Property Prices in Spain in November Reach Boom-Level Highs

There is a slight lag in the property sales data that is released, meaning that the most recent property price information we have for Spain is from November 2021: And property prices in Spain in November 2021 were looking incredibly robust! In fact, home sales figures were higher in November than they have been at any other point over the past 14 years, and they were so high that they almost reached the property sales record, which was reached during what is known as the ‘boom year’ of 2007. All of this information has been gathered from data released by the Spanish notaries association. Here is a full breakdown of everything you need to know:

How Many Properties Were Sold in Spain in November?

In November 2021, there were 12,640 homes sold across Spain. This was an increase of 26% when compared to November 2020, and the figure was only 4% lower than the record high number of properties sold: 13,117 in November 2007. 2007 was considered the peak of the Spanish property bubble, as it was the year before the financial crisis of 2008.

It’s important to note that whilst there was a decline in property prices as a result of the coronavirus pandemic, this decline was relatively short lived: it certainly didn’t last as long as was originally forecast and, as the figures above show, the market bounced back much faster and harder than anyone ever expected.

How Many Properties Were Sold in 2021?

Whilst data for December 2021 is yet to be released, we do know that in the eleven months up to November 2021, there were 602, 786 Spanish homes sold. This is an increase of 41% on the number of properties that were sold in 2020 (with 2020 being the year that was most impacted by the coronavirus pandemic). Because of the pandemic, and the unusual pressure that it put on the property market, a true comparison between the two years is not considered to be useful.

Perhaps it would be better to compare 2021 to the pre-pandemic year of 2019: during this year there were 516,785 properties sold. That means that the sales during 2021 were 17% higher than in 2019, and the most comparable year. Using this same theory, if we compare month to month (November 2021 to November 2019) then there is a 30% increase in sales in 2021. In short, there is no way of looking at the statistics in which November 2021 wasn’t an incredible month for the Spanish property market: 2021 in general was a year that saw remarkable recovery for the Spanish property market.

If we take a more overreaching view, looking at the property market from 2009, you will see that the recovery from 2020 to 2021 is steeper than any other recovery the market has experience through its cycle of ups and downs. 

Which Regions Saw the Most Property Sales in November 2021?

The regions of Spain that generally attract the most interest from foreign investors were again the regions that saw the highest market performance during November 2021. November 2021 sales were higher than both November 2020 and Novermber 2019 sales. The regions where the largest increases in the number of sales were made were the Balearics (which saw a 58% increase in property sales) and the Canaries (which saw a 43% increase in property sales). The figures in every region were higher in 2021 than they were in 2019 though, with the exception of the Canaries, where there was a 3% decrease in sales when compared to 2019.

Are you thinking of living and working in Spain? Whether you dream is to buy or rent a property in Spain, our local property experts are perfectly placed to help you find the home of your dreams. Get in touch today to find out more about how we can help you.



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