Spain’s Housing Market Soars: Second-Hand Prices Surge 9.5% in a Year
14th November 2024
María Matos, Director of Studies at Fotocasa, noted that the current upward trajectory in home prices has sustained momentum over the past two years, primarily due to a shortage of available properties against high buyer demand. Favourable mortgage conditions have continued to fuel buyer activity despite interest rate increases, keeping demand strong and pushing up prices. This trend is expected to persist as demand continues to outweigh the limited supply in many regions.
When examining year-over-year trends by autonomous community, 17 regions showed price growth in October. The most significant increases were seen in the Valencian Community (+20.5%), Madrid (+19.7%), and the Balearic Islands (+17.9%). Other areas, such as Murcia (+15.8%) and Andalusia (+15.2%), also experienced double-digit increases. In terms of price per square metre, the Balearic Islands (€4,485) and Madrid (€4,281) ranked as the most expensive regions, while Castile-La Mancha remained the most affordable, with prices around €1,231 per square metre.
In terms of provincial data, 43 out of 50 provinces saw annual price increases in October, with Alicante, Malaga, and Madrid leading the gains, each showing growth rates around or above 19%. The Balearic Islands and Madrid provinces also topped the price charts, with both exceeding €4,000 per square metre, while Ciudad Real remained the most affordable at €954 per square metre.
Published by David
