Spanish home sales in 2024

The Spanish Housing Ministry has released its annual property market figures for 2024, showing a total of 715,429 home sales during the year. This marks a 12% year-on-year increase and a 24% rise compared to the ten-year average, highlighting the market’s resilience in the post-Covid era.

Foreign buyers lose market share

Foreign buyers remained a significant force in the market, purchasing 128,602 homes in 2024. This marks a 4% increase from the previous year and a 25% rise compared to the ten-year average. However, their market share dropped to 18% from 19% in 2023, suggesting that domestic buyers are gaining ground. The foreign-buyer sales index stands at 165, reinforcing their long-term importance in Spain’s property sector.

Spanish buyers lead the market

Spanish buyers accounted for 585,552 transactions, reflecting a 14% year-on-year increase and a 23% rise compared to the ten-year average. With a ten-year index value of 181, this segment continues to drive market activity, solidifying its role as the backbone of the Spanish housing market.

New-build sales lag behind

New-build home sales reached 61,362, a 9% annual increase but only a 16% rise over the ten-year average. The new-build sales index value of 146 suggests that while demand remains strong, it has not grown as quickly as the resale market.

A stable market with shifting dynamics

Overall, the figures indicate a resilient property market, with steady growth across all key segments. While foreign demand remains robust, its relative share is shrinking as Spanish buyers take a larger slice of the market. Meanwhile, new-build sales continue to lag behind existing homes, reflecting ongoing challenges in supply and affordability.

With these trends in mind, 2025 will be a year to watch for shifts in buyer demographics and the impact of economic factors on Spain’s real estate sector. Delve into the data with an SPI subscription.