House prices in Spain, according to the National Institute of Statistics, increased in the 3rd quarter of 2024 by 8.1% year-on-year. This is the largest increase in two and a half years. In recent years, the market has first experienced a recession associated with the pandemic, and then with an increase in interest rates.Now the trend has changed, and there has been noticeable progress since the beginning of 2024.Buying apartments and houses is becoming more expensive.
- In the period from July to September, new housing prices increased the most (+9.8% year-on-year), although at a slower pace than in the 2nd quarter.
- The demand for secondary housing, which accounts for most of the supply, has been steadily increasing since the end of 2023.In the 3rd quarter, prices for ready-made apartments and houses rose by 7.9%. Thus, they have been continuously growing since the 2nd quarter of 2014.
Housing is becoming more expensive everywhere in autonomous communities.The largest increases were observed in Navarre (10.7%), Andalusia (10.6%) and Aragon (10.3%). The figures were also higher than average in La Rioja (9.2%), Murcia (9%), Cantabria (8.9%), the Valencian Community (8.8%), Ceuta (8.5%), the Basque Country (8.4%) and Extremadura (8.2%).
In Madrid and Catalonia, the price rise was below average - 7.2% and 6.8%, respectively.The smallest growth was observed in the Balearic Islands - 5.8%.
Source: Lavanguardia