May 24 - Property Market Report

Local Property Market Report – May 2024


Hello, it’s Mathew here, welcoming you to this month’s property market roundup for the local Alpujarra, Lecrín Valley, Órgiva, Velez de Benadudalla and the general Granada area. We’ll dive into the latest market facts, figures, and news impacting homeowners and buyers in the region.

Lecrín Valley Market Overview

In the Lecrín Valley, 93 properties were available for sale this month, with an average asking price of €114,000 or €705 per square meter. Compared to last year, stock levels are down by 28%, and the average house price has decreased by 9%, equating to a 15% drop in price per square meter. Despite this downward trend, properties that are selling show a slight upward trend.

Órgiva Market Overview

Órgiva had 59 properties available for sale last month, with an average asking price of €240,000 or €1,265 per square meter. This reflects a 27% decrease in stock levels compared to last year, but a 3.3% increase in average asking prices and a 10% increase in the average price per square meter.

Lanjarón Market Overview

In Lanjarón, there were 63 properties available for sale, with an average asking price of €105,000 or €820 per square meter. The stock levels are down by 30%, the average asking price is down by 32%, and the average price per square meter has dramatically decreased by 79%.

Velez De Benaudalla Market Overview

Velez de Benaudalla had 38 properties for sale, with an average asking price of €153,000 or €1,267 per square meter. Stock levels have only decreased by 2%, but the average asking price is down by €20,000, while the average price per square meter remains similar at €1,248.

Market Trends and Analysis

Overall, stock levels are down by around 28% across the board, and average prices continue to drop. This decrease is often due to initial overvaluations, forcing sellers to adjust prices to more realistic levels. Proper pricing is critical in today’s market, as properties lingering on the market often result from overpricing.

Impact of Legislative Changes

Recent announcements regarding the potential axing of Spain’s Golden Visa program have caused a surge in property market activity. The Golden Visa program has been a significant draw for non-EU investors, offering residency in exchange for property investment. The proposed changes have led to increased inquiries, especially from the US, as investors rush to secure properties before new regulations take effect.

International Market Impact

The weak Euro against other currencies, such as the US dollar (up 6% against the Euro) and the British pound (up 2.2%), significantly impacts international buyers. This currency advantage provides international buyers, particularly from the UK and the US, with more purchasing power, making the local market more attractive.

Digital Marketing and AI in Real Estate

AI and digital marketing are revolutionizing property sales. AI tools are used for predictive analytics, more accurate targeting of potential buyers, and enhancing video marketing. High-quality video content and AI-driven video analytics offer interactive and personalized experiences for potential buyers, optimizing marketing efforts based on viewer behavior.

Community Events: San Juan Festivals

June brings the famous San Juan festivals across the region, including the Lanjarón Water Festival, the traditional midnight sea swims, and bonfires on the coast. These events offer unique cultural experiences not to be missed.


As we move into the summer market, the Granada property market is looking robust. It’s crucial to understand the international market dynamics and employ strategic pricing and targeted marketing to succeed. If you have any questions about the property market or need assistance with property marketing, feel free to comment below or send a private message.

Thank you for watching, and stay tuned for our next update. Don’t forget to like and subscribe to support us in continuing to help homebuyers and sellers navigate the local market safely.

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