Latest Spanish property market data for Q2 2024 

Foreigners bought 14.84% of all homes sold in Spain during the second quarter of this year, according to official figures from Spain's land registry that came out this week. This represents a 0.63% increase from the previous quarter. 

The number of home purchases by foreigners in Spain in Q2 2024 was 21,700, a slight increase (+200) over the previous quarter.

The highest percentages of foreign buyers were recorded in the Balearic Islands (33.37%), the Canary Islands (31.11%), the Valencian Community (28.78%), the Region of Murcia (23.58%), Catalonia (16.11%), and Andalucia (13.73%).

The highest provincial figures were recorded in Alicante (43.52%), Santa Cruz de Tenerife (37.20%), the Balearic Islands (33.37%), Málaga (30.81%), Girona (26.44%), Las Palmas (25.59%), Murcia (23.58%), and Almería (20.65%).

The leading nationalities of buyers were British (8.37%), Germans (6.98%), Moroccans (6.1%), Romanians (5.31%), French (5.22%), Italians (5.18%), Dutch (5.14%), and Belgians (4.65%).

Overall there were 146,273 properties sold in Spain in Q2 2024, slightly fewer than the previous quarter and the previous year, -3.4% and -3.8% respectively.

The regions with the most sales were:
1. Andalucia (30,709)
2. Valencia Region (23,340)
3. Catalonia (22,061) 
4. Madrid Region (17,388)

The top 5 provinces in terms of number of properties sold were:
1. Madrid (17,388)
2. Barcelona (14,329)
3. Alicante (11,700)
4. Valencia (8,870)
5. Malaga (8,869)

Average house prices in Spain rose by 2.9% increase against the previous quarter.

The top 5 regions with the highest average property prices were: 
1. Balearics €3,534/m²
2. Madrid Region€3,390/m²
3. Basque Country €2,928/m²
4. Canary Islands €2,528/m²
5. Catalonia €2,500/m²

Top 5 provinces with the highest average property prices were:
1. Balearics €3,534/m²
2. Gipuzkoa €3,423/m²
3. Madrid €3,390/m²
4. Barcelona €2,869/m² 
5. Bizkaia €2,790/m²

The total number of mortgages registered in Spain in the second quarter was 93,301, a 14.3% decrease on the previous period.

Adios to passport stamps!

Spanish property experts predict minimal impact from new EU travel regulations for non-EU visitors, according to early assessments. Mallorca-based Marc Pritchard, Sales & Marketing Director of top developer Taylor Wimpey Spain does not think it will make any difference to UK travellers coming to the EU. He believes, if anything, “it could be beneficial as passports don’t have to be stamped anymore at the airport which is positive having seen huge queues in the past at Palma de Mallorca airport.”

New EU travel rules for non-EU visitors, including UK citizens
These changes will be implemented over the next 18 months and include the introduction of a €7 Visa waiver, known as the European Travel Information and Authorisation System (ETIAS), which requires travelers to fill out an online form and pay a fee before their trip. 

Additionally, an electronic entry/exit system (EES) will be established to monitor where and when people enter and leave the EU, ensuring compliance with the 90-day stay limit within a six-month period. Travellers will need to provide fingerprints and undergo a face scan for the first time, but passport stamping will be discontinued.

The ETIAS form, which is similar to the US ESTA system but cheaper and more user-friendly, will be mandatory by November next year. It is expected that most applicants will receive their authorisation within minutes of applying online. Reactions to these changes are mixed, with some viewing it as an unnecessary tax, while others see it as a minor inconvenience. 

“The introduction of a new entry visa for non-EU countries is unlikely to significantly affect travellers, as many tourists and business professionals will simply adapt to it, “ says Tracie Buckman, partner of Carlton International Marbella.” While it does represent an additional expense, at just 7 euros—equivalent to the cost of a couple of coffees or an ice cream—it remains valid for three years. This seems to be another instance of media sensationalism."

Keith Spitalnick, owner of Costa del Sol-based real estate agency Target Property Spain, thinks the ETIAS scheme will not significantly affect either Spanish tourism or the real estate industry. “If the application process is streamlined and user-friendly, the impact on tourism and real estate could be minimal,” he says. Keith believes the success of ETIAS will depend on “how smoothly it is implemented and how well travellers adapt to the new requirements.”

