The number of properties sold in Spain in May 2024 increased by a moderate 3% year-on-year, reaching 62,485 homes, with the average price per square meter at €1,681, representing a 1.3% annual increase, according to official figures from Spain’s Notaries.
Regionally, Andalucia was very similar to May last year on all fronts. The Valencia Region saw similar transaction volume but notable rises in prices and mortgages granted during the period. The Balearic Islands continue to perform poorly, however, we saw the first year-on-year price drop since October last year (although it is still the most expensive region in Spain at €3443/m2)
Housing Sales Increase by 3.0%
- Housing sales increased in 13 autonomous communities (CC.AA.) and decreased in the remaining 4. Notable increases were seen in La Rioja (63.8%) and the Basque Country (17.8%), while significant decreases occurred in Navarra (-30.8%) and the Balearic Islands (-11.9%).
- The price per square meter rose by 1.3% year-on-year. The highest increases were in Galicia (21.3%) and Cantabria (11.0%), with notable decreases in Castilla-La Mancha (-11.6%) and the Basque Country (-7.8%).
- Loans for house purchases increased by 9.8%. They grew in 13 CC.AA., with the most significant rises in La Rioja (80.7%), Galicia (26.4%), and Extremadura (22.7%), while decreases were seen in Navarra (-26.3%).
- The formation of new companies grew by 0.9% year-on-year, with notable increases in the Basque Country (10.5%) and Aragon (9.8%), and declines in Castilla-La Mancha (-13.1%) and Navarra (-11.4%).
More Housing Sales at Higher Prices In Spain, the number of housing sales increased by 3.0% year-on-year, reaching 62,485 units, with the average price per square meter at €1,681, representing a 1.3% annual increase.
- Sales of apartments increased by 2.9% year-on-year to 48,081 units, while single-family homes rose by 3.2% year-on-year to 14,404 units.
- Apartment prices increased by 3.4% year-on-year to €1,890/m², while single-family homes averaged €1,300/m², a decrease of 3.3%.
Housing Sales Growth by Region Housing sales increased in 13 CC.AA. and decreased in 4. Regions with growth above the national average included La Rioja (63.8%), Basque Country (17.8%), Extremadura (15.6%), Galicia (14.6%), Asturias (9.6%), Castilla y León (8.1%), Aragon (8.1%), Cantabria (7.1%), Madrid (5.1%), and Castilla-La Mancha (3.1%).
- Below the national average were Catalonia (2.6%), Andalucia (1.2%), and Comunidad Valenciana (0.3%). Declines were observed in Navarra (-30.8%), Balearic Islands (-11.9%), Canary Islands (-11.1%), and Murcia (-1.6%).
Price Increases The average price per square meter in Spain rose by 1.3% year-on-year. Increases were noted in 11 regions and decreases in 6. Significant increases were seen in Galicia (21.3%), Cantabria (11.0%), and Comunidad Valenciana (10.1%). Moderate increases were observed in Castilla y León (7.9%), Madrid (7.8%), La Rioja (6.9%), Navarra (5.4%), Catalonia (4.8%), Aragon (4.6%), Canary Islands (2.2%), and Andalucia (0.8%). Decreases were noted in Castilla-La Mancha (-11.6%), Basque Country (-7.8%), Asturias (-5.7%), Balearic Islands (-5.4%), Murcia (-2.4%), and Extremadura (-1.0%).
Average Size of Housing The average size of housing in Spain increased by 0.8% year-on-year. Increases were noted in 10 regions and decreases in 7. Notable increases above the national average were in Balearic Islands (7.1%), Asturias (6.9%), Cantabria (5.6%), Extremadura (5.4%), Aragon (3.0%), Murcia (2.9%), Catalonia (2.9%), Castilla-La Mancha (2.6%), and Canary Islands (2.5%). Comunidad Valenciana saw a smaller increase of 0.6%. Decreases were noted in Navarra (-9.2%), Galicia (-8.4%), Castilla y León (-4.4%), Basque Country (-2.7%), La Rioja (-1.9%), Madrid (-0.8%), and Andalucia (-0.03%).
Increase in Loans In May, loans for house purchases grew by 9.8% year-on-year, reaching 28,909 transactions. The average loan amount rose by 1.8% year-on-year, averaging €110,219.
- The percentage of home purchases financed with a mortgage was 46.3%, with the average loan amounting to 71.9% of the home price.
- Loans increased in 13 regions, with the highest increases in La Rioja (80.7%), Galicia (26.4%), Extremadura (22.7%), Cantabria (18.9%), Castilla y León (14.8%), Comunidad Valenciana (13.4%), Basque Country (12.8%), Catalonia (11.2%), and Andalucia (9.9%). Increases below the national average were seen in Madrid (9.5%), Asturias (5.4%), Murcia (4.1%), and Aragon (3.4%). Declines were noted in Navarra (-26.3%), Canary Islands (-6.9%), Balearic Islands (-5.0%), and Castilla-La Mancha (-2.2%).
- The average loan amount varied by region, with significant increases in La Rioja (113.7%) and Cantabria (32.5%), and decreases in Castilla-La Mancha (-10.7%) and Aragon (-10.3%).
