Spain’s property market continues to outpace its European peers with house price increases three times higher than the eurozone average in the final quarter of 2024, according to newly released data from Eurostat.
According to Eurostat’s latest figures, property prices in Spain rose by 1.8% in the fourth quarter of 2024 compared to the previous quarter—a deceleration from the 2.8% increase seen between July and September, but still substantially faster than elsewhere in Europe. In the same period, average house prices in the eurozone and across the broader EU rose by just 0.6% and 0.8%, respectively.
On an annual basis, the Spanish housing market posted an impressive 11.4% jump in prices compared to the fourth quarter of 2023—marking the fastest year-on-year increase since early 2017 and more than double the EU average. For context, property prices rose by 4.9% year-on-year in the EU and by 4.2% in the eurozone, their highest growth rates since Q3 2022.
Spain leads housing market gains despite European slowdown
While Spain saw strong property price inflation, some EU countries experienced price declines as the year ended. France and Cyprus both recorded a 1% quarterly drop, and prices in Estonia slipped by 0.7%. On the flip side, Slovakia (3.6%), Slovenia (3.1%), and Portugal (3%) registered the largest quarter-on-quarter increases among the 27 EU member states.
Looking at the 12-month comparison, Bulgaria topped the leaderboard with an extraordinary 18.3% rise in house prices, followed by Hungary (13%) and Portugal (11.6%). France and Finland, in contrast, saw prices fall by 1.9% annually.
