Spain’s real estate market has reached its highest level of activity since the 2007 housing boom. In October 2024, 69,418 property transactions were recorded, representing a 51.3% increase compared to the same month last year, according to the Spanish Statistics Office (INE).
This marks the highest monthly sales figure since the pre-crisis period, when up to 75,000 properties were sold in a single month. Experts attribute the growth to reduced interest rates, improved mortgage conditions, and savings accumulated by households and investors during the pandemic.
Surge in new-build home sales
Sales of new-build homes rose significantly in October, with 16,224 properties sold—a year-on-year increase of 83.4%. This sharp growth has not been seen since May 2021, signalling a strong year-end for the construction sector and the wider property market.
Second-hand property transactions increase
Second-hand property sales also saw substantial growth, with 53,194 transactions in October—an annual rise of 43.6%. Resale properties accounted for three out of four homes sold, though the sale of new-builds has also risen by 19% this year.
Free and protected housing trends
Of the properties sold in October, 92.4% were free-market homes, while 7.6% were classed as protected housing. The number of free-market homes sold rose by 50.6% year-on-year, while protected housing sales grew by 60.2%.
A dynamic housing market
The total number of residential transactions in October, including sales, gifts, inheritances, and exchanges, reached 111,583. This represents the highest level of activity since the financial crisis, reflecting a dynamic and competitive housing market.
Regional growth rates
Asturias (79.3%), Cantabria (65.8%), and the Basque Country (54.1%) led the way in home sales growth. In contrast, Navarre (12.6%), Castile and León (20.1%), and Extremadura (23.8%) saw the lowest increases. Catalonia recorded 16,722 transactions, surpassing Madrid. Meanwhile, Valencia recorded nearly 17,000 sales, and Andalucia led the country with more than 21,000 transactions.
Other real estate transactions
The total number of real estate transactions registered in October 2024 stood at 231,209, an annual increase of 37.7%. Sales accounted for 130,575 of these, reflecting a 47.9% year-on-year rise.
As the year draws to a close, Spain’s property market shows no signs of slowing, with both new-build and second-hand properties contributing to its robust recovery.
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