The current dynamics of the real estate market in Girona present an interesting paradox. Despite the fact that sales have fallen by 30% in the last quarter, house prices have registered an outstanding annual increase of 5.7%, marking the steepest rise among the Catalan provinces.
This phenomenon seems to be driven by the persistent demand for housing, yet the decline in transactions. This has created a supply-demand imbalance, with many owners reluctant to adjust prices downwards, hoping for an eventual market recovery.
Concerns also arise from the economic and legal context. Some forecasts take a pessimistic view, anticipating falls of 10% in sales and 5% in prices, attributing this to factors such as the rising cost of living, rising interest rates and legal uncertainty arising from the Housing Act.
A notable aspect is the continuity of foreign demand, which accounts for approximately 30% of real estate transactions in Girona. This trend has remained resilient after the pandemic, offering a certain balance to the local market.
Despite the uncertainties, some projections point to a possible stabilisation of prices during the first quarter of 2024, with an estimated year-on-year variation between +1% and -2.5%. This would suggest a continuation of the moderation observed in the market during 2023, after the acceleration experienced in 2022.
