{"id":146096,"date":"2024-01-15T11:00:58","date_gmt":"2024-01-15T10:00:58","guid":{"rendered":"https:\/\/gesvalt.es\/?p=146096"},"modified":"2026-08-24T14:12:21","modified_gmt":"2026-08-24T12:12:21","slug":"housing-prices-on-the-rise-in-q4-2023","status":"publish","type":"post","link":"https:\/\/gesvalt.es\/en\/blog\/precio-vivienda-al-alza-4t-2023\/","title":{"rendered":"House prices continue to rise, although growth slows to 2.11 Q3-Q3Q3"},"content":{"rendered":"

Gesvalt has published the latest Housing Report for the fourth quarter of 2023. The study, carried out with our own data by the Research Department, reflects an increase in house prices of 2.1% compared to the same period in 2022.<\/p>\r\n\r\n\r\n\r\n

This is the eleventh consecutive quarter of house price rises, although it is also the first in which the increase has been below 31 QoQ, accentuating the deceleration in this trend already seen in the previous quarter, when the increase was 3.51 QoQ y-o-y compared with 6.71 QoQ in the first quarter of the year.<\/p>\r\n\r\n\r\n\r\n

In the same way, this quarter has again recorded a slight decline in house prices compared to the previous quarter, 0.81 PTP3T, adding to the trend of the third quarter of the year, where it fell by 1.11 PTP3T compared to the second quarter. This situation reflects the slowdown in the sales and purchase market and a stabilisation of prices; after the upturn due to the advance in purchasing decisions caused by the increase in interest rates that have been repeated in recent months. According to our experts, this growth figure should stabilise further in the first few months of 2024, but is already being seen in some areas at the moment.<\/p>\r\n\r\n\r\n\r\n

Thus, the price of housing has reached 1,538 \u20ac\/m\u00b2.2<\/sup>, This is 28.2% below the all-time high recorded in the first quarter of 2008. This figure also means that a property with an average value and a floor area of 90 m\u00b2, which would have been worth \u20ac135,630 last year, would now cost \u20ac138,420 to purchase.<\/p>\r\n\r\n\r\n\r\n

For the second consecutive quarter, house prices have risen across the board in all regions, with the sole exception of Navarre, where prices have remained stable with respect to the previous year. Likewise, increases have slowed down to percentages below 21 Q3Q3 in nine autonomous communities. The Balearic Islands, with \u20ac2,780\/m\u00b2, once again stood at \u20ac2,780\/m\u00b2.2<\/sup>, for the ninth consecutive quarter as the Autonomous Community with the highest house prices in Spain, ahead of the Community of Madrid, with \u20ac2,504\/m2<\/sup>, 2,347\/m, and the Basque Country, with \u20ac2,347\/m.2<\/sup>, 2,000\/m, with the only regions exceeding \u20ac2,000\/m2<\/sup>. On the other side of the table, the only autonomous communities that do not reach an average price per square metre of more than \u20ac1,000 are Castilla La Mancha, with \u20ac887\/m\u00b2 (\u20ac887\/m\u00b2).2<\/sup>, and Extremadura, with 852 \u20ac\/m2<\/sup>.<\/p>\r\n\r\n\r\n\r\n

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The Canary Islands and the Balearic Islands continue to lead the way in terms of increases<\/h2>\r\n\r\n\r\n\r\n

This quarter has once again reflected uneven growth in house prices in Spain. Three regions have experienced growth of over 5%, with the island autonomous communities once again leading the way. The Balearic Islands have experienced a growth of 6.5%, followed by the Canary Islands, with 5.8%, to stand at \u20ac1,618\/m3.2<\/sup>, and Murcia, which with 5.3% has set its price at \u20ac1,092\/m2<\/sup>. On the other hand, apart from Navarre, which has not experienced any interannual variation, three other regions have experienced increases of less than 11 Q3YP3T, since Asturias, Extremadura and La Rioja have all experienced an increase of 0.91 Q3YP3T.<\/p>\r\n\r\n\r\n\r\n

At the provincial level, the year-on-year increases were notable in Seville (+8.7%), Soria (+7.5%), the Balearic Islands (+6.5%), and Las Palmas de Gran Canarias (+6.3%). On the other hand, the provinces with the most negative variations were Ciudad Real (-2.3%), Badajoz (-2.0%) and Orense (-2.0%). The provinces with the highest prices continue to be Guip\u00fazcoa, the Balearic Islands, Madrid, Vizcaya and M\u00e1laga, maintaining values above 2,000 \u20ac\/m\u00b2. On the other hand, with a unit value below \u20ac1,000\/m\u00b2 we find fifteen provinces, two less than in the previous quarter.<\/p>\r\n\r\n\r\n\r\n

Moderation does not reach the price of rent<\/h2>\r\n\r\n\r\n\r\n

Unlike the price of sales and purchases, rental prices have not moderated their growth. In fact, the number of provinces where there have been contractions in rents has been reduced to one, L\u00e9rida (-3.9%), which already led this statistic in the previous quarter. On the other hand, there are two provinces in which the growth has been higher than 15%, as is the case of Segovia (+17.9%) and Santa Cruz de Tenerife (+18.6%), which exceeds 18% for the second consecutive quarter.<\/p>\r\n\r\n\r\n\r\n

Analysing the absolute figures, Barcelona continues to lead the provincial ranking in terms of highest rents with an average of 20.56 \u20ac\/m\u00b2\/month, with Madrid (16.88 \u20ac\/m\u00b2\/month) overtaking the Balearic Islands (16.49 \u20ac\/m\u00b2\/month), for the first time in several quarters, in second position. At the bottom of the ranking are the only three provinces with rental units below 5.50 \u20ac\/m\u00b2\/month, these being Ja\u00e9n (4.89 \u20ac\/m\u00b2\/month), Teruel (5.45 \u20ac\/m\u00b2\/month) and Cuenca (5.49 \u20ac\/m\u00b2\/month).<\/p>\r\n\r\n\r\n\r\n

Stabilisation in key real estate market indicators<\/h2>\r\n\r\n\r\n\r\n

Apart from house prices, other key indicators of the real estate market have also shown signs of stabilisation. During the first nine months of 2023, building permits increased by 3.5% over the same period of the previous year, compared to the contraction experienced in final building certificates, which showed a decrease of 2.5% year-on-year. The regions with the highest number of certificates were Andalusia (24.3% of the national total), the Community of Madrid and Catalonia (both with 15.4%). In terms of the volume of construction management approvals, Andalusia also led the way with 21.7% of the total, followed by the Community of Madrid (15.2%) and Catalonia (13.2%).<\/p>","protected":false},"excerpt":{"rendered":"

This is the eleventh consecutive rise, although for the first time in this period the increase is lower than in 31Q03Q.<\/p>","protected":false},"author":1,"featured_media":199013,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69,5],"tags":[7],"class_list":["post-146096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-informes","category-particulares","tag-precio-de-la-vivienda"],"acf":[],"_links":{"self":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/146096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/comments?post=146096"}],"version-history":[{"count":2,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/146096\/revisions"}],"predecessor-version":[{"id":199012,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/146096\/revisions\/199012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media\/199013"}],"wp:attachment":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media?parent=146096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/categories?post=146096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/tags?post=146096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}