Housing market in Spain saw sales increase by 25% in April

6/5/24, 10:01 AM By Costas News Business Photo Credit: Stock Image

Spain saw a remarkable 25.2% increase in property sales in April compared to the same month last year, according to the latest data released by the General Council of Notaries. During the same period, property prices in the region rose by just 0.5%.

Nationally, sales reached a total of 61,683 transactions, and the number of mortgage loans granted for home purchases increased by 37.8%, totalling 30,147 operations.

The average price per square metre across Spain was €1,669 marking a 0.5% increase from April of the previous year. Notable price increases were recorded in Cantabria (+32.6%), the Balearic Islands (+27.7%), and La Rioja (+22.1%).

Types of Housing:

- Apartments: Prices increased by 1.4% year-on-year to €1,863 per square metre.

- Single-family homes: Average prices rose to €1,313 per square metre (+0.7%).

Sales Growth:

- Apartments: Sales rose by 25.6% year-on-year, reaching 47,604 units.

- Single-family homes: Sales increased by 23.8% year-on-year, totalling 14,079 units.

Regional Performance:

Home sales grew in every region of Spain except the Balearic Islands, which saw a 3.1% drop. The most significant increases were in:

- La Rioja: +51%

- Extremadura: +48.2%

- Castilla y León: +37.9%

- Asturias: +37.1%

- Basque Country: +35.2%

- Madrid: +30.4%

- Andalusia: +29.5%

- Galicia: +29.1%

- Canary Islands: +28.9%

- Cantabria: +26.2%

Regions with increases below the national average included:

- Murcia: +21.6%

- Catalonia: +19.4%

- Navarra: +18%

- Aragón: +17.8%

- Valencian Community: +17.7%

- Castilla-La Mancha: +16.9%

Price Changes by Region:

Property prices rose in twelve regions of the country and decreased in five. The highest price increases occurred in:

- Cantabria: +32.6%

- Balearic Islands: +27.7%

- La Rioja: +22.1%

Increase in Mortgages:

In April, mortgages loaned for home purchases rose by 37.8% year-on-year, amounting to 30,147 operations. The average loan amount was €147,543, a 0.9% increase from the previous year.

Nearly 49% of home purchases were financed with a mortgage, and these loans typically covered about 71.8% of the property price.