Spanish residential real estate transactions recorded a decline of 21% in April 2024 compared to the same month in the previous year, according to data from the Consejo General del Notariado. With only 45,251 housing sales formalized, the market is showing signs of a broader cooldown.
Consistent Declines Since 2023
The current downturn follows a pattern of consecutive monthly decreases since June 2023. This trend reflects a more extensive cooling of the market, as consecutive economic factors lead to reduced activity in the sector.
Price Stability Amidst Fluctuations
Despite declining sales, prices remained relatively stable. The average value per square meter reached 1,627 euros, which is a modest increase of 0.7% year-on-year, demonstrating resilience in property values amid transactional slowdowns.
Mortgage Approval Rates and Regional Variations
Mortgage approvals fell by 22.1%, highlighting a slowdown in buyer demand as financing conditions tighten. Regionally, the decline was uneven: La Rioja experienced a significant 38.7% decrease in transactions, whereas Castilla-La Mancha saw a smaller decline of 7.2%.
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