Spain’s Housing Market Reaches Record Highs with 8.7% Price Increase in Q3 2024

Spain’s property market continues to thrive, achieving new milestones with an 8.7% annual increase in home prices during the third quarter of 2024. The average price per square meter has reached €2,182, reflecting a 2% rise over the past three months and setting a new historic high for property sales across the country.

Málaga has seen the most impressive growth, with property prices climbing by 17.9% over the last year. Madrid (17.8%), Valencia (17.6%), and Santander (16.7%) also experienced significant increases, alongside cities like Alicante, Granada, and Soria. Additionally, 16 cities, including Málaga, Madrid, Valencia, Barcelona, and Palma, have reached their highest-ever property prices.

The coastal regions, especially Málaga and Mallorca, are proving to be particularly popular, with many buyers seeking homes in these prime locations. All regions across Spain have seen price increases, with the Canary Islands leading the way at 16.4%, followed by the Community of Madrid (14.1%), the Balearic Islands (13.1%), and both the Valencian Community and Murcia (12.7%).

The Balearic Islands remain the most expensive region in Spain, with an average price of €4,561 per square meter, highlighting the continued demand for property in these highly desirable areas. With the housing market performing at record levels, Spain continues to be a top destination for property investment and lifestyle-driven buyers alike.

Source: Idealista, October 2024