The purchase and sale of homes in Spain reaches its highest levels since the real estate bubble, with an increase of 41.5%
The Spanish real estate market is experiencing a boom driven by the recent drop in interest rates by the European Central Bank (ECB). In September 2024, 61,887 home purchase and sale transactions were registered, an increase of 41.5% compared to the same month of the previous year, reaching levels not seen since 2007, in the midst of the real estate bubble.
The impact of interest rates and active demand
Although the figure contrasts with a particularly weak September 2023, it marks the largest rebound since August 2021 and represents the third consecutive month of year-on-year increases. Ferrán Font, director of studies at Pisos.com, anticipates that these figures could lead to closing 2024 with more than 600,000 transactions, exceeding those of 2023.
The dynamism of the market responds, according to analysts, to several factors: the resistance of demand from foreigners and buyers who do not require financing, together with an improvement in mortgage conditions, driven by the fall of the Euribor.
Crecimiento en todos los segmentos del mercado
The increase in operations is reflected both in the sale of new construction homes, which grew by 55% with 12,531 transactions – highest since January 2014 – and in second-hand homes, which rose by 38.4% with 49,356 transactions. the highest figure since May 2022.
Font highlights that this upward trend is especially marked in large cities, where active demand and improved credit conditions are energizing the market. However, it warns that the combination of limited supply and the rebound in activity may continue to put upward pressure on prices, making access to housing even more difficult for young people and families with fewer economic resources.
Generalized growth by autonomous communities
All autonomous communities experienced an increase in purchase and sale transactions compared to September 2023. Andalusia led in absolute numbers with 11,344 operations, followed by the Valencian Community (10,801), Catalonia (8,987) and Madrid (8,105).
The regions with the greatest percentage increases were Extremadura (+79.3%), the Basque Country (+67.4%), Asturias (+57.3%) and Aragon (+56%). On the other hand, the most modest increases were recorded in Navarra (+18%), the Balearic Islands (+18.5%) and Murcia (+32.2%).
More properties transferred in general
In addition to homes, properties transmitted through property registries also showed notable growth in September, reaching 195,480 transactions, 27.3% more than in the same month of 2023. Of these, 89.1 % corresponded to urban properties, whose transactions increased by 40.8%, while rural properties registered an increase of 16.9%.
A market in transformation
This notable growth in sales reflects a market in the process of reactivation, influenced by the moderation of interest rates and robust demand. However, the challenge of balancing a limited supply with constantly rising prices continues to be a pending issue to guarantee access to housing in Spain.
