Spain’s property market continues to grow!
January 2024 brought further good news for the Spanish property market. According to a report by the Notaries’ Statistical Information Centre (CIEN), property sales and purchases increased by 7.3% year-on-year and property prices by 4.2%. Increases can be seen in most regions of Spain.
The upturn can also be seen in the mortgage market. In January 2024, they were granted by 7.6% more than a year earlier. The highest increases were seen in Cantabria (44.8%) and Galicia (23.5%).
The number of new businesses in Spain also increased. In January 2024, 8.5% more companies were registered than a year earlier. The highest increases were recorded in Aragon (30.2%) and Extremadura (26.0%).
All these figures indicate that the Spanish economy continues to grow, with the real estate market being one of its most important sectors.
Read on to find out more about trends in the Spanish property market in 2024!
In the report below, among other things:
– detailed data for all Spanish regions
– charts and tables illustrating trends
– data on property prices and sales volumes
– information on the number of loans granted
– number of start-ups illustrating the development of the Spanish economy
Full text of the report by the Centre for Statistical Information for Notaries (CIEN)
Comparison January 2024 – January 2023
Housing sales and purchases increase by 7.3% year-on-year
– Housing sales and purchases increased in fourteen Autonomous Communities and decreased in the remaining three. Noteworthy are the increases in Cantabria (37.9%) and Galicia (23.2%) and the decrease in the Canary Islands (-5.0%).
– The price of m˛ is up 4.2% year-on-year in Spain. Noteworthy are the increases in the Balearic Islands (18.4%) and Galicia (15.3%), and the decrease in La Rioja (-25.1%).
– Loans for house purchases increased by 7.6% year-on-year. They increased in thirteen autonomous regions, in particular Cantabria (44.8%), Galicia (23.5%) and Castilla-La Mancha (17.4%), and fell in the remaining four, with a significant decrease in La Rioja (-15.0%).
– The number of new companies increased by 8.5%. Noteworthy were increases in Aragon (30.2%) and Extremadura (26.0%) and decreases in La Rioja (-32.8%) and the Balearic Islands (-8.2%).
Note: The data presented in this report corresponds to public records approved until January 2024, reflecting the daily work of notaries as a whole.
Madrid, 6 March 2024 In January 2024, compared to January 2023, home sales and purchases increased by 7.3% and home mortgage lending increased by 7.6%, while incorporation increased by 8.5%.
More house sales and purchases at higher prices
In Spain, the number of sales and purchase transactions increased by 7.3% year-on-year to 48,517 units in January, with an average price per square metre of €1,706/m², up 4.2%.
By housing type, flat sales increased by 9.7% year-on-year to 37,935 units, while sales of detached houses fell by 0.7% year-on-year to 10,582 units.
Flat prices increased by 4.5% year-on-year to €1,908/m², while prices of detached houses averaged €1,304/m², registering an increase of 1.1%.
Increase in sales and purchases by autonomous region
Housing sales and purchases increased in fourteen autonomous communities and decreased in the remaining three. The autonomous communities with changes higher than the national average are: Cantabria (37.9%), Galicia (23.2%), Asturias (20.6%), Navarre (16.5%), Castilla y León (16.5%), Aragon (11.9%), Extremadura (10.1%), Andalusia (9.9%), Madrid (9.8%) and Castilla-La Mancha (9.0%).
In addition, increases below the national average were recorded in Murcia (5.3%), the Balearic Islands (4.6%), Catalonia (3.4%) and the Valencian Community (0.8%), while decreases were recorded in the rest of the Länder: Canary Islands (-5.0%), Basque Country (-1.5%) and La Rioja (-0.6%).
Housing price growth
The price of real estate increased by 4.2% year-on-year: fifteen autonomous regions recorded an increase in housing prices and the remaining two recorded a decrease. In order, double-digit increases were recorded in the Balearic Islands (18.4%), Galicia (15.3%), Cantabria (14.1%), Extremadura (12.9%), Castilla-La Mancha (12.5%) and Madrid (10.7%). Meanwhile, more moderate increases were recorded in the Valencian Community (8.0%), Aragon (7.6%), Asturias (7.5%), País Vasco (6.2%), Murcia (5.2%), Catalonia (4.8%), Canaries (4.3%), Castilla y León (4.0%) and Navarra (0.3%).
In contrast, house prices recorded decreases in the other two communities, La Rioja (-25.1%) and Andalusia (-0.3%).
Growth in loans for house purchases
In January, mortgages for house purchases increased by 7.6% year-on-year to 22,452 transactions. The average amount of these loans fell by 2.1% year-on-year to an average of €144,313.
The percentage of home purchases financed with a mortgage was 46.3%. Moreover, for this type of financed purchase, the amount of the loan represented an average of 70.0% of the price.
Mortgages for house purchases increased in thirteen autonomous regions, but fell in La Rioja (-15.0%), Catalonia (-2.4%), the Basque Country (-2.2%) and the Canary Islands (-1.1%).
Regions with rates above the national average are: Cantabria (44.8%), Galicia (23.5%), Castilla-La Mancha (17.4%), Aragon (16.3%), Castilla y León (14.6%), Asturias (14.1%), Andalusia (11.9%) and Madrid (11.0%).
The number of new loans increased less than average in the other five autonomous regions: Extremadura (5.7%), Murcia (5.5%), Comunidad Valenciana (4.8%), Baleares (3.9%) and Navarra (1.4%).
In terms of the average amount of new mortgages for house purchase, the trend continued to be uneven across regions, as it increased in eight regions and decreased in the remaining nine. Noteworthy were increases in Asturias (27.4%) and Cantabria (12.9%) and decreases in La Rioja (-38.9%) and the Basque Country (-10.5%).
Increase in the number of company start-ups
Figures from the Notariat’s Statistical Information Centre also show that in January 2024, the number of companies incorporated increased by 8.5% year-on-year to 10,467 new companies. Of these, companies with share capital of between €3,000 and €4,000 formed 7,538 new companies, an increase of 9.0% compared to January 2023. In this case, the average initial capital was €3,020.
The number of new companies increased in twelve autonomous communities, with increases in Aragon (30.2%), Extremadura (26.0%) and Castilla y León (22.9%). On the other hand, it fell in the remaining five autonomous communities, with notable declines in La Rioja (-32.8%), the Balearic Islands (-8.2%) and Navarra (-7.5%).
METHODOLOGICAL NOTE
The data offered comes from the Statistical Information Centre of Notaries (www.cienotariado.org), a database developed by the General Council of Notaries, which is a true reflection of Spanish economic activity. The data are taken from the Uniform Computerised Notary Index and are separated from any personal data and duly anonymised.
Source:
http://www.cienotariado.org
