“In 2023, the prices of transacted housing maintained a growth trajectory, although there was a slowdown, with the average annual variation rate of IPHab going from 12.6%, in 2022, to 8.2 %”, says INE.
The number of housing transactions was 136,499 last year, a reduction of 18.7% compared to 2022 and the lowest record since 2017. The total value of housing transacted in 2023 amounted to 28 billion euros, minus 11 .9% than in 2022.
According to the statistical institute, there was an increase in prices for both existing and new homes, but the rise was “more pronounced” in the former (8.7%) compared to the latter (6.6%).
The difference in the rate of growth in prices for the two categories of accommodation was reduced by more than half last year, from 5.2 percentage points in 2022 to 2.1 percentage points in 2023.
New housing transactions stood at 28,119 units, 20.6% of the total and the highest relative weight since 2015, as, although the reduction in the number of transactions occurred in both housing categories, it was more pronounced in the case of existing housing (-21.4%) than in new housing (-6.1%).
Last year, the value of existing housing transactions decreased by 16.5% compared to 2022, to 20,100 million euros, while new housing saw an increase of 2.6%, to 7,900 million euros.
The institutional family sector acquired 116,752 homes for a total of 23,500 million euros, which represents an annual reduction of 19.8% in number and 13.8% in value, and accounted for 85.5% of total transactions, minus 1.2 percentage points compared to 2022, and for 83.9% of the respective value, minus 1.9 percentage points.
Considering only the last quarter of 2023, the annual variation rate of IPHab was 7.8%, 0.2 percentage points more than in the previous quarter. During this period, prices for existing homes increased at a faster rate than for new homes: 8.1% and 6.9%, respectively.
In the fourth quarter of last year, 34,126 homes were transacted, corresponding to a year-on-year reduction of 11.4% (variation of -18.9% in the previous quarter) and a chain reduction of 0.4%. During this period, the value of transacted homes totaled 7.2 billion euros, 2.6% less compared to the same period in 2022.
In a regional analysis, INE states that, in 2023, all regions recorded reductions in the number and value of accommodation transactions compared to the previous year, with the Center, with reductions of 11.8% in the number and 7.4% % in value compared to 2022, it was the region with the smallest contraction in the real estate market last year.
