Cádiz province

Q4 2024

The housing market in Cadiz province ended 2024 with stable headline figures and signs of long-term resilience, particularly in resale activity and foreign demand, albeit with some weakening in the latter during the quarter.

Sales volumes stable overall

There were 4,694 home sales recorded in Q4, reflecting a modest year-on-year increase of 11% (Fig. 1-1). Compared to the ten-year average, transactions were up by 33%, and over the full decade, the market has grown by 110%, confirming long-term expansion.

Foreign demand softens

Year-on-year, foreign demand contracted by 5%. The breakdown shows 232 purchases by foreigners resident in Spain (expats) and 133 by non-resident foreign buyers (FNRs), representing declines of 3% and 8% respectively compared to Q4 2023 (Fig. 1-2). Nonetheless, over the decade, expat purchases are up by 107%, whereas the FNR segment has declined slightly.

Sales involving foreign buyers totalled 365, representing 8% of the market—down from 9% in the same period last year and below the ten-year peak of 11% (Fig. 1-3).

New build vs. resales

Resale transactions continued to dominate the market with 4,267 sales, showing an annual increase of 11% and outperforming the ten-year average by 33%. New-build sales came in at 427 units, up 13% year-on-year and 34% above the ten-year average (Fig. 1-4). This indicates renewed strength in both sub-markets, with new builds benefiting from fresh demand and improved developer activity.

Price growth steady but subdued

Average resale prices stood at €166,872, rising 8% year-on-year. Over five and ten years, prices have increased by 47% and 45% respectively, showing a consistent upward trend despite short-term volatility. New-build homes commanded a higher average price of €200,293, with annual growth of 4%, five-year growth of 33%, and ten-year appreciation of 54%. These figures confirm a generally inflationary trend in property values, particularly in the new-build segment, where developer premiums and modern standards continue to support prices (Fig. 2-1 and Fig. 2-2).

Mortgage lending remains supportive

There were 12,036 new mortgages signed in the province during the quarter, reflecting an annual rise of 7% and a 29% increase compared to the ten-year average (Fig. 3-1). This suggests healthy access to credit and continued buyer confidence, even as interest rates remain relatively elevated.

Construction activity rebounds from long-term lows

Planning approvals for 2,232 new homes were granted in Q4, despite a notable year-on-year decline of 23% (Fig. 4-1). Compared to the average of the last ten years, however, this represents a strong rebound of 42%, indicating that development pipelines are improving from the depressed levels of the post-crisis years.

Outlook

The Cadiz housing market is maintaining momentum with modest but consistent growth in key indicators. While foreign demand dipped slightly in the quarter, especially among non-resident buyers, the long-term trajectory remains broadly positive. Resale strength, stable price appreciation, and a rebound in housing starts all point to a healthy local market with capacity for continued development.