What does the real estate platform Idealista say about 2024 in Mallorca?

Current developments on the Spanish real estate market

The Spanish real estate market is showing remarkable momentum in 2024 with significant increases in sales figures, prices and mortgage closings. These trends underline the ongoing recovery and growth of the sector.

Rising real estate sales

In October 2024, a total of 63,667 properties were sold in Spain, an increase of 18.1% compared to the same month last year. This brings the total number of transactions in the current year to over 580,000. Particularly noteworthy is the growth in single-family home sales, which rose by 23.8% to 15,499 units, while the sale of apartments increased by 16.4% to 48,168 units.

Regional differences

Sales figures increased in almost all autonomous communities, with the exception of Navarra (-10.6%) and the Canary Islands (-2.8%). Above-average growth was recorded in regions such as La Rioja (70.9%), Castilla-La Mancha (43.3%) and the Basque Country (26.7%).

Increase in mortgage closings

Parallel to the sales boom, 29,486 mortgage loans for residential properties were concluded in October, an increase of 24.4% compared to the previous year. This marks the seventh consecutive month of growth.

Regional distribution

Most of the autonomous communities recorded increases in mortgage completions, particularly La Rioja (72.3%), Castilla-La Mancha (50.4%) and Murcia (38.4%). Only Navarra (-20.4%) and the Balearic Islands (-6.2%) recorded declines.

Price dynamics on the real estate market

The average price per square meter of residential property rose by 2.9% to 1,693 euros in October. The price increase was particularly striking for apartments, which rose by 5.3% to 1,913 euros/m². Single-family homes, on the other hand, recorded a slight price decline of 0.2% to 1,318 euros/m².

Regional price trends

Five regions recorded double-digit price increases: La Rioja (25.9 %), Castilla-La Mancha (24.5 %), Balearic Islands (12.9 % especially properties in Cala d’Or, properties in Ses Salines and properties in Felanitx), Murcia (12.3 %) and Madrid (11.3 %).

Conclusion

The current data underlines the robust development of the Spanish real estate market in 2024. Both the number of transactions and the prices and mortgage deals show positive trends that point to sustained demand and a healthy market environment.

 

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