Walter Finch
ANDALUCIA is bucking the downward trend in the Spanish housing market as property prices continue to soar on Spain’s south coast.
The southern region witnessed a 4.6% increase compared to the previous year, with asking prices rising by a searing 8.5%.
Notably, the demand in prime locations like Marbella and Sotogrande remained robust, with asking prices in December 2023 up by a staggering 12%.
The mind boggling price increases are driven by limited supply and the appeal of top international schools in these areas.
Yet nationwide, a moderate slowdown in the housing market is seeing a transition from a seller’s to a buyer’s market.
This is according to industry experts Sean Woolley from Cloud Nine Spain and Mark Stücklin from Spanish Property Insight, who were speaking on a recent episode of the Spanish property podcast ‘La Piedra.’
Gone are the days of sellers calling the shots – the market’s pendulum is swinging towards buyers, bringing with it a wave of realism in pricing.
Modest price corrections are expected to follow a slight dip in national sales prices by 1% in November 2023.
This shift is a breath of fresh air, heralding a market that’s grounding itself in stability and sensibility.
The market’s journey has come full circle, touching the highs of 2008 and marking an end to the rollercoaster ride that started in 2007.
The decade-long climb from the 2013 nadir to the pandemic-fuelled mini-boom is a tale of resilience and recovery that’s nothing short of inspiring.
Despite a downturn in sales volume in 2023, the experts emphasised that this was more a normalisation following an exceptional 2022 rather than a sign of market weakness.
In fact, when compared to pre-pandemic levels, sales in November 2023 were still up by 13%, showcasing the market’s underlying strength.
Looking ahead, Stücklin expressed optimism for 2024, buoyed by positive economic indicators and a post-election calm.
Woolley shared this sentiment, pointing to a record-setting January that could herald an even more prosperous year ahead for the Spanish property market.
For more detailed discussions and insights, ‘La Piedra’ can be found on Cloud Nine Spain’s YouTube channel, Apple Podcasts, and SoundCloud, where listeners are encouraged to contribute questions and suggest topics for future episodes at info@cloudninespain.com.
