Spain's housing sector saw record property sales in 2018 with a rise of 9.3% on the previous year.
Last year, there were almost 582,000 property transactions according to data made available this week by the country's Ministry of Development and represents the biggest increase since the property market crash of 2007.
However, while the figures increased in the majority of the country, some of the more expensive cities saw a decline.
Barcelona, Madrid, Ibiza, Palma de Mallorca and San Sebastian all experienced a fall in sales and suggests that these areas have reached their ceiling after three years of consecutive price rises.
With an average price per square meter of 3,363 Euros, Barcelona saw one of the biggest falls, with 15,128 transactions, 10.5% down on the previous year. However, the province as a whole did still manage to record positive numbers with an overall rise of 2.6% more sales than in 2017.
Palma de Mallorca experienced the second biggest fall of the major cities with a decline of 3.2% on the previous year with 5,703 sales. This is in stark contrast to the previous year where transactions grew by 11.3%.
Balearic Islands favourite Ibiza, with properties costing a whopping 3,537 Euros per square meter on average also saw one of the largest falls with 462 sales recorded, down 23.6% on the previous year.
The capital city Madrid costing 3,103 Euros per square meter, registered a total of 44,122 sales and a slight fall of 0.1% on the previous year, which has seen a big rise of 18%.
San Sebastian, Spain's most expensive city at 3,590 Euros per square meter, saw a small reduction of 0.4% with 2,228 sales.
As a whole, the real estate market in many parts of the country has remained buoyant with increases in many of the major cities including Murcia with an increase of 18.4%, Seville of 16.9%, Malaga of 9.2%, Zaragoza 8.7% and Valencia, with an increase of 4.3%.
January 14, 2021