As we step into 2023, from Atipika we would like to present a brief summary of the relevant real estate data for the 3rd quarter of 2022. As professionals in the sector, we remember the importance of analyzing the past, present and possible future scenarios of the real estate market to be able to make decisions with minimum risks, either to buy or to sell a property. Hereunder we analyze the quantity, demand, prices and surface areas of the sales and purchases that took place during the third trimester of 2022, in order to subsequently offer a reflection on the market trend and expectations for 2023.
Home sales and purchases during the third trimester of 2022
In Spain, during the third trimester of 2022, the number of housing sales and purchases was 2.4% higher than the previous trimester , reaching 167,892 sales and purchases. Both second-hand housing (139,297 sales) and new housing (28,595 sales) contributed to this growth, with increases of 2.4% and 2.6% in each case. However, second-hand housing has continued to lead the market, accounting for approximately 83% of sales.
In the last twelve months, 640,082 sales and purchases have been recorded in Spain. This is the highest amount seen since mid-2008, representing a year-on-year growth of 19.8%.Catalonia is the second autonomous community (after Madrid) that has registered the highest number of housing sales and purchases during the third trimester of 2022, with 26,966 sales and purchases. Barcelona was the second province with the second highest number of housing sales during the third trimester of 2022, with a total of 17,468 sales, of which 2,731 were new housings. This can lead to the conclusion that the capital cities continue to recover the relative weight of housing sales and purchases with respect to their provinces, approaching the situation prior to the health crisis.
Foreign demand
In the third trimester of 2022, foreign demand for housing has registered a new all-time high with a percentage of 15.92% of total sales and purchases in the trimester . This is a consequence of the increase in less common nationalities. There’s a more heterogeneous distribution in the country, and the nationalities with the greatest weight in this trimester were British, German and French.
Housing prices
The housing price during the third trimester of 2022 has maintained the upward trend of recent years, although moderating its intensity just as in the first and second trimester s of the year. The Autonomous Communities with the highest average price during the third trimester of 2022 have been: Community of Madrid, Balearic Islands, Basque Country, Catalonia (€2,431/m2) and the Canary Islands.
The average price during the last 12 months has been €1,923/m2. This is the highest level reached since mid-2009. As long as the upward trend continues for a couple of trimester, albeit with low growth rates, it will be possible to see new record highs.
Surfaces
Apartments with a larger average surface area have continued to reduce their relative weight in housing sales and purchases.
Apartments >80m2: 51.15% of sales and purchases
Apartments 60-80sqm: 28.21% of sales and purchases
Apartments 40-60sqm: 16.85% of sales and purchases
Apartments <40m2: 3.79% of sales and purchases.
Although we have already overcome the restrictions that began in 2020 due to the pandemic, we’re still in times of recovery. Despite the difficult scenarios it has been through, the real estate sector continues to show remarkable strength, which can be observed in the activity figures. However, we can foresee a change in market trends as some factors that had a favorable impact on the real estate market are changing, such as economic growth, employment and interest rates, among others. We may even find ourselves in a new real estate cycle, with the 2014-2022 cycle coming to an end.
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