The third quarter of 2023 saw a slowdown in the Catalan real estate market, with a significant decline in the number of sales. There were 21,613 home sales, representing a quarterly drop of 10.7% and a year-on-year decrease of 19.9%. Despite this decrease, house prices showed a slight increase. The average price per square metre was €2,430/m², with a quarterly growth of 0.2% and a year-on-year increase of 1.6%.
Demand for used homes remains predominant, representing 84.55% of transactions. The rental market remains tense, as the number of rental contracts fell by 6.4% year-on-year, although rental prices remain at historic highs, reaching an average of €830 per month in Catalonia.
This report highlights that, although the number of transactions has decreased, the strength of foreign demand and slight price increases still keep Catalonia as a region of interest for investors. However, the increase in interest rates has affected accessibility to the mortgage market, which could continue to limit activity in the future.
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