Sales of New Property jumped in October
In October, the number of properties transfers registered in the property registries reached 231,209. This was 37.7% more than in the same month of 2023, according to figures from the INE.
In the case of registered property sales, the number of transfers was 130,575, showing annual growth of 47.9%.
87.7% of the registered property sales in October corresponded to urban properties and 12.3% to rural properties. In the case of urban properties, 60.6% were home sales.
The number of rural property sales increased by 36.8% in October on an annual basis and that of urban properties by 49.6%. Within the latter, home sales registered an annual increase of 51.3%.
23.4% of the homes transferred by sale in October were new and 76.6% used. The number of transactions on new homes increased by 83.4% compared to October 2023 and that of used homes by 43.6%.
Autonomous Communities
The Principality of Asturias (79.3%), Cantabria (65.8%) and the Basque Country (54.1%) recorded the highest annual rates of change in October in the total number of properties transferred.
The Autonomous Communities of Navarra (12.6%), Castile and Leon (20.1%) and Extremadura (23.8%) had the lowest annual rates.
Regarding registered home sales, the autonomous communities that had the highest increases were La Rioja (88.2%), Cantabria (81.3%) and the Principality of Asturias (69.8%). In Andalucia, the variation was 53.8%.
Navarre (13.9%), the Region of Murcia (28.5%) and Extremadura (35.8%) had the lowest growth.
Prices
The monthly variation of the price of second-hand housing for sale in Spain rose by 0.7% and rose by 9.6% in its year-on-year variation, bringing the average price to €2,380 p/m² in November, according to data from Fotocasa. This last year-on-year increase (9.6%) is the highest in the last 16 months.
“The price of housing marks its highest value of the year, close to 10% growth. Second-hand housing is becoming more expensive at a very significant rate. Factors such as population growth, the rise of single-person households, residential tourism and investment interest, together with a favourable economic context and salary improvements, will intensify demand, and therefore the pressure on supply, which will have an impact on prices,” explains María Matos, Director of Studies at Fotocasa.
Spain has gone from a year-on-year variation of 6.2% in November 2023 to 9.6% detected in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 208 euros per square metre, that is, it has gone from €2,172 p/m² in November 2023 to €2,380 p/m² in November 2024.
