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24 de January de 2025
Although the upward trend has continued for thirteen consecutive quarters, it has also been below 3% for three consecutive periods, well below the levels set at the beginning of 2023.
The housing market has shown quarter-on-quarter increase for the sixth consecutive period, marking a sustained upward trend.
Gesvalt has published its latest Housing Report for the fourth quarter of 2024. The study, carried out with our own data by the company’s Research Department, shows a 10.6% increase in house prices compared to the same period last year.
The national average unit price stood at €1,701 /m², an increase of 2.6% on the previous quarter.
For the sixth consecutive quarter, house prices have increased on a general scale across all seventeen autonomous communities, marking a continuation of the upward trend that began back in 2021. For yet another quarter, this increase was above 3% in all regions, with the exception of Extremadura, where prices rose by 2.8%.
Murcia, the Canary Islands and La Rioja top the charts, with increases of over 10%, even topping 15% in the Murcia region. Meanwhile, the Balearic Islands once again moved above the €3,000/m2 mark.
Euribor. The Spanish real estate sector continues to show impressive dynamism, driven by a decline in the Euribor, which closed November at 2.5%, its lowest level since 2021.
This easing in financial conditions has boosted transactions, which have seen a year-on-year rise of 11.2% in the year to September 2024, according to the INE. On the other hand, the number of building permits granted increased by 17% during the year, with a gradual recovery in supply now anticipated.
The regions with the highest growth rates were Murcia (+15.7%), the Canary Islands (+14.1%), La Rioja (+11.5%) and the Balearic Islands (+11.3%). In contrast, Castilla y León and Extremadura showed the most modest increases, with rises below 4%.
Most provinces enjoyed price increases, with only Ourense (-3.3%) and Córdoba (-0.3%) showing year-on-year falls.
In general terms, acquiring an average-value property with an average surface area of 90 m², would require €153,090, up from €138,420 at the end of 2023.
The seventeen Autonomous Communities have recorded a year-on-year increase in average sales prices, continuing the growth trend that began in 2021.
The most notable increases were once again seen in regions such as Murcia and the island territories, with year-on-year rises of over 10%, marking what has become a consistent trend.
In this sense, the region of Murcia leads the rankings with an increase of 15.7%, followed by the Canary Islands (14.1%), La Rioja (11.5%), the Balearic Islands (11.3%), the Valencian Community (+10.7%) and Cantabria (+10.6%). In contrast, Extremadura (2.8%), Castilla y León (3.9%), the Basque Country (4.4%) and Galicia (4.9%) are the only regions where house prices have grown by under 5% year-on-year.
On a provincial level, the largest year-on-year increases in property prices were recorded in Murcia (+15.7%), Santa Cruz de Tenerife (+14.9%), Alicante (+13.7%), Las Palmas (+13.5%), Valencia (+12.7%), La Rioja (11.5%), Baleares (11.3%), Cantabria (10.6%), Cádiz (10.4%) and Málaga (10.4%). These were the only provinces to see increases of over 10% compared to the same period of the previous year. Only Ourense (-3.3%) and Cordoba (-0.3%) show falls in the average sale prices.
The rental market reflects a steady growth in rents due to increasing demand and shortage of supply. This behaviour is accentuated in large cities and coastal regions, while more affordable provinces experience more moderate increases.
Supply Shortages. The availability of rental housing continues to shrink, exacerbated by properties making the switch to the tourist and seasonal market.
During the fourth quarter, all Spanish provinces showed increases in the price of rented housing compared to last year. The largest increases were observed in Ávila (+19.6%), Madrid (+16.9%), Cantabria (+16.6%) and Valencia (+14.3%). It should be noted that the provinces with the lowest rise saw only Ciudad Real (4.1%) and Jaén (4.8%) record year-on-year increases of less than 5%.
In terms of the highest rental prices, Barcelona (€22.79/m²/month), Madrid (€19.74/m²/month) and the Balearic Islands (€18.06 /m²/month) lead the rankings. At the other end of the table, the provinces with the most affordable rents are Jaén (€5.12 /m²/month), Teruel (€5.76 /m²/month) and Ciudad Real (€5.90 /m²/month).
What’s in store for 2025? Discover the trends and forecasts for the real estate sector here.
