Are you dreaming of buying a property in Spain? Whether you're looking for a holiday home by the coast or a permanent residence, staying updated on market trends is crucial. The latest real estate statistics from Colegio de Registradores indicate a continued strong demand and rising prices. Below, we break down the key trends and what they mean for you as a buyer.
Property Prices Continue to Rise
According to the latest report from Q4 2024, property prices in Spain have increased by 1.71% during the quarter and 12.34% year-over-year. This means that prices are now 12.5% higher than the peak levels of 2007. The average property price in Spain is now €2,164/m², with new-build properties rising to €2,338/m² and resale properties at €2,113/m².
The Most Expensive Regions to Buy Property
Some of the most expensive regions to buy property in Spain are:
- Madrid - €3,780/m²
- Balearic Islands (Mallorca, Ibiza) - €3,771/m²
- Basque Country - €3,157/m²
- Catalonia - €2,615/m²
- Canary Islands - €2,327/m²
San Sebastián stands out as the most expensive city in Spain, with a square meter price of €5,708/m², followed by Madrid (€4,517/m²) and Barcelona (€4,483/m²).
High Demand for Properties – Especially New Builds
During Q4 2024, 172,551 property transactions were completed in Spain, the highest number since 2007. Property purchases have increased by 32.86% compared to Q4 2023. Particularly, new-build properties have seen a significant rise, with 61.15% more units sold than the previous year.
The regions with the highest number of property transactions in Q4 were:
- Andalusia – 33,146 transactions
- Valencia – 27,580 transactions
- Catalonia – 26,751 transactions
- Madrid – 21,565 transactions
Foreign Buyers Remain Strong in the Market
Spain continues to be a top destination for international property buyers. Foreign purchases accounted for 14.48% of all real estate transactions in Q4, with the largest buyer groups being:
- British – 8.57%
- Germans – 6.67%
- Dutch – 5.91%
- Moroccans – 5.30%
- French – 5.28%
- Romanians – 5.17%
- Italians – 4.76%
The regions with the highest proportion of foreign buyers were:
- Alicante – 45.67% of all property transactions
- Balearic Islands – 32.81%
- Málaga – 32.35%
- Canary Islands – 30.66%
- Girona – 28.86%
It is clear that Spain remains one of the most popular destinations for international buyers, and demand is expected to stay strong.
What Does This Mean for You as a Property Buyer in Spain?
If you are considering buying a property in Spain, it is essential to act strategically. Here are some key takeaways:
- New builds are in demand – The demand for new-build properties is increasing rapidly, which means prices in this sector may rise even further.
- Location is crucial – Cities like Madrid, Barcelona, Málaga, and Alicante remain some of the most sought-after areas.
- Foreign buyers dominate in certain regions – If you are looking to buy in popular expat areas such as Costa del Sol, Costa Blanca, or the Balearic Islands, it’s a good idea to move quickly.
- Property prices continue to rise – If you are considering investing, now may be a good time before prices climb further.
Are you thinking about buying a property in Spain? At NOOK Homes, we help you find the perfect property. Contact us today for more information!
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