Living, market data - Figures first quarter 2025 Spain

Households in rental accommodation continue their upward trend to reach the highest figure recorded to date (26.5%), also experiencing the highest annual growth in the historical series (+1.7 p.p. in the last year). Although the effort rate continues to decline, standing at 34.4% at the national level, this transfer of demand from buying to renting is a reflection of the difficulty of access to housing in our country, especially in large cities and for young people.

The residential market for sale showed great dynamism in 2024, mainly in the last three months of the year, when demand registered an increase of 19%. For the year as a whole, demand grew by 12% compared to the previous year, favoured, in part, by the impact of foreign sales with 14.5% of the total. House prices increased by 11.3% year-on-year, with the new construction segment (12.3%) standing out compared to second-hand (11.1%), both reporting the highest annual rate since 2007. 

With more than 1,130 million euros transacted, the Living sector has attracted 35% of the total investment from January to March in Spain and has tripled the figure recorded in the first quarter of last year. In terms of location, Madrid reinforces its position as the leading investment destination, accounting for nearly 50% of the total volume transacted. 

The Multifamily segment totalled €458 million in the first quarter (€388M BTR and €70M PRS), representing 40% of the total transacted in Living and with a great impact from investment in assets with an affordable component. Flex Living, on the other hand, accounted for 21% of the total transacted in the Living sector in Q1, reaching an investment of €233 million. Investment in student residences doubled the usual average at the end of the quarter, exceeding 440 million euros.