The real estate market in Spain in 2024 experienced a more than notable rebound, which consolidates the upward trend that, with some exceptions, has been registered for years. Despite the increase in housing prices, the number of transactions and mortgages also increased. Besides that, we'll find other significant changes in the latest annual report of the General Council of Notaries.
The real estate market in Spain in 2024
The most relevant data is the increase in sales transactions: more than 716,000, 11.5% more than the previous year. It is also the third-best figure since 2007.
This growth occurred in all communities except Navarra. Those that registered the most transactions were La Rioja, with an increase of 24.6%; Asturias (20.3%), Cantabria (18.5%) and Galicia and the Basque Country (both with 17.6%).
Increase in mortgages
We can see the growth in the real estate market in Spain in 2024 in the number of mortgages. Just over 341,000 were signed, an increase of 21.4% compared to 2023. There was a rise in their number and amount, reaching an average of almost 156,000 euros, 4.5% more than the previous year.
In the background of these figures, there have been three interest rate cuts throughout the year and a Euribor that ended 2024 at 2.4% compared to 3.6% in January. Additionally, banks joined in with increasingly aggressive mortgage offers to attract customers.
Higher prices
The price increase also marked the evolution of the real estate market in Spain in 2024. The price per m² rose by 6.9% on average, reaching the amount of 1,753 euros. By region, the price rose the most in the Balearic Islands (15.2%), followed by Cantabria (11%) and Galicia (9.7%). Again, the exception was Navarra, where the price fell by 0.9%.
There were two key factors in this increase: a rise in demand for housing due to the cuts in financing expenses and the limited real estate available, with new construction not taking off.
Larger homes
By type of home, almost 77% of those sold in 2024 were flats. The rest were single-family homes. The price increase was very similar, as was the tendency of buyers to choose slightly larger properties.
The average surface area reached 112.2 m² (94.6 in the case of flats and 172.4 in single-family homes). This figure represents an average of 0.7% compared to 2023. Curiously, Navarra took the lead, with an increase of 4.6%. Behind it, the Region of Murcia (3.3%) and Cantabria (3.2%).
December: the best month
A significant fact about the real estate market in Spain in 2024 was its progressive acceleration since the second quarter. Thus, December was the best month, with growth of 18.5% and 33.6%, respectively, in year-on-year rates. And the same happened with the price of housing, with a rise of 7.7%.
The outlook remains bullish, so this is a convenient time to buy, and at Spainhouses.net, you'll find the best real estate offer on the market.