The last quarter of 2023 consolidated the downward trend in home sales in Catalonia, reaching levels similar to those before the health crisis. 20,502 sales were recorded, which represented a quarterly decrease of 5.1% and a year-on-year adjustment of 14.7%. Despite the drop in transactions, prices remained stable, with a slight year-on-year increase of 1.2%, reaching an average of €2,446/m².
The report highlights the stability of prices throughout Catalonia, highlighting a slight increase in both new and used housing. As for new housing, 3,559 sales were observed, which represented a quarterly growth of 6.6%. On the other hand, used housing experienced a more pronounced fall, with a year-on-year decrease of 16.2%.
The rental market, however, remains an area of concern. The number of rental contracts fell significantly, while prices continued to rise, with an average of €848 per month, the highest value recorded to date. The rental supply also fell considerably, creating upward pressure on prices.
This report highlights how socioeconomic variables, such as moderate growth in employment and wages, as well as stable interest rates, influence the evolution of the real estate market in Catalonia. Although 2023 closed with declines in transactions, prices showed strength, especially in rentals, which poses important challenges for 2024.
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