November 2024 saw housing transactions in Spain rise by 15 percent year over year, reaching 54,299 deals. It marked the strongest November tally since 2007, when more than 56,000 transactions were recorded, according to data released by the National Institute of Statistics (INE).
With the November 2024 advance, housing transactions have logged five consecutive months of year-over-year growth after July, August, September, and October posted increases of 19 percent, 0.9 percent, 41.5 percent, and 51.3 percent respectively.
The year-over-year rise in November 2024 was driven by a rebound in transactions for new homes, up 37.4 percent to 12,328, and those for existing homes, up 9.8 percent to 41,971.
92.4 percent of homes transferred by sale in November were free-market properties and 7.6 percent were protected. In total, free-market home sales rose 14.5 percent year over year to 50,177 transactions, while protected-home sales rose 21.4 percent to 4,122 transactions.
On a month-on-month basis (November 2024 versus October 2024), housing sales fell 21.8 percent, while in the first eleven months of 2024 they rose 8.1 percent, with increases of 20.5 percent for new homes and 5.3 percent for used homes.
Baleares, the only region where housing sales declined
By autonomous communities and in absolute terms, Andalusia led housing sales in November 2024 with 10,288 deals, followed by Catalonia (8,616), the Valencian Community (8,550) and Madrid (6,876). All regions except Baleares sold more homes in November 2024 than in November 2023.
The biggest gains occurred in La Rioja (+58.2%), Madrid (+35%), Castilla-La Mancha (+33.9%) and Galicia (+32.5%). The more moderate increases were recorded in Canarias (+1.2%), Andalusia (+3.5%), and Aragon (+6.3%), while Baleares posted the only year-over-year decline, down 4.3% in housing sales.
The total number of properties transferred rose by 5 percent in November, reaching 188,850, up from November 2023.
In terms of transfers by sale, 11.6 percent more properties were moved than a year earlier, while transfers by donation rose 13.6 percent year over year; transfers by inheritance increased 1.7 percent, and exchange operations fell 10.9 percent.
Seventy percent of November’s sales involved urban properties, including residences, while 12.9 percent pertained to rural properties. Urban property sales rose 12.8 percent year over year, while rural property sales advanced 4 percent compared with November 2024, totaling 91,680 and 13,531 transactions, respectively.