In 2024, Spain’s property market experienced a remarkable boom, with an average of 1,754 homes sold every day, totalling 641,919 transactions by the end of the year. This marks the second-highest number of property sales since the 2008 market crash, just behind 2022’s record. Despite the impressive numbers and comparisons to the pre-crisis peak of 2007, real estate experts believe the market is not in a property bubble.
Top Regions for Property Sales in Spain
Andalucia led the way, with 344 homes sold daily, making it the busiest market in Spain. Here’s how other regions performed:
- Valencian Community: 286 homes sold daily
- Catalonia: 272 homes sold daily
- Madrid: 211 homes sold daily
- Balearic Islands: The only region with a decline (-3.8%)
- Galicia: Highest growth at 22.3%
- La Rioja and Castilla-La Mancha: Growth of 20% and 19.4% respectively
Why Is Spain’s Real Estate Market Booming?
Several key factors are driving the surge in property sales:
- Low interest rates and a stable Euribor are making mortgages more attractive.
- Strong job market and economic stability are boosting buyer confidence.
- Rising rental prices are pushing people to consider buying instead of renting.
- More mortgage approvals: Up 11% across Spain, particularly benefiting affordable areas.
2025 Property Market Forecast: Prices to Keep Rising?
Looking ahead, Spain’s property market is expected to keep growing, but challenges remain:
- Shortage of available homes is driving prices even higher.
- This shortage is making it harder for young people and low-income families to buy homes.
- Real estate agencies are adapting by using internal databases and waiting lists.
- Buyers are now making higher offers, sometimes stretching their budgets to secure a property.
