It's crucial to assess the current property market trends in Spain to help you make informed decisions, whether you're thinking about buying, selling, or investing. Understanding the latest developments in housing prices in Spain for 2024, mortgage conditions, and market activity can make a significant difference. In this blog post, we break down the most important aspects of the real estate market in Spain right now.
According to the latest Idealista Index, the price per square metre for residential properties in Spain hit €2,355 in September 2024. This represents a 9.5% increase compared to the same period last year. The key reason for this significant rise is the growing imbalance between supply and demand, particularly in high-demand areas. As more people look to buy, housing prices in Spain for 2024 are pushed higher due to fewer available properties.
For sellers, this could be the perfect moment to take advantage of the high demand and rising property market trends. Learn more about selling your property here:Sell Your Property.
The European Central Bank has lowered the general interest rate to 3.65%, which has had a direct impact on mortgage conditions. The Euribor, the main benchmark for variable-rate mortgages in Spain, also dropped slightly to 2.936% in September 2024. This small reduction in the Euribor means slightly lower monthly payments for those with variable-rate mortgages and better deals for new buyers considering financing their home purchase.
For buyers, lower interest rates offer an opportunity to lock in more favourable mortgage conditions, potentially saving thousands over the life of the loan. Find all our properties for sale here:Properties for Sale.
The latest figures from the National Statistics Institute (INE) show a strong recovery in property sales. In July 2024, the number of transactions rose by 19.4% compared to the same month last year. This growth signals a more dynamic property market trend likely spurred by the June 2024 interest rate cut, which has made borrowing more attractive.
If you're looking to sell, this increased activity means you may find more buyers in the market, potentially leading to quicker sales and better offers. On the other hand, buyers will need to act fast in a competitive housing market in Spain.
In July 2024, 36.260 mortgages were signed, representing a 28% increase from the previous year. This surge is largely due to lower interest rates, attractive mortgage conditions, and the falling Euribor. Many potential buyers are seizing the opportunity to secure better mortgage terms, and this is driving the market forward.
If you're considering financing your next property purchase, now could be an excellent time to explore mortgage options and take advantage of the favourable conditions.Learn more about how to buy a property in Spain here:Buying Guide.
The current property market trends in Spain are shaped by rising housing prices, falling interest rates, and increasing buyer activity. For buyers, lower interest rates and a competitive market make now a good time to secure a home before prices in Spain climb further. For sellers, high demand and rising prices present a great opportunity to sell your property for a strong return.
At Casa Select, we're here to guide you through every step of your property journey. If you're thinking about buying or selling in Spain, contact us today to discuss how you can take advantage of the current market conditions.
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