During the second quarter of 2023, the Catalan real estate market showed signs of stabilisation after the increases experienced in previous periods. A total of 24,210 home sales were recorded, representing a quarterly drop of 4.8% and a year-on-year decrease of 7%. Used housing continues to dominate the market, representing 83.24% of transactions, while new housing reached 16.76%.
The average price per square metre in Catalonia was €2,424/m², which represents a slight increase of 0.5% compared to the previous quarter and a year-on-year increase of 3.1%. This increase in prices has moderated, allowing greater accessibility for buyers, despite the fact that the mortgage market continues to suffer the effects of the rise in interest rates, which stood at 4% at the end of the quarter.
Rents also showed a slight moderation. The number of rental contracts fell by 1.9%, with an average price of €813 per month, which keeps Catalonia among the regions with the highest rents in the country. This report highlights an adjustment in market dynamics, driven mainly by the evolution of macroeconomic conditions and the socioeconomic context in the region.
Forecasts point to a continuation of the moderation in the coming months, both in sales prices and rentals, although foreign demand is expected to continue to be a relevant factor in Catalan real estate activity.
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