2022 in the Spanish property market can be described in one word – record-breaking. The summary prepared by the Registradores de España clearly shows that we have had the best investment period in 13 years.
Highest interest in years
In 2022, the number of properties sold in Spain recorded an increase of up to 14.5% compared to 2021, reaching 646,241 transactions! This is the best result since mid-2008, i.e. for thirteen years. Naturally, the leading role was played by secondary market properties, of which more than 589,000 were sold last year, thus improving the previous result by 17.6%. This was also the highest result since the beginning of 2006. In turn, the primary market recorded over 114,000 contracts concluded.
It is important to remember that there may have been more actual purchases, but Spanish statistical studies often only take into account contracts for existing properties. Therefore, if someone has entered into a contract in 2022 to buy a house or flat that is still under construction, then this transaction is not counted and goes on to the following year. Thus, some of the transactions concluded in 2022 will only be included in the 2023 or even 2024 statement.
Andalusia continues to dominate
The highest number of property sales in Spain was registered in Andalusia (133,481), Catalonia (102,231), the Community of Valencia (99,869) and the Community of Madrid (83,388). All the Autonomous Communities have seen an increase in sales over the last year, with fourteen of them recording double-digit annual rates – in the case of Andalusia, the increase was 13.8%. Thus, for another year in a row, one in five properties purchased in Spain came from Andalusia.
Virtually all provinces saw an increase in property sales compared to the previous year, with thirty-four provinces seeing double-digit improvements. The highest number of sales transactions was registered in the provinces of: Madrid (83,388), Barcelona (66,537), Alicante (49,977) , Málaga (41,541 ), Valencia (38,504), Seville (23,558) and Murcia (22,425).
Primary market vs. secondary market
Breaking down sales into primary and secondary markets, an improvement of 2.2 pp in the relative weight of the latter was registered in 2022. Secondary market properties strengthened their traditional leading position, reaching over 531,000, corresponding to 82.26% of sales. This result came close to the highest levels ever reached in 2006.
In terms of primary market transactions, more than 114,000 transactions were recorded in Spain last year, which translates into a 17.74% market share and is almost 2% better than the year before.
For primary market properties, the Autonomous Communities that registered the highest number of sales were Andalusia (26,330), the Community of Madrid (18,233), Catalonia (16,664) and the Community of Valencia (12,535). Thirteen of these have achieved annual promotions. By analogy with the primary market, Andalusia also topped the list containing secondary market transactions. Indeed, more than 107,000 transactions were made there in 2022. This is 20 000 more than in the following autonomies – the Community of Valencia (87 000), Catalonia (85 000) and the Community of Madrid (65 000).
For the secondary market, forty-nine provinces recorded annual growth, with rates in double digits in thirty-nine of them. The provinces with the highest number of sales transactions over the past year are:
- Madrid (65,155),
- Barcelona (55 536),
- Alicante (43,848),
- Valencia (33,531),
- Malaga (32 851),
- Seville (19,685),
- Murcia (18 902).
For new properties, thirty-one provinces saw increases in 2022, compared to decreases in nineteen of them. The provinces recorded the most primary market transactions last year:
- Madrid (18 233),
- Barcelona (11,001),
- Malaga (8,690),
- Alicante (6 129)
- Valencia (4,973).
2022 has undoubtedly been one of the best in the last dozen years. The real estate investment boom in Spain is perfectly visible, and looking at the intensity with which we are working at Agnes Inversiones in the first quarters of 2023, we can confidently say that it will also be a good year.
Read our guide to the process of buying property in Spain here.
