Spain’s real estate sector has seen significant growth in 2024, with nearly 642,000 properties sold—a 10% year-over-year increase. This marks the third-highest transaction volume in history, surpassed only by 2022 and the record-breaking year of 2007. In the Valencian Community, sales grew by 9%, making it one of the most dynamic regions in the housing market.
According to data from the National Statistics Institute (INE), the market’s recovery has been driven by lower interest rates, which have made mortgages more affordable, and a surge in new construction, reaching its best figures in a decade. This growth follows a 10% decline in 2023, when home sales dropped from the 650,265 transactions recorded in 2022.
A Recovery Phase with Rising Prices
Experts attribute this rebound to several factors, including increased buyer confidence, a higher household savings rate, and more attractive mortgage conditions. María Matos, Director of Research at Fotocasa, states that 2024 has been the second-best year for home sales since 2007. Meanwhile, Francisco Iñareta, spokesperson for Idealista, highlights that this upturn confirms the recovery from 2023’s slump, largely due to the European Central Bank’s monetary policy shift, which has made financing more accessible for many families.
However, growing demand is occurring amid a shrinking housing supply, creating upward pressure on prices. This trend is expected to continue—and possibly accelerate—in the coming months.
Best Year for New Construction in a Decade
The new-build housing segment has played a key role in 2024’s market boom, with a 23.4% increase in sales, reaching 135,052 transactions, the highest figure since 2013. In comparison, the resale market grew by 6.9%, but with 506,867 transactions, it remains the sector’s backbone.
Regionally, Galicia led the growth with a 22.3% increase, while the Balearic Islands was the only region where home sales declined (-3.8%). Madrid saw a 10.4% increase, exceeding the national average, whereas Catalonia recorded an 8.4% rise.
New-Build Sales Surge in December
December 2024 saw a record-breaking surge in new home sales, with a 65% increase compared to the previous year. Overall, 22.6% of properties sold were newly built, while 77.4% were resale homes.
The regions with the highest December sales growth were La Rioja (77.5%), the Basque Country (61.5%), and the Valencian Community (51.2%), whereas the smallest increases were seen in the Balearic Islands (12.5%), Aragón (14.5%), and the Canary Islands (15%).
Spain’s real estate market is showing strong signs of recovery and momentum, with growth expected to continue in 2025, fueled by economic stability and high demand from both domestic and international buyer
