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Gesvalt has published our latest Housing Report for the fourth quarter of 2024. The study, carried out with in-house 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, reflecting an increase of 2.6% from the previous quarter.
For the sixth consecutive quarter, the increase in house prices has been generalised in the seventeen autonomous communities, thus continuing the growth trend that began in 2021. Once again, for yet another quarter, this increase was higher than 31 QoQ in all regions, with the exception of Extremadura, where the increase was 2.81 QoQ.
Murcia, the Canary Islands and La Rioja lead the increases above 10%, reaching over 15% in the Murcia region, while the Balearic Islands once again surpassed the €3,000/m barrier.2.
Euribor. The Spanish real estate sector continues to stand out for its dynamism, driven by a decline in the Euribor, which closed November at 2.5%, the lowest level since 2021.
This easing of financial conditions has stimulated transactions, reaching a year-on-year increase of 11.2% in the year to September 2024, according to the INE. On the other hand, building permits grew by 17% during the year, which anticipates a gradual recovery in supply.
The regions with the highest growth were Murcia (+15.71 TDP3T), the Canary Islands (+14.11 TDP3T), La Rioja (+11.51 TDP3T) and the Balearic Islands (+11.31 TDP3T). In contrast, Castilla y León and Extremadura presented the most modest increases, with rises of less than 4%.
Most provinces show price increases, with only Ourense (-3.3%) and Córdoba (-0.3%) showing year-on-year falls.
In general terms, to acquire a home with an average value and a surface area of 90 m², we would need 153,090€, compared to 138,420€ at the end of 2023.
The seventeen Autonomous Communities have recorded a year-on-year increase in the average selling price, continuing the growth trend that began in 2021.
Key house price data for Q4 2024: six autonomous communities above 10%
In terms of the most notable increases, regions such as Murcia and the island territories are once again at the top of the table, with year-on-year increases of more than 10%, making this a constant trend.
In this sense, the region of Murcia leads the ranking with an increase of 15.7%, followed by the Canary Islands (14.1%), La Rioja (11.5%), the Balearic Islands (11.3%), the Community of Valencia (+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 less than 5% year-on-year.
At the provincial level, the highest 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 being the only provinces with increases of more than 10% compared to the same period of the previous year. Only Ourense (-3.3%) and Cordoba (-0.3%) show falls in the average sale price of housing.
Demand and rents remain buoyant
The rental market reflects a steady growth in rents due to the increasing demand and shortage of supply. This behaviour is particularly pronounced in large cities and coastal regions, while more affordable provinces experience more moderate increases.
Supply Shortage. The availability of rental housing continues to shrink, aggravated by the transfer of properties to the tourist and seasonal market.
During the fourth quarter, In Spain, all provinces show increases in the price of rented housing compared to last year. In this sense, the largest increases were observed in Avila (+19.6%), Madrid (+16.9%), Cantabria (+16.6%) and Valencia (+14.3%). It should be noted that the provinces with smaller increases were only Ciudad Real (4.1%) and Jaén (4.8%), with year-on-year increases of less than 5%.
With regard to the highest rental prices, Barcelona (22.79 €/m²/month), Madrid (19.74 €/m²/month) and the Balearic Islands (18.06 €/m²/month) lead the ranking. 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.
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