Housing transactions close 2024 with a 10% increase: INE analysis and 2025 outlook
In a landscape filled with challenges and opportunities, the Spanish real estate market has demonstrated a remarkable ability to adapt and grow. The latest data from the National Institute of Statistics (INE) reveal significant activity in housing transactions in 2024, both in new-build and second-hand properties. These results, which indicate a notable increase in registered transactions, showcase the sector’s ability to remain resilient and serve as a promising indicator for the future of real estate. A combination of factors, including economic stability, improved access to financing, and growing consumer confidence, have contributed to maintaining steady housing demand.
Using the official data provided by INE as a basis, Urbanitae, a leading real estate crowdfunding platform, offers a detailed analysis of the evolution of property transactions. This report highlights the progress made so far, as well as the challenges and opportunities that lie ahead, providing a better understanding of market behavior and its outlook.
Housing transactions in 2024: a ear of growth
Regarding the evolution of home sales in 2024, the INE reports that a total of 2,213,295 properties were transferred, representing an overall growth of 5.0% compared to 2023. Among these transactions, 1,236,491 were sales, with 641,919 being residential property transactions, reflecting a 10.0% annual increase.
In particular, in the last month of the year, 175,635 properties were recorded in the property registries, representing a 24.8% increase compared to the same month in 2023. Likewise, registered home sales increased by 37.7% compared to December of the previous year.
New-build housing: a booming segment
The new-build housing market experienced significant growth in 2024, consolidating itself as a key pillar in the recovery of the Spanish real estate sector. According to preliminary INE data, throughout 2024, the number of new home transactions increased by 23.4% compared to the previous year. Specifically, in the last month of 2024, 11,381 new home transactions were recorded, representing a 65.7% increase compared to the same month in 2023. This surge marks the best performance of new-build properties since 2013.
This boom is attributed to several key factors. The reduction in interest rates in the second half of the year has made mortgages more affordable, encouraging the purchase of newly built homes. Additionally, the growing demand for properties incorporating advancements in energy efficiency and sustainability has positioned new-build homes as a preferred option for buyers.
Second-hand housing: strength in the resale market
Meanwhile, the second-hand housing market continues to be the main driver of real estate activity. In 2024, a total of 506,867 second-hand home transactions were recorded, representing a 6.9% increase compared to 2023.
Specifically, in December 2024, 77.4% of all home sales involved second-hand properties, contrasting with the share of new-build transactions. Sales of used homes increased by 31.2% compared to December 2023, highlighting the strength of this segment, which benefits from a wide supply and well-established locations in urban areas.
Among the factors driving this growth, stable bank financing conditions, lower mortgage costs, and increased consumer confidence have contributed to maintaining the competitiveness of the second-hand housing market.
Regional comparisons
According to the INE, Galicia leads national growth with a 22.3% increase in home sales, reaching 23,642 transactions. This represents the highest increase in Spain and the most significant growth in the region since 2008.
Meanwhile, La Rioja recorded an annual increase of 20% in home sales in 2024, while in Castilla-La Mancha, registered home transactions saw a significant 19.4% rise compared to the previous year.
In contrast, the Balearic Islands was the only autonomous community to experience a decline in home sales, with a 3.8% decrease compared to 2023.
Outlook for 2025
Looking ahead to 2025, expectations remain optimistic, although some challenges could influence the pace of growth. Both new-build construction and second-hand home sales are expected to continue rising, driven by economic stability and renewed demand in the sector. However, access to financing will remain a key factor to consider.
Additionally, the availability of developable land and the implementation of urban planning regulations that promote sustainable development will be crucial aspects in balancing growth with proper urban planning.