Spain’s housing market maintained its upward trajectory in January 2025, though at a more leisurely pace, as year-on-year growth in sales and mortgages tempered after a buoyant end to 2024, reveal the latest figures from the Land Registrars.
These are the first published figures on home sales performance in 2025, suggesting a resilient yet stabilising market after last year’s boom. However, regional disparities underscore the uneven nature of the sector in early 2025.
It is important to remember that the Registrars’ figures are based on sales recorded in the Land Registry, which can take a month or two after the transaction occurs. As a result, they lag behind the market and provide a somewhat retrospective view. To gain a clearer picture of sales at the start of this year, we will need to wait for the data published by the notaries.
Slower growth
Housing transactions rose by 8.8% annually in January, totalling 60,033 sales nationwide, while new mortgage registrations climbed 9.4% to 37,651. Though positive, these figures mark the slowest growth rates since August 2024, hinting at a shift toward steadier, less exuberant expansion.
“These figures consolidate the recovery of the Spanish real estate market that started strongly in the last months of last year,” the Registradores noted. However, they added a caveat: “2025 begins maintaining the same positive trend, albeit for the moment somewhat more moderate.” Analysts suggest this moderation could signal a healthier, more sustainable market after 2024’s sprint.
Regional divides
The recovery’s patchwork nature is stark. La Rioja (24.1%), and Asturias (19.1%) saw double-digit sales growth, while Cantabria slumped (-16.6%). Andalucía continued to dominate transaction volumes, with 11,500 homes sold—nearly a fifth of the national total.
Mortgage trends were equally fragmented. La Rioja (66.9%), Aragón (47.1%), and the Canary Islands (39.3%) posted explosive growth, but Madrid’s registrations plummeted by 32.2%. The drop, however, comes with an asterisk: January 2024 saw an “atypical surge” in the capital’s mortgage activity, skewing comparisons. The Registradores wryly noted Madrid’s 2025 numbers simply reflect “a return to a more normalised level of activity.”
Outlook
The data paints a market in cautious optimism. While growth is slowing nationally, consistent gains in sales and mortgages suggest underlying resilience. Yet regional gaps—driven by local economics, tourism, and demographics—highlight the need for tailored investment strategies.
Madrid’s sharp decline also underscores the quirks of year-on-year comparisons, where anomalous past data can distort present trends. Forthcoming reports will reveal whether January’s moderation is a blip or the start of a steadier phase.
