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Southern Spain a growth area

Sales and house price growth both rose in the Andalucia region of Spain, analysis from agent Cloud Nine Spain has revealed.

In 2023 sales prices in Andalucia were up 4.6%, compared to the year before, while asking prices were up by 8.5%.

This reverses the general trend, as sales fell throughout much of Spain in 2023.
Prices were also up in the ultra-desirable areas of Marbella and Sotogrande over the year.

As of December 2023, asking prices were up by 12% in both Marbella and Sotogrande.

These price increases were due to lack of stock in general and particularly around the top international schools, which are driving many people’s location decisions.

2023 marked the recovery of the prices to 2008 levels, according to the office of statistics, with figures from the notaries and the asking price data on the largest property portal in Spain finishing just under the 2008 figure.

Mark Stücklin, market analyst, said: “On paper, the signs are promising for 2024 – inflation’s down, there’s expectations of interest rate cuts coming later on this year and the Spanish general election is behind us.

“A lot of things that were unsettling or destabilising last year are moving in the right direction.”

Sean Woolley, founder and director of Cloud Nine Spain, added: “It’s definitely encouraging that the market fundamentals seem to be improving as we head into 2024.

“We’ve seen our record January so far, with the most sales at the highest values that we’ve ever recorded in 23 years.

Our predictions had been that 2024 would be a steady year, after our best year ever in 2023, but early signs are that we could be in for an even better year ahead.”