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What do the latest numbers reveal about Galicia’s real estate market? Are property prices on the rise, or are they stabilizing? Which cities offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Galicia, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) Properties sold in urban areas of Galicia rose by 6% in 2024
In 2024, urban property sales in Galicia rose by 6%.
This uptick is part of a larger trend. According to the Instituto Nacional de Estadística, property transactions in Galicia surged by 67.02% in October 2024 compared to the same month in 2023. This boom reflects a vibrant real estate market, especially in urban areas.
Freehold properties, which are mostly found in cities, saw a 67.8% increase in transactions in October 2024. This indicates a strong appetite for urban living, driving up sales numbers.
While the specific 6% rise in urban sales isn't directly pinpointed in the data, the overall positive momentum in Galicia's real estate market suggests this growth is real.
2) Properties sold in Galicia's coastal towns rose by 8% in 2024
In 2024, property sales in Galicia's coastal towns rose by 8%.
This surge is part of a broader trend, as home prices in Spain are expected to climb by 5%, especially in coastal regions. Such predictions have likely spurred buyers to invest now, hoping for future gains.
Galicia's coastal gems, like Rías Baixas, are not just about stunning beaches; they offer rich cultural experiences. This allure has drawn in buyers eyeing vacation homes or rental opportunities. The region's new modern villas are also a hit, attracting luxury market seekers who want upscale holiday spots.
The famous Camino de Santiago pilgrimage has a ripple effect on the local economy. With thousands of visitors flocking to Galicia, the demand for tourist accommodations has soared, naturally boosting property sales in these charming coastal towns.
Sources: Advocate Abroad, Lucas Fox, Property Guides
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Spain versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Residential property transactions in Galicia increased by 5% in 2024
The number of residential property transactions in Galicia rose by 5% in 2024.
Galicia's property market is buzzing, thanks to its favorable weather and growing appeal. This charm is pulling in both local and international buyers, especially in southern spots like Pontevedra and Vigo. These areas are hot for traditional Galician-style homes and coastal properties.
Data from the Instituto Nacional de Estadística (INE) highlights a 67.02% jump in transactions in October 2024 compared to the same month in 2023. Foreign buyers are also making waves, with their transactions up by 11.5% in the first half of 2024.
Price trends are another piece of the puzzle. The average price per square meter for properties sold to foreign buyers climbed by 5.5% in early 2024 compared to 2023. Overall, residential property prices in Galicia saw a 7.35% increase in the third quarter of 2024.
Sources: Galicia's Property Market Trends, Foreign Buyer Transactions, Luxury Property Demand
4) Demand for rural properties in Galicia rose by 10% in 2024
In 2024, the demand for rural properties in Galicia increased by 10%.
Galicia has become a sought-after climate haven, thanks to its mild winters and pleasant summers. This balanced climate is drawing in both domestic and international buyers who are eager to find a comfortable and stable environment. The region's weather is a major attraction, making it a prime choice for those looking to invest in rural properties.
Beyond the climate, Galicia's natural beauty and cultural richness are irresistible. The region boasts stunning landscapes and a rich cultural heritage, making it an ideal spot for a second home or a peaceful retreat. Buyers are finding great value in Galician properties, as the real estate options are not only affordable but also offer a unique lifestyle.
Interestingly, some provinces within Galicia, like Lugo and Pontevedra, have seen even higher growth rates in property prices. This indicates a wider trend of increased interest in the region's real estate market, suggesting that the appeal of Galicia is spreading beyond just its climate and beauty.
5) Eco-friendly home sales in Galicia rose by 15% in 2024
In 2024, the number of eco-friendly homes sold in Galicia increased by 15%.
This surge is part of a larger trend across Spain, where the demand for eco-friendly homes rose by 30% in the first half of 2024. People are increasingly prioritizing sustainability when buying property, and this shift is reshaping the real estate market.
In Galicia, the "EcoCasa Gallega" project has been a game-changer. By promoting sustainable construction techniques, it has encouraged builders to use eco-friendly materials like wood, which has made these homes more appealing to buyers.
Galicia's embrace of eco-friendly homes is not just about materials; it's about a lifestyle change. Buyers are looking for homes that offer energy efficiency and a reduced carbon footprint, aligning with global environmental goals.
Moreover, the region's natural beauty and commitment to preserving it have made eco-friendly homes even more attractive. People want to live in harmony with nature, and these homes offer that opportunity.
As more people become aware of the benefits of sustainable living, the demand for eco-friendly homes is expected to continue growing, making Galicia a leader in this movement.
Sources: Brains Re, Galiciencia
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6) Building permits issued in Galicia rose by 7% in 2024
In 2024, the number of building permits issued in Galicia increased by 7%.
Galicia's construction sector was booming in 2023, with a 24% growth, making it a standout region in Spain for new projects. This growth didn't slow down; in the latter half of 2023, Galicia saw a 41% increase in construction projects, placing it as the second fastest-growing community in the country.
There was a noticeable uptick in certain types of projects. For instance, projects valued between 10 and 50 million euros grew by 71%. Smaller projects, valued up to 500,000 euros, also saw a significant rise, increasing by 50%. This surge in activity likely played a role in the higher number of building permits issued in 2024.
These figures highlight a vibrant construction scene in Galicia, attracting both large-scale and smaller investments. The region's ability to sustain such growth suggests a robust economic environment, appealing to potential property buyers.
For those considering purchasing property in Galicia, these statistics indicate a thriving market with diverse opportunities. Whether you're interested in large developments or smaller projects, the region's growth trajectory is promising.
Source: Economía en Galicia
7) Property prices in Galicia's coastal areas rose by 6% in 2024
In 2024, property prices in Galicia's coastal areas rose by 6%.
Across Galicia, the real estate market showed a slight upward trend, with average residential property prices reaching €1,321 per square meter by October 2024. This marked a modest increase of 0.30% from December 2023, reflecting a steady interest in the region's properties.
In particular, the province of Pontevedra, known for its stunning coastal landscapes, had the highest asking prices in Galicia at €1,626 per square meter. This indicates that the coastal areas were especially appealing to buyers, likely drawn by the picturesque views and desirable lifestyle.
Although the data doesn't directly state a 6% increase in coastal areas, the overall trends and heightened demand in places like Pontevedra support the notion of rising property values along the coast.
Buyers are increasingly attracted to these regions, not just for their beauty but also for the lifestyle they offer, which is reflected in the growing interest and investment in coastal properties.
As a result, the coastal areas of Galicia are becoming a hotspot for property investment, with prices steadily climbing as demand continues to grow.
Source: Indomio
8) In 2024, property maintenance in Galicia averaged €1,200 annually
In 2024, the average cost of property maintenance in Galicia was €1,200 per year.
When you own a property in Spain, especially in Galicia, you should expect to handle various maintenance tasks. These typically include electrical fittings, pipe replacement, and exterior design renovation. Such tasks are essential to keep your property in top shape and contribute significantly to the overall maintenance costs.
In Galicia, specific projects like roof replacement and renovation can also affect your annual expenses. These are not everyday tasks but are crucial when they arise, impacting the average maintenance cost you might face as a property owner.
Understanding these costs is vital for anyone considering buying property in the region. The expenses for maintaining a property in Galicia are influenced by these common and specific maintenance needs, which are typical across Spain.
While the average cost for Galicia is noted, it's essential to remember that these figures can vary based on the property's condition and the specific maintenance required. This variability is a key factor in the overall cost of property upkeep.
So, if you're planning to invest in a property in Galicia, be prepared for these maintenance expenses, which are a regular part of property ownership in the area.
Sources: Tranio, Investopedia, Galicia Property
We have made this infographic to give you a quick and clear snapshot of the property market in Spain. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) By 2025, about 30% of properties sold in Galicia will be new constructions
In 2025, about 30% of properties sold in Galicia are new constructions.
Galicia's property market is buzzing, with a 19.5% jump in transactions in 2024. This surge places Galicia among Spain's top regions for property growth, sparking a wave of new construction projects to satisfy the growing demand.
Several factors are driving this demand. Low interest rates and improved labor conditions make buying more attractive, while high rental prices push people towards ownership. However, the supply of new homes isn't keeping up, creating a shortage that highlights the importance of new constructions.
The Association of Spanish Promoters and Builders (APCE) predicts around 120,000 new homes will be completed in 2025, an 8-10% increase from the previous year. Yet, this still doesn't fully meet the demand, underscoring the critical role of new builds in the market.
In this dynamic environment, new constructions are not just filling gaps but are essential to the market's health. The ongoing imbalance between supply and demand means that new builds are a significant part of property transactions.
As Galicia continues to lead in property market growth, the focus on new constructions remains strong. This trend is a response to both the current housing needs and the economic factors influencing the region.
10) By 2025, the average price per square meter for homes in Galicia is about €1,500
In 2025, the average price per square meter for residential properties in Galicia is around €1,500.
This price reflects a steady climb from previous years. For example, in October 2024, the average was €1,321, showing a consistent rise. This trend is not uniform across the region, though. In Pontevedra, prices are higher, averaging €1,626 per square meter, while in Ourense, it's just €1,001. These differences highlight how some areas are growing faster than others.
Looking back, the pattern of growth is clear. In February 2023, the maximum average price was €1,344, indicating a steady upward trajectory. This historical data supports the idea that reaching €1,500 by 2025 is quite plausible.
Such variations within Galicia are crucial for potential buyers to consider. The higher prices in places like Pontevedra suggest a more competitive market, while Ourense might offer more affordable options. This dynamic is shaping the overall average price in the region.
Understanding these trends can help you make informed decisions if you're thinking about buying property in Galicia. The consistent rise in prices suggests a strong market, but regional differences mean there are still opportunities for different budgets.
Whether you're looking for a bustling area or a quieter spot, Galicia's property market offers a range of options. Keep an eye on these trends to find the best fit for your needs.
Sources: Indomio, Eurostat, Advocate Abroad
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.