The 2023 National Yearbook of the Real Estate Market in Spain reveals a slowdown in home sales activity, with a 9.8% reduction compared to the previous year. However, several positive indicators stand out that moderate the impact of this decline. These include the increase in the number of households and a control of inflation that has helped to stabilise interest rates, which could benefit the sector in the medium term. Despite the context of economic uncertainty, the report underlines the resilience of the real estate market, with sales figures that, although lower than in 2022, remain high in historical terms.
The report also shows a shift in housing preferences, with a higher proportion of rental housing reaching 24.8% of the total, a record figure compared to previous years. This increase in rental demand is due, in part, to the lower accessibility of home ownership and the increase in household creation, driven by population growth.
At a regional level, communities such as Andalusia, the Valencian Community and Catalonia continue to be the main areas of activity in the real estate market, although each has particular characteristics and trends in terms of prices and types of housing. The report highlights that investment in housing remains an attractive option in certain areas, despite competition from other investment instruments with higher returns in 2023.
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