Spanish mortgage market shows 11.2% growth in 2024, with 423,761 new home loans registered, according to Spain’s National Statistics Institute (INE).
Key findings from INE’s annual mortgage data:
- Total mortgage value reached €61.73 billion, up 14.2% from 2023
- Average mortgage amount increased 2.7% to €145,673
- Fixed-rate mortgages dominated the market, representing 63.4% of loans in December 2024
- Average interest rate stood at 3.25% in December 2024, slightly lower than December 2023’s 3.33%
- Average loan term was 25 years
Regional data shows growth across all autonomous communities, with Galicia leading at 26.6% increase, followed by Navarra at 21.2%. Madrid recorded 10.4% growth, while Catalonia saw a 12.2% increase.
The December 2024 data showed 32,249 new mortgages, marking a 30% increase compared to December 2023. This represents the sixth consecutive month of growth, according to INE.
This recovery follows a 17.9% decline in 2023, though total numbers remain below 2022’s peak of 464,000 mortgages. Interest rates have remained above 3% for 20 consecutive months, INE reports.
For context, in 2006 there were 1,342,171 mortgages issued in Spain. We all know what happened next…
Source of INE data via Idealista
