Spanish real estate market: the prices soar, mortgage activity revives, and foreigners keep pace
May 22, 2024
23
The Council of Registrars has published the "Real Estate Registry Statistics" for the first quarter of 2024.
What has happened
Housing prices in Spain continued to rise in the first quarter of 2024:
The average price has increased by 0.8% compared to the previous quarter, reaching €1,998 per square meter.
By the end of the first quarter, the prices have risen by 1.9% year-on-year, reaching the highest level since 2008.
The price increase was mainly driven by a 3% rise in the cost of new housing, while prices for existing homes have fallen by 0.2%.
Regional Differences
The highest housing prices were recorded in Madrid (€3,344 per sq.m), the Balearic Islands (€3,325), and the Basque Country (€3,031).
The lowest prices were in Extremadura (€804) and Castilla-La Mancha (€893).
Sales Dynamics
The number of real estate transactions has increased by 16.6% compared to the previous quarter, reaching 151,467. The growth was particularly significant in the new housing segment (+30.1%). However, year-over-year, by the end of the first quarter, sales have decreased by 10.8%.
The number of issued mortgage loans has risen by 21.1% to 108,910. This marks the first increase in six quarters.
Foreign Demand
The share of foreigners in the total volume of purchases was 14.2%.
The number of transactions carried out by foreigners has increased in absolute terms.
The leaders in terms of purchase volume were the British, Germans, Moroccans, French and Belgians.
The Balearic Islands (31.7%), Valencian Community (28.8%), Canary Islands (26%), Murcia (23.4%) and Catalonia (15.6%) are of greatest interest to foreigners.
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Online ViewingRemote TransactionCredit
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