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Buying a Home in 2024: Evolution of Housing Prices and Demand in Spain

Buying a Home in 2024 Evolution of Housing Prices and Demand in Spain - Buying a Home in 2024: Evolution of Housing Prices and Demand in Spain

Are you thinking about buying a home in 2024? With the beginning of the new year just around the corner, real estate investment is a topic that always generates interest and expectations.

2023 has been a year marked by high inflation rates and increased interest rates. This situation has translated into a decrease in purchase and sale operations. Despite this, housing prices have risen. In this scenario, the question may arise as to whether buying a house in 2024 will be a good decision.

Buying a house in 2024: what will happen in the real estate market

First of all, it is worth keeping in mind that this evolution of the real estate market marks a return to the pre-pandemic situation. 2021 and 2022 were unusually active years, and the data for 2023 are very close to 2019. Therefore, experts speak of resuming the usual dynamics of the real estate market.

As for the short-term future, forecasts indicate that there will be no extraordinary movements in the property market. Buying a home in 2024 could be a good decision, and the reasons for this are very different.

Interest rates and inflation

In 2023, interest rates have stood at 4.5%, and the Euribor has reached levels unknown since 2008. The goal was to moderate the elevated inflation. In the last weeks of the year, the benchmark index has started a downward path, and it seems that central banks are preparing to lower interest rates. That is good news for those looking to buy a home in 2024.

Moderation in prices

Demand continues to be higher than supply, especially in new housing. That's why housing prices not only remained stable but grew in 2023. In 2024, we expect the situation to be similar but with a moderation in price growth.

In any case, its evolution will be marked not only by the economic situation. The demand for housing can cause the variation in prices to differ significantly from one area to another and determine the value of housing, which would predictably increase more in large cities.

Stabilization of the real estate market

Forecasts indicate that the real estate market will not suffer significant changes. However, it could experience some containment due to a reduction in the purchasing power of families. A decrease in the number of real estate transactions always gives a slight advantage to buyers when negotiating with sellers.

What will happen to the rental market?

The rental market is the one that has experienced the most changes, with significant increases, despite the measures adopted by the Government to contain prices. Everything seems to indicate that the situation will not experience outstanding changes in 2024 due to the increase in demand and the decrease in supply.

Finding a house is easy with Spainhouses.net

If you are considering buying a house in 2024, Spainhouses.net makes it easy. At SpainHouses.net, you will find a great real estate offer in Spain. Besides, there is a section where you can check the evolution of housing prices throughout the country. 2024 may be the year you fulfil your dreams of having a new home. Wait no more, and start looking for it now.

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