Key travel changes to be aware of:
ETIAS: A €7 visa waiver requiring online application before travel.
Electronic Entry/Exit System: Monitoring stays within the 90-day limit.
Biometric data collection: Fingerprints and face scans required.

Demand continues to outstrip supply in coastal resorts

Real estate agents recently reported that strong demand from international buyers for Spanish properties continues to outstrip supply in coastal resorts and islands. Shirin Sharifi, the owner of Costa del Sol-based estate agency The Spanish Property Agent, says “the biggest problem we've got at the moment is that good properties sell very, very quickly.” Shirin told Kyero that she thinks value for money can still be found but buyers are having to go slightly further afield or inland “Good locations do sell very quickly and inland properties are desirable too.” Listen to our full interview with Shirin, where she talks about the evergreen appeal of the Costa del Sol, discusses how technology has transformed the real estate industry, and predicts a trend towards inland properties and continued interest in off-plan investments due to their potential for capital growth. 

Anti-tourism protests in Spain - what does it mean for buyers?

In a recent Kyero interview, John Goldacre of Goldacre Estates in Fuerteventura, Canary Islands, addressed media reports of anti-tourism protests in Spain, suggesting that the situation has been sensationalised and does not accurately reflect the reality on the ground. He noted that while there have been some small protests, tourists are generally welcomed in Fuerteventura. 

Goldacre also touched on the Spanish government's efforts to regulate short-term rentals, explaining that the focus is primarily on ensuring proper licensing and tax compliance rather than an outright crackdown. He advised potential property buyers to secure tourist rental licenses for their properties if possible, as these licenses provide flexibility and potentially increase property value. Listen to the full interview with John here. 

International demand for Spanish homes remains unshaken in 2024

International buyer interest in Spanish properties remains strong in 2024, matching the high levels seen in 2023. Visits to Kyero.com - Spain’s leading international property portal - for the first 8 months of 2024 show a 1% increase against last year. Notable yearly increases came from Russia and Poland, up 57% and 28% respectively, followed by the Netherlands (+15%), and Ireland (+16%).

Record number of tourists set to visit Spain in 2024

Spain expects nearly 95 million international visitors in 2024, an increase of approximately 10% from the previous year. Whilst widely welcomed, this surge in tourism raises questions about the country's ability to balance economic benefits with environmental and social concerns.

Visitor numbers to popular Spanish regions as of June 2024:
Catalonia 9,066,842
Canary Islands 7,538,860
Andalusia 6,271,642
Balearic Islands 6,172,835
Valencia region 5,309,844
Madrid region 4,437,757

Countries of origin for visitors to Spain in the first six months of 2024:
United Kingdom 8,493,181
Germany 5,553,535
France 5,441,627
Italy 2,406,580
The Netherlands 2,103,735
United States 2,048,977

Americans spend more than their European cousins

American tourists, spending an average of 272 euros per day—more than double their British or French counterparts—are driving a significant boost in revenue for urban hotels across Spain. 

This higher spending has led to impressive growth in the second quarter of 2024, with cities like Madrid, Bilbao, and Alicante seeing revenue increases of up to 27%. The influx of these high-value, long-haul visitors from the U.S., alongside those from Latin America, is revitalising urban tourism, particularly in culturally rich city destinations.

This was revealed by the latest data from Exceltur, an association of more than 30 Spain's biggest names from all sectors of the tourism industry. 

From Centre Court to Costa del Sol: Nadal's Grand Slam into real estate

Spanish tennis legend Rafael Nadal, in partnership with businessman Abel Matutes and real estate developer Sierra Blanca Estates, plans to invest €200 million in two residential projects on the Costa del Sol. These branded residences will be located in Estepona and Marbella.

Sunflower oil has eclipsed olive oil in popularity for the first time

In other news… Spain, the world’s leading olive oil producer, is witnessing a surprising shift in its culinary landscape: sunflower oil is now more popular than olive oil. 

According to Anierac, the nation's top olive oil bottling association, Spaniards purchased 179 million litres of sunflower oil in the first half of 2024, far outpacing the 107 million litres of olive oil consumed. This shift is largely driven by the growing price disparity between the two oils, marking a significant change in a country long known for its deep-rooted olive oil tradition.