The average price per 1 m2 in the new buildings category was €2,194 in Q2 2024.
About the main thing
According to the Board of Registrars of Spain, the growth rate of Spanish real estate is on the rise, with prices growing by 2.9% from April to June. Prices in the secondary market, which makes up 80% of transactions, rose by 3.8%, while they only increased by 0.3% in the new buildings category. The instability of the market, limited new projects and significant differences in characteristics, such as comfort level or location, contribute to the slow growth rate of new housing.
Details
The average cost of Spanish residential real estate in Q2 reached €2,057 per 1 m2. This figure rose to €2,194 per 1 m2 in the new construction sector marking a new high in Spain. The cost of housing in the secondary market remains €1,958, the highest it has been since late 2008.
The situation is as described by region. The Balearic Islands have the most expensive prices (€3,534 per 1 m2) followed by Madrid (€3,390 per 1 m2), the Basque Country (€2,928 per 1 m2), the Canary Islands (€2,528 per 1 m2) and Catalonia (€2,500 per 1 m2).
The number of real estate transactions during this period exceeded 146,000, which is 3.6% less than in Q2 2023.
Demand from other countries
Overseas investors acquired 21,700 residential properties in Q2 2024 accounting for 14.8% of all housing purchases in that period. Foreign investors bought more properties than in Q1 in total numbers (21,500).
The most popular regions with foreign buyers were the Balearic Islands (33.4% of overseas transactions), the Valencian Community (28.8%), Murcia (23.6%), Catalonia (16.1%) and Andalusia (13.7%).