THE SUPPLY OF SECOND-HAND HOUSING FALLS BY 23% IN SPAIN'S MAIN CITIES
07 Oct 2024
- Madrid and Seville suffer a drastic reduction in housing stock, with falls of 32% and 31% respectively.
- The second-hand property market is becoming more expensive, with prices rising in key cities such as Malaga and Valencia.
The supply of second-hand housing has suffered a generalised fall throughout Spain. According to the latest analysis carried out by Activum Real EstateWhen comparing the annual figures for September 2023 with those for September 2024, a significant decrease in the number of available properties is observed.
Among Spain's main cities, the stock of second-hand housing has fallen by 23%from 89,404 properties in September 2023 to 68.274 in September 2024. This generalised fall reflects a marked trend of supply contraction, affecting both large capitals and smaller cities, presenting a tighter scenario for the second-hand real estate market.
Stock reduction
Activum.es at 10/2024. Different portals in the real estate sector have been studied in order to draw up this map.
The reduction in supply has been particularly noticeable in the large capitals. At MadridThe supply of second-hand housing has dropped by 32%The number of new properties available in the capital city has fallen from 20,957 in September 2023 to 14,269 in 2024, reflecting the high demand and limited availability of new properties in the capital city.
At Sevillathe stock has decreased by 31%with 3,476 dwellings available, compared to 5,018 the previous year. At Valencia, the fall has been 30%, reducing its supply from 5,856 to 4,112 dwellings during this period.
The city of Barcelona has registered a decrease of 21%The stock was reduced from 15,539 to 12,273 dwellings, driven by sustained demand and lower property turnover.
At Andalucía, Cordoba y Granada similar falls have been seen. Cordoba has experienced a reduction of 22%The number of dwellings, falling from 6,844 to 5,363, while Granada has seen a fall of 23%with the stock falling from 5,700 to 4,370. MálagaThe euro area, for its part, has recorded a fall of 15%The stock was reduced from 4,621 to 3,949 dwellings.
At Balearic Islands the supply of second-hand housing has dropped by 16%The number of dwellings in the Basque Country, Bilbao has seen a decrease of 26%with the stock falling from 3,124 to 2,315 dwellings.
Price developments
Activum.es at 10/2024. Different portals in the real estate sector have been studied in order to draw up this map.
The decline in stock has driven widespread price rises in many of these cities. At Madridthe price per square metre has increased by 16,84%4,037/m² in 2023 to €4,717/m² in 2024, reflecting the increasing pressure on the market.
At Málagaprices have risen the most in the country, with an increase of 16,91%3,069/m². Valencia has seen an increase of 15,78%with the price per square metre rising from €2,301 to €2,664.
At Barcelonaprices have risen by 8,98%4,505/m², whereas in Baleare the increase has been 9,29%with prices now reaching €4,272/m².
At Sevillaprices have risen by 7,73%2,354/m², while the figure for Bilbao the increase has been 6,02%3,383/m².
