With closing data coming in for 2022, we look at what happened in the real estate market in 2022 and the perspective the property market in Ibiza has for 2023
Prices are very firm and at all time highs across all price points, residential home sales hit five year highs and the inventory for available properties for sale after reducing are seeing a small uptick.
Demand has been very strong throughout 2022 and transactions brisk in spite of economic woes and geopolitical uncertainty. The season has been historic with a record number of tourists and a record spend coupled with a longer season as clubs opened earlier. The island has fully recovered and its coffers replenished!
Whats happening for 2023?
We think that the season again should be strong, though undoubtedly 2022 saw a mixture of pent up demand coming out of two very difficult years and the psychological need to just get back the the norm, and this should be reflected this year by a more paused season possibly a little slower than 2022.
The real estate market in Ibiza will remain robust but with prices starting to consolidate and possibly a slowdown in transaction volume. The higher interest rate environment and uncertainties are bound to weigh in somewhat and after a strong 5 year upcycle the market probably need to consolidate for a number of quarters.
In the meantime
Stay safe.
