According to the latest data from the National Statistics Institute (INE), the Spanish real estate market continues its upward trend, marking the ninth consecutive month of positive growth. In March 2024, a total of 62,808 housing transactions were recorded — a 5.2% increase over February and 40.6% more than in March of the previous year. This figure not only represents the strongest March since 2007 but also reinforces a 20.7% year-on-year increase for the first quarter of 2025.
Growth was observed in both market segments:
New homes: transactions rose by 64.2% year-on-year, reaching 14,562 operations.
Resale homes: increased by 34.8%, with 48,246 sales.
In terms of distribution, 76.8% of transactions involved resale properties, while new builds accounted for 23.2%. The free market remained dominant, with 93.2% of transactions (58,568) for private properties and 6.8% (4,240) for social housing. Both categories saw annual increases: 41% for the free market and 35.8% for subsidized housing.
Francisco Iñareta, spokesperson for Idealista, highlighted the strength of demand, which has resulted in 673,000 homes sold over the past 12 months — exceeding 2022 levels. However, he warned of an imbalance: "The lack of supply is putting upward pressure on prices. In cities like Madrid, annual price growth already exceeds 24%."
Regional differences
Almost all autonomous communities showed positive growth, except for Navarre (-7.9%). The strongest increases in March were seen in:
- Castile and León: +66.1%
- Basque Country: +65.1%
- Extremadura: +62.7%
- Castile-La Mancha: +60.2%
- Andalusia: +55.1%
The Canary Islands showed the weakest growth (+1.8%), below the national average (+40.6%). Madrid (+24.6%) and the Valencian Community (+21.1%) also lagged behind the national trend.
The market remains active, fueled by economic stability and accumulated demand. However, the key issue continues to be the gap between high demand and limited supply, particularly in major cities. Experts predict this trend will persist in the short term, affecting both prices and housing affordability.