Spanish property market had a buoyant 2024 with sales at a near record high

The Spanish housing market had a strong year in 2024, with home sales reaching their second-highest level in more than a decade, according to newly released figures from the Spanish notaries association.

The data confirms that market activity not only remained resilient but also picked up pace as the year progressed.

Sales growth: a strong finish to the year

A total of 716,183 homes were sold in Spain in 2024, marking a significant increase of 11% compared to 2023. More significantly, this figure represents a 23% increase over the ten-year average of 581,039 transactions, highlighting the market’s strength relative to historical performance.

The fourth quarter of 2024 outperformed the full-year trend, with sales rising by 17% compared to the same period in 2023, exceeding the 11% annual growth rate. This suggests that demand accelerated as the year went on, possibly driven by improving economic conditions, pent-up demand, or confidence in property as an investment.

Growth in Q4 outpaced the annual trend in most regions favoured by foreign buyers, with the exception of Murcia, a hotspot for British buyers.

Prices: steady growth over time

In terms of property values, the average price per square metre in 2024 stood at €1,753, reflecting a 7% increase year-on-year. Over a five-year period, prices have risen by 22%, and over a decade, they have increased by 38% in nominal terms.

Outlook

The data from the notaries suggests that Spain’s property market is bullish and demand remains solid, particularly in areas favoured by international buyers. The strong Q4 performance hints at sustained momentum moving into 2025, though others factors such as interest rates, government intervention in the market, and global economic conditions could still derail this momentum.