Spain has been grappling with a worsening housing crisis as prices soar and foreign buyers continue to express interest. In 2024, house prices hit a record high according to registration figures, as per The Olive Press. Second-hand homes saw a 6.3% increase in price compared to the previous year, with average prices standing at €2,039 per square metre, while new houses experienced a 4.8% rise.
Non-Spanish buyers accounted for 14.6% of property purchases, just below the record 15% reported in 2023, as per data compiled by the Association of Registrars. The most significant increases in property sales were observed in Galicia (22.4%), La Rioja (19.7%), Asturias (19%) and Castilla-La Mancha (18.2%).
A provincial breakdown revealed that the highest prices were in Guipuzcoa, the country’s smallest province, located in the Basque Country, with an average price of €3,577.
This was followed by the Balearic Islands (€3,575), Madrid (€3,527), Barcelona (€2,923), Vizcaya (€2,895) and Malaga (€2,750).
The highest prices in provincial capitals were recorded in San Sebastian (€5,708), Madrid (€4,517), Barcelona (€4,483), Palma (€3,631) and Bilbao (€3,068).
The average price per home purchase also set a new record at €198,407, marking a 6.7% increase.
Among Spain’s 17 regions, the highest average prices were found in the Balearic Islands (€380,166), the Community of Madrid (€339,805), the Basque Country (€255,998) and Catalunya (€227,611).
Foreign buyers made nearly 93,000 purchases, with the busiest regions being the Balearic Islands (accounting for 32.6% of all sales), the Valencian Community (28.9%), the Canary Islands (27.2%), Murcia (23.6%), Catalunya(16.3%) and Andalucia (14%).
A record 10.8% of properties purchased by non-Spaniards were valued at or above €500,000.
Non-EU citizens accounted for 52.6% of foreign sales, while the average mortgage given to foreign buyers was €171,202- an increase of 8.6% on the 2023 figure.
