The Housing Price Index (IPHab) reported an 8.2% increase in 2023, marking a slight slowdown compared to the previous year's growth rate of 12.6%. The number of house transactions also
experienced a notable decline, dropping by 18.7%.
Commenting on the trend, the National Statistics Institute (INE) noted that while housing prices continued to rise, the pace of growth moderated in 2023. The average annual variation rate of the IPHab decreased from 12.6% in 2022 to 8.2%.
INE further highlighted that both existing and new homes witnessed price increases during the year, with existing homes experiencing a more pronounced rise at 8.7%, compared to 6.6% for new homes.
Interestingly, the disparity in price growth between existing and new homes narrowed significantly in 2023. While the difference stood at 5.2 percentage points in 2022, it reduced to 2.1 percentage points last year, indicating a convergence in price dynamics between the two categories of accommodation.