Spain's property market continues to witness robust growth, with prices rising 6.3% in the first quarter of 2024 as reported by the Instituto Nacional de Estadística (INE). This increase comes despite challenging economic conditions and highlights the enduring appeal of Spanish real estate.
New-Build Homes Outpace Market Growth
The demand for new-build homes has been a significant factor in the rising property prices, with a year-on-year increase of 10.1%. This trend reflects buyers' preference for modern, energy-efficient properties equipped with the latest amenities.
Continued Appeal of the Balearic and Canary Islands
The Balearic and Canary Islands remain hotspots for property investment, driven by their unique blend of accessibility, climate, and lifestyle. These regions continue to attract both domestic and international buyers, contributing significantly to the overall price escalation.
Market Dynamics in Madrid
In Madrid, the convergence of local and foreign demand continues to drive up property values. Despite higher mortgage rates and stricter lending conditions, investor interest persists, highlighting the city's status as a prime European real estate market.
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