

However, if you compare sales (see graph) to previous years looking just at the month of May there is no sign of a crash, just a return to normal business after a boom that followed in the wake of the Covid-19 disaster. Sales this May were lower than 2021 and 2022, years of 2018 and 2019. Looking at the 12-month rolling sales total, which smooths out the ups and downs of each month and gives a better picture of the underlying trend, you can clearly see the end of the boom and downward trend that looks like it will be with us for a while. All regions of interest to for- at just €10. Contributions have so far arrived from as far away as Canada.

Each donor, depending on the amount, will receive a gift that can range from a thank you card to key chains, coasters or even a guided tour of the village. Other options include sponsoring pews, the choir, or the weather vane from €150. Work will begin once €40,000 is reached, as it is now backed up by a promised €10,000 grant from the Burgos Provincial Council.

HOME sales registered in May showed a fall of 6.4% compared to the same month last year according to the National Institute of Statistics (INE).

Some 56,137 deals were completed but May’s percentage fall was lower than April’s 8.1%. It was the seventh successive month of negative figures, according to the INE report published this month. The sale of older homes fell by 8.6% in the fifth month of the year accounting for 45,479 of the overall total.

In a month-on-month comparison, home purchases went up by 29.6% compared to April - the biggest May increase since 2017. In the first five months of the year, home sales have fallen by 4.1%, with new properties down by 2.4% and used homes down by 4.5%.

Andalucia had the most transactions in May with 11,736 sales, followed by the Valencian Community (9,453) and Catalunya (9,000). In terms of sales per 100,000 people, the largest total was in the Valencian Community (232), Cantabria (183) and Andalucia (173).

*Slowingdown,seebelow

Million euro home club

THE exclusive enclave of Benahavis (pictured) is once again dominating the national rankings for the most expensive municipality in Spain. Based on listings published by real estate portal Idealista, the average price of properties in Benahavis, home to exclusive urbanisation La Zagaleta, is an eye-watering €1.9 million. But there are a few other exclusive resorts where the average price is over a million.

The select million euro home club includes Calvia, in Mallorca, with an average price of €1.58 million, while Marbella, has an average asking price of €1.37 million.

Closer and closer to joining the club is Sotogrande, in Cadiz, where the year started with an average price of €995,000.

Close behind is Sant Cugat, in Catalunya, in fifth place with an average of €810,240. Madrid has the priciest homes for a city, with the average price sitting at €428,100.

eign investors have been following a similar downward curve with modest variations, Sales fell the most in the Balearcis (-19%) followed by Madrid (-17%), Catalunya, Andalucia and the Canaries (-12%), and the Valencian region (-10%). Sales in Murcia bucked the trend with a 1% increase.

The national average house price increased by 1% in May, according to the notaries, suggesting the boom in prices has also come to an end . By region, prices increase the most in the Balearics (+17%), followed by Murcia (+9%), Andalucia (+7%), Valencia (+5%), Catalunya (+4%), and Madrid (+2%).

Safest city

MALAGA has been ranked as the second safest city in Spain, one of the safest cities in Europe and 58th worldwide, according to Numbeo’s 2023 crime index rank.

San Sebastian tops the list for Spain and Europe and comes seventh in the world ranking.