Madrid Tops Spain\\\'s Real Estate Revival in Q2 2024

In Q2 2024, Madrid emerges as Spain's real estate leader, attracting home buyers amid strong demand and revitalized market conditions. Discover the market trends.

In the second quarter of 2024, the property market in Spain has experienced a notable resurgence, as detailed in the latest report by Idealista. The Spanish capital, Madrid, has reclaimed its title as the most coveted city, once again drawing the attention of prospective buyers amidst a landscape of robust demand.

Madrid Tops Spain's Real Estate Revival in Q2 2024

Provincial cities are making a comeback, with Alcalá de Henares and Torrent securing the second and fourth spots, respectively, in this quarter’s rankings. The top ten most sought-after locations from April to June feature a mix of vibrant cities, including Valencia, Las Palmas de Gran Canaria, Santa Cruz de Tenerife, Zaragoza, Seville, Barcelona, and Santander, all of which continue to capture the interest of home seekers.

The rankings reveal a clear trend: major cities are the focal point of searches and user interactions on the southern European real estate platform. Following Madrid, Alcalá de Henares and Valencia are hot on its heels, with Torrent not far behind. The Canary Islands are also making waves, with Las Palmas de Gran Canaria and Santa Cruz de Tenerife occupying the fifth and sixth positions, respectively, as they alternate in popularity among homebuyers.

Completing the top ten list are Santander, along with eight provincial capitals and just two cities on the outskirts of larger urban centers. In the second tier of demand, there is a more balanced representation of provincial capitals and their neighboring areas. Notable mentions include Reus, Hospitalet de Llobregat, Badalona, and Sant Cugat del Vallès, with Gijón standing out as a prominent town outside the provincial capitals.

Among the five provincial capitals in this tier, Málaga takes the lead at 13th position, followed by Palma, Huelva, Almería, and A Coruña. Coastal destinations are also beginning to emerge in the rankings, with San Bartolomé de Tirajana, Rincon de la Victoria, Gandia, and Vilanova i la Geltrú making their presence felt, alongside seaside capitals like San Sebastián and Alicante.

Interestingly, most of the in-demand locations boast average prices below the national average. The second-quarter ranking encompasses 104 cities that meet the criteria for relevant market stock, with prices exceeding €1,100 per square meter. The average price hovers around €365,000, although some locations can soar above €2 million, while others remain more accessible at around €130,000.

Among the pricier locales, the Costa del Sol continues to dominate, with Benahavís leading the pack at nearly €2.3 million, followed closely by Marbella and Calvià. The exclusive million-euro club also includes Sotogrande and Altea, while other coastal towns like Sitges, Adeje, and Llucmajor offer more affordable options.

On the flip side, the rankings also highlight properties with average prices below €150,000, such as Manresa, Roquetas de Mar, Huelva, Palencia, and Aguilas, showcasing the diverse landscape of the Spanish property market.