Importance Score: 78 / 100 🔴
Spain’s Housing Market Sees Record Highs Amid Foreign Investment
Spain is facing an escalating housing crisis as property values surge, fueled in part by continued interest from foreign buyers. In 2024, housing costs reached unprecedented levels, according to recent registry data. The price of previously owned residences rose by 6.3% compared to the prior year, averaging €2,039 per square meter, while newly constructed properties experienced a 4.8% increase.
Key Trends in Spanish Property Market
Foreign Buyers Maintain Strong Presence
Individuals from outside of Spain accounted for 14.6% of all property acquisitions, slightly below the 15% peak recorded in 2023, according to figures from the Association of Registrars. Notable increases in property transactions occurred in several regions, including:
- Galicia (22.4%)
- La Rioja (19.7%)
- Asturias (19%)
- Castilla-La Mancha (18.2%)
Regional Price Disparities
Significant variations in property prices were evident across different provinces. Leading the way in terms of cost per square meter was Guipuzcoa, situated in the Basque Country. Other provinces with high property values include:
- Guipuzcoa (€3,577)
- Balearic Islands (€3,575)
- Madrid (€3,527)
- Barcelona (€2,923)
- Vizcaya (€2,895)
- Malaga (€2,750)
The most expensive provincial capitals were:
- San Sebastian (€5,708)
- Madrid (€4,517)
- Barcelona (€4,483)
- Palma (€3,631)
- Bilbao (€3,068)
Overall Purchase Prices Climb
The average expense per home purchase also reached a new peak at €198,407, representing a 6.7% increase.
vCard.red is a free platform for creating a mobile-friendly digital business cards. You can easily create a vCard and generate a QR code for it, allowing others to scan and save your contact details instantly.
The platform allows you to display contact information, social media links, services, and products all in one shareable link. Optional features include appointment scheduling, WhatsApp-based storefronts, media galleries, and custom design options.
Regional Analysis of Housing Costs and Foreign Purchases
Highest Average Property Values by Region
Among Spain’s seventeen autonomous communities, the highest average property prices were observed in:
- Balearic Islands (€380,166)
- Community of Madrid (€339,805)
- Basque Country (€255,998)
- Catalunya (€227,611)
Regions Popular with Foreign Buyers
Foreign buyers were responsible for approximately 93,000 property acquisitions, with the most popular regions being:
- Balearic Islands (32.6% of all sales to foreigners)
- Valencian Community (28.9%)
- Canary Islands (27.2%)
- Murcia (23.6%)
- Catalunya (16.3%)
- Andalucia (14%)
Luxury Properties Attract Foreign Investment
A record 10.8% of properties secured by non-Spaniards were valued at €500,000 or higher, signaling strong investment in the luxury housing market.
Mortgage Trends Among Foreign Buyers
Citizens from outside the European Union accounted for 52.6% of foreign purchases, with the average mortgage granted to foreign buyers standing at €171,202 – an 8.6% rise compared to 2023.