The Spanish property market is currently in a dynamic phase, with the latest figures showing that 13% of properties sold through the Idealista platform in the third quarter of 2024 found buyers in… less than a week. What is the reason for this?
Express sales are on the rise
Over the last few years, the dynamics of property sales in Spain have been increasing, with the percentage of transactions finalised in a very short time becoming higher and higher. In Q3 2024, in addition to 13% of houses and flats sold in less than a week, 16% of property sales were completed between one week and one month. A further 24% changed hands between one and three months and 33% of transactions were finalised between three months and a year.
In Spain’s major cities, express sales are more common. Valencia and Alicante have seen a significant number of transactions completed in less than a week. This is not just a local trend – other cities such as Barcelona and San Sebastian are also experiencing an increase in the number of fast transactions. This phenomenon reflects the strong competition among buyers, who are forced to make instant decisions in order not to miss out on opportunities.
Record increase in house sales
October 2024 proved to be a record-breaking month, as the number of residential transactions increased by 51.3% compared to the same month in 2023, reaching 69,418 operations. This is the highest level since 2007, when the Spanish property market experienced its greatest boom.
The primary market is the clear leader in property market growth, with sales in October 2024 up 83.4% year-on-year to 16,224 transactions. This is the biggest increase since May 2021, and experts predict that this trend will continue until the end of the year. Secondary market sales, on the other hand, increased by 43.6% to reach 53,194 transactions. Although three out of every four properties sold are specifically in the secondary market, the increase in sales in the primary market is definitely visible.
Andalusia in the Spanish top flight
In terms of the number of transactions, Andalusia, the Valencian Community and Catalonia led the property market. Andalusia recorded more than 21,000 transactions and the Valencian Community and Catalonia nearly 17,000, while regions such as Asturias (79.3%), Cantabria (65.8%) and the Basque Country (54.1%) recorded the highest annual sales increases.
Spain is becoming one of the fastest growing countries in Europe. According to an analysis by The Economist, it could even be the most prosperous economy in the rich world in 2024, overtaking the United States. Key to this success have been economic reforms, growing investment in services, especially in tourism and technology, and openness to immigration, which has helped fuel the labour market. Spain has also successfully leveraged investment from Asian companies, further supporting the growth of the manufacturing sector.
The Spanish property market is experiencing impressive growth that is reminiscent of the days before the previous crisis – with much greater stability. An increase in sales on the secondary and primary market, favourable credit conditions and growing buyer interest in purchases in various regions of Spain are contributing to a strong recovery in the property market.
