The number of house transactions in Spain rose by 15% in November 2024, reaching 54,299, according to the National Institute of Statistics (INE).
Despite a sharp 22% drop compared to October, which saw a 51% surge, November marked the best performance for this month since 2007.
Strong performance in new and existing home sales
Sales of new homes grew significantly, with a 37.4% year-on-year increase, totalling 12,328 transactions. Existing homes accounted for 41,971 transactions, representing more than 77% of the total and a 9.8% year-on-year rise.
Five consecutive months of growth
The housing market has now recorded five straight months of year-on-year increases. Growth rates in previous months were notable, including 19% in July, 0.9% in August, 41.5% in September, and 51.3% in October. Falling interest rates have played a key role in this sustained growth.
Strongest November since 2007
INE data highlights that November 2024’s figures are the highest for the month since 2007, when over 56,000 transactions were recorded. Contributing factors include lower interest rates, attractive mortgage options, improved economic conditions, and a rise in foreign investment in Spanish property.
Regional variations in sales
All autonomous communities, except the Balearic Islands (-4.3%), reported year-on-year increases in November housing transactions. Andalucia led with 10,288 transactions, followed by Catalonia (8,616), the Valencian Community (8,550), and the Madrid region (6,876).
The largest increases were in La Rioja (+58.2%), Madrid region (+35%), Castilla-La Mancha (+33.9%), and Galicia (+32.5%). More modest growth was recorded in the Canary Islands (+1.2%), Andalucia (+3.5%), and Aragón (+6.3%).
Outlook for 2024
Although final 2024 figures are yet to be published, November’s results reflect a robust housing market. The ongoing effects of favourable economic conditions and increased international demand suggest continued strength in Spain’s property sector.
Also read: Spain´s real estate market poised for significant growth in 2025