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Cash buyers still dominate Spain's housebuying market at 54%, pushing up prices
Property

Cash buyers still dominate Spain's housebuying market at 54%, pushing up prices

The sale and purchase of apartments soared by 18% in volume in October while prices rose by 3% on average across all Spain, but with the regions of La Rioja and Castilla-La Mancha in the mid-20%

Edurne Martínez

Edurne Martínez

Madrid

Friday, 6 December 2024, 12:27

Property sales continue to rise despite the high prices for property. In October the number of transactions rose by 18.1% compared to one year ago, a total of 63,667 sales made at the average price of 1,693 euros per square metre, 3% more than in 2023, according to the latest data provided by Spain's general council of notaries (Consejo General del Notariado). Above all, the price of flats and apartments increased by 5.3% year-on-year to 1,913 euros/m2, whereas the increase in single-family homes made them only 0.2% more expensive than a year ago at 1,318 euros/m2.

Despite the rise in prices, more than half of the purchases were made in cash without the need to take out a mortgage loan from a bank. According to the experts this is one of the reasons for the hike in house prices. Only 46% of the homes bought in October were financed with a mortgage, the amount of which accounted for an average of 72% of the property price. According to data from the notaries, the average loan amount rose by 2% compared to October 2023, now the average mortgage being taken out is 150,573 euros.

Real estate sales and purchases for the domestic property market increased in all regions of Spain in October except in Navarra and the Canary Islands where it fell by 11% and 3% respectively. Of particular note was the increase in transactions in La Rioja, 71% higher than a year ago, Castilla-La Mancha (43% up), the Basque Country (27%), Asturias (27%), Castilla y León (26%) and Murcia (26%). Madrid and Extremadura also saw a 20% increase in sales and purchases.

Five regions in double digits

These increases in property deals pushed up prices, with La Rioja and Castilla-La Mancha as the two regions with the largest increases on last year, 26% and 25% respectively. There were also double-digit price rises in the Balearic Islands (up 13%), Murcia (12%) and Madrid (11%). Meanwhile, Cantabria (9.7%), Galicia (9.3%), the Canary Islands (8%), Aragon (7%), Valencia (5.5%), Catalonia (4.6%), Extremadura (3.7%), Castile and Leon (3.5%), Asturias (3%) and Andalucía (0.8%) had more moderate rises.

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surinenglish Cash buyers still dominate Spain's housebuying market at 54%, pushing up prices