In 2024, more than 700,000 homes were sold in Spain. Prices rose by 6.9%

The General Council of Notaries confirms the double-digit rise in sales and mortgages, as well as a general rise in prices. It only fell in Navarra

Notaries confirm the upward trend of the housing market in 2024. According to data from the General Council of Notaries, 716,183 operations were transacted in Spain last year, after growing by 11.5% year-on-year, and 341,481 mortgages were formalized, 21.4% more than in 2023. The prices of homes sold, for their part, rose by 6.9%, to 1,753 euros/m2.

Third highest sales figure in the series

The 716,183 home sales make 2024 the third best year in the historical series, which began in 2007, only surpassed by that year and by 2022.

"The decrease in real estate activity that was observed in 2023 and that paused the recovery observed in 2022 and 2021, was reversed in 2024, as there were 73,622 more real estate transactions than the previous year," explain the notaries, who also show an acceleration of the market as the year progressed. "The 2024 financial year saw a progressive acceleration in home sales from 2Q24 to 4Q24, a quarter in which there was a year-on-year increase of 16.5%, the second largest increase of the year only after that observed in 3Q24: 16.7%. For its part, 1Q24 experienced a more moderate year-on-year increase of 1.5%, which softened the annual increase."

By type of housing, apartment sales increased by 11.4% year-on-year, reaching 550,753 units. Single-family homes performed similarly, with a year-on-year increase of 11.6%, reaching 165,430 units.

All the Autonomous Communities registered an increase in sales transactions, except Navarra, with a decrease of 0.3%. The increase was double-digit in La Rioja (24.6%), Asturias (20.3%), Cantabria (18.5%), Galicia (17.6%), the Basque Country (17.6%), Castilla-La Mancha (16.7%), Extremadura (15.3%), Madrid (14.7%), Castilla y León (13.8%) and Catalonia (11.6%). While in Andalusia (9.8%), Aragon (9.7%), Murcia (9.3%), the Valencian Community (8.7%), the Canary Islands (3.4%) and the Balearic Islands (0.6%) there were less pronounced increases.

Mortgages grew by more than 20%

New mortgage loans for home purchases rose by 21.4% in 2024, reaching 341,481 transactions, with an average amount of 155,592 euros. This amount has grown by 4.6% annually.

Despite the increase, the volume of transactions is the fourth highest in the series, surpassed by those registered in that year, as well as those of 2021 and 2022. Regarding sales, its weight stood at 47.6%, slightly above the historical average.

New mortgage loans for home acquisition increased in all the autonomous communities, with increases above the national average in Cantabria (37.8%), La Rioja (30.3%), Castilla y León (30.1%), Galicia (28.4%), Asturias (26.3%), Extremadura (25.4%), Castilla-La Mancha (25.1%), Murcia (24.3%), Comunidad Valenciana (24.1%) and Catalonia (23.7%).

Meanwhile, the average amount of new loans for home acquisition ranged between 244,828 euros in the Balearic Islands and 97,885 euros in Murcia. The annual trend showed increases in 15 autonomous regions, with the rises in the Balearic Islands (12.3%) and Cantabria (11.9%) standing out. On the other hand, falls were observed in Asturias (-2.3%) and Aragon (0.6%).

Prices rose by almost 7%

The average price per square metre of homes sold stood at 1,753 euros, with an increase of 6.9% annually, driven by the evolution of both flats and chalets.

As with sales, average prices had their biggest increase in the last quarter of the year, with an increase of 8.9% year-on-year, while the most moderate increase corresponded to the second quarter of the year, with an increase of 4.7%.

According to the notaries, apartment prices rose by 7.8% compared to 2023, reaching 1,972 euros/m2, while the price of single-family homes remained at 1,343 euros/m2, reflecting an increase of 4.3%.

In all the autonomous communities there was an increase in the price of housing in 2024, with the exception of Navarra (-0.9%). At the other end of the table are the Balearic Islands and Cantabria, with increases of 15.2% and 11%, respectively.

On the other hand, in Galicia (9.7%), Madrid (8.6%), Andalusia (8.1%), Valencian Community (7.9%), Aragon (7.3%), Castile and Leon (6.3%), Canary Islands (5.9%), Catalonia (5.6%), La Rioja (5.0%), Extremadura (4.0%), Murcia (3.6%), the Basque Country (3.3%), Asturias (3.1%) and Castile-La Mancha (2%) more moderate increases were observed. Prices per m2 exceeded the national average of 1,753 euros in the Balearic Islands (3,671 euros), Madrid (3,009 euros), the Basque Country (2,688 euros), Catalonia (2,125 euros) and the Canary Islands (1,928 euros).