Property prices ended 2024 up by 8.4%
The price of second-hand housing in Spain closed 2024 with an annual increase of 8.4%, bringing the December price to €2,389 p/m². The annual increase in 2024 (8.4%) is the highest recorded in 19 years of analysis.
“The price of housing for sale consolidates an upward trend marked by historical increases, reflecting a context of high tension between a limited supply and a growing demand. Structural factors, such as the ability to attract population and the tourist appeal in regions such as the Balearic Islands, the Canary Islands and Madrid, have led to them reaching historic highs this year, which shows a warming of the market, despite the fact that national prices are still below the levels of the 2007 bubble. The fall in interest rates has acted as an additional driver for demand, facilitating access to more affordable mortgages. In this context, the market remains solid but requires measures that promote the balance between supply and demand to guarantee its sustainability in the medium and long term,”, explained María Matos, Director of Studies and spokesperson for Fotocasa.
Autonomous Communities
At the end of 2024, the Valencian Community recorded the highest increase (19.8%), followed by the Balearic Islands (19.5%), Madrid (13.6%), the Region of Murcia (13.6%), the Canary Islands (13.0%), Andalusia (12.1%), Galicia (10.0%), Asturias (8.9%), Cantabria (8.0%), the Basque Country (6.3%), Extremadura (3.9%), Castile and León (3.8%), Navarre (2.8%), Castile-La Mancha (2.7%) and Catalonia (2.3%).
The Balearic Islands, which has exceeded €4,000 p/m² since April 2024, is in first place in the ranking of the most expensive housing for sale in Spain with €4,597 p/m². Next in line is Madrid, which, with an average price of €4,278 p/m² in December, has also surpassed the €4,000 p/m² barrier. Next is the Basque Country with €3,284 p/m² and Catalonia with €2,824 p/m².
As for the cumulative variation since the maximum price recorded in April 2007 (€2,952 p/m²), at the national level, the price of second-hand housing has fallen by -19%. By communities, Castilla-La Mancha, Aragón and La Rioja are those that have fallen the most since the maximum price was recorded in 2007, both falling -44%. They are followed by Asturias (-38%), Navarra (-37%), Region of Murcia (-35%), Extremadura (-34%), Region of Murcia (-35%), Castilla y León (-33%), La Rioja (-44%), Aragón (-44%), Asturias (-38%), Galicia (-21%), Cantabria (-28%), Valencian Community (-13%), Navarra (-37%) and Andalusia (-11%).
Provinces
At the end of 2024, prices increased in 45 provinces, or 90%. Alicante is the one that has increased the most, by 21.3%, followed by the Balearic Islands (19.5%), Guadalajara (17.2%), Malaga (16.4%), Lugo (14.9%), Valencia (14.8%), Castellón (14.5%), Pontevedra (13.7%), Madrid (13.6%), Murcia (13.6%), Toledo (12.6%), Valladolid (11.2%), Santa Cruz de Tenerife (11.1%), Las Palmas (11.1%), Cadiz (10.5%) and Granada (10.3%).
The five provinces with the highest average housing prices in 2024 are the same as in the last four years, although the order has changed. The Balearic Islands are at the top of the ranking for the second time in the 19-year historical series. The islands jumped from fifth to first place in 2023 and remain there this year. Second place is occupied by Madrid, third by Malaga, fourth by Gipuzkoa and fifth by Bizkaia, which returns to the ranking of the five most expensive provinces.
As for the accumulated variation since the maximum recorded in 2007, Ciudad Real and Jaén have shown the greatest fall since they reached the maximum price in 2007, specifically they have seen prices drop by -60% and -58%, respectively. They are followed by the provinces of Ávila (-52%), Zamora (-52%), Toledo (-50%), Badajoz (-49%), Teruel (-48%), Cáceres (-48%), León (-46%), Cuenca (-46%), Almería (-42%), Lugo (-40%), Córdoba (-40%) and Albacete (-40%), among others. The only provinces with decreases below -10% are Pontevedra (-2%) and Las Palmas (-3%).
