This is the forecast for housing prices in Madrid for 2024

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2023 has been a year of changes in the buying and selling market in Spain, which, although relatively small, have been significant, especially for the price of housing in Madrid . Today we are going to see what these changes have Grenada Email List been and what they have meant in the capital, but, above all, we will see what the forecast is for next year.

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Situation of the Madrid real estate market
Sales in the city of Madrid have decreased by 12.3% compared to 2022 , going from a total of 7,026 homes sold in the first quarter to 5,310 in the third, hitting a prolonged slowdown since June.

This is because the European Central Bank (ECB) has been raising interest rates during this year 2023, consequently growing the Euribor. It should be noted that despite sales and sales having decreased so much, luckily the