Summer 2023: the property market in some of Europe’s hottest locations

Sunrise in Cannes, French Rivera

Thinking about buying a property to spend summer in paradise? Southern Europe has some of the most charming sceneries for your vacation.

But how’s the property market in each one of these places? Where are the best prices? In which places is it easier or harder to find a house by the sea? We looked into data from June and the same period in the previous year to find the best areas for you to invest in the summer 2023.

Diving in Mallorca

Brace yourselves: the rise in prices on this sunny island was significant. The average price per square metre went from €4,400 to €4,800 in a year due to a high demand for real estate for sale in the area. 

But this was not the only effect of such high interest: the available market stock also rose to meet this demand, increasing by over 5,000 properties. The good news is that finding a place suitable for your needs won’t be that hard.

Malaga, a gem of continental Spain

It’s only natural to find a reduced stock of properties in Malaga: the city is ten times smaller than the aforementioned Balearic Island, so it makes sense that the amount of real estate available is also considerably smaller. However, even considering this disparity, it’s noticeable that the behaviour of the market is also dramatic on the continent.

When it comes to market stock, Malaga’s doubled in size in only a year. And, believe it or not, this was not enough to keep the prices from rising, even if at a slower pace than in Mallorca. Due to an impressive demand, Malaga presented an increase of €100 per square metre for houses for sale from June 2022 to June 2023. 

A house by the lake (literally) in Como

Picture the scene: you, a refreshing cold beverage, the summer breeze coming from Lago di Como and a beautiful sky. Amazing! It’s no wonder that this is a very popular international tourist destination, right? 

And this is exactly why the change in the weighted price comes as a surprise. CASAFARI’s data indicates a decrease of over €5,000 in the average asking price for a house in the area, from €785,000 to €779,000. 

This means that the demand for properties meets the available supply, which pressures prices to decrease a bit, helping you find your place by the lake.

Sicily and the most amazing beaches down south

In this insular paradise, the average price per square metre has practically remained the same in the last 12 months, having seen a mere increase of €4/sq.m. and reaching a total of €1,113/sqm, which is something that you should have in mind in case you’re buying to invest in the hopes the property appreciates over time

Although Sicily is considerably cheaper than Lake Como, it is following a similar trend in terms of demand, with supply and demand catching up to one another and forcing prices to remain stable.

Scopello, Sicily, Italy. Photo by Flo P on Unsplash

Cannes, the epitome of French Riviera

The most expensive of the locations analysed for this deep-dive into summer 2023’s hottest locations, a house in Cannes costs on average nothing less than 3.7 million euros.

The increase in prices for houses in Cannes compared to the same period of last year was a consequence of a boost in demand, which also influenced a rise in the market stock.

Buzzing Corsica

One of the favourite places for vacationing in France in summer 2023 and over time, Corsica saw an increase of 1000 properties in its market stock for houses since June last year.

Similarly to what happened in Cannes, there was a steady increase in prices in Corsica of around €40/sq.m. This trend suggests a healthy improvement in demand. 

Comporta, pure nature minutes away from the capital

Shall we call Comporta the Portuguese Riviera? We think so! But, unfortunately, this popular destination has the lowest number of houses available for sale out of all the locations examined for this article. 

The average asking price for such a property is around 1.5 million euros and it increased just under 30% over the past year, with a price per square metre of €7,667 on average. The apparent difference, combined with a similar rapid rise in supply, imply that this sunny destination is definitely not going unnoticed and the demand for property in the area is increasing as well. 

Madeira, an enchanting archipelago in the middle of Atlantic ocean

Did you know that for a third of the price of Comporta you can purchase a house to call yours in Madeira? The market stock over there is also significantly higher, which helps contain the rises in prices.

The archipelago has experienced increases in both supply and price per square metre of the properties, the latter having risen by 20% in the past 12 months and reached €2,301/sq.m.

This overview of summer 2023 in the most desirable areas of France, Portugal, Spain and Italy was made based on houses for sale, whether they are used, in very good condition, new or to refurbish. The data compares information from June 2022 and the same month this year.

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