Summer 2023: the property market in some of Europe’s hottest locations
Between June 2022 and June 2023, CASAFARI market data shows rising asking prices and expanding supply across most prime Southern European summer destinations. As housing demand across Southern Europe remained robust, average asking prices for houses grew in Mallorca (€4,800/sq.m) and Malaga in Spain to Cannes (€3.7 million average asking price), Corsica, Comporta (€7,667/sq.m) and Madeira (€2,301/sq.m), while Sicily remained stable (€1,113/sq.m) and Lake Como saw average asking prices dip slightly to €779,000.
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
Lake Como remains a highly sought-after holiday destination, making recent pricing dynamics notable. CASAFARI 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 between June 2022 and June 2023.
This trend suggests that available supply aligned with buyer demand, easing price pressures across the local market.
Sicily and the most amazing beaches down south
In Sicily, CASAFARI market data shows that the average asking price per square metre remained largely stable between June 2022 and June 2023, rising by €4/sq.m to €1,113/sq.m, an important factor for investors considering long-term growth.
While Sicily remains significantly lower priced than Lake Como, both destinations experienced balanced supply and demand, maintaining stable asking prices.
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
Comporta continues to attract strong interest as a prime Portuguese coastal destination. However, it recorded the lowest stock of houses available for sale among all regions examined.
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
By comparison, average house asking prices per square metre in Madeira were roughly one-third of those in Comporta, supported by substantially higher market stock.
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 across prime European destinations was compiled using CASAFARI Area Insights. The analysis examined houses for sale—including used homes, newly built properties and homes to refurbish—comparing data between June 2022 and June 2023. Real estate professionals looking into extracting a market report in CASAFARI can sign in to the CASAFARI platform to access deeper regional property metrics.
Frequently asked questions
Which Southern European summer destination had the highest average asking price for a house in June 2023?
According to CASAFARI market data comparing June 2022 and June 2023, Cannes on the French Riviera was the most expensive location analysed, with an average asking price of €3.7 million for a house for sale. High buyer demand drove this elevated price level, accompanied by expanding market stock in the area.
Where could buyers find the lowest asking prices per square metre among the Southern European destinations analysed?
Based on CASAFARI’s June 2023 market analysis of houses for sale, Sicily offered the lowest average asking price at €1,113 per square metre. Average asking prices in Sicily increased by just €4/sq.m over the preceding 12 months as local supply and demand remained balanced.
How did asking prices and property supply change in Mallorca and Malaga between June 2022 and June 2023?
Between June 2022 and June 2023, Mallorca’s average asking price per square metre rose from €4,400 to €4,800 while available market stock increased by more than 5,000 properties according to CASAFARI data. In Malaga, house listings doubled over the same period and average asking prices increased by €100 per square metre.
How do house asking prices in Comporta compare with those in Madeira?
CASAFARI data for June 2023 shows that houses for sale in Comporta had an average asking price of around €1.5 million (€7,667/sq.m, up nearly 30% year-on-year) alongside the lowest available stock among the regions studied. In contrast, Madeira offered broader property stock and an average asking price per square metre of €2,301 following a 20% annual increase.
How can real estate professionals track asking prices and market stock across European destinations?
Real estate professionals and investors can evaluate supply, demand and price dynamics across European destinations using CASAFARI Area Insights. Developers and analytics teams can also access underlying market metrics programmatically via the Area Insights API documentation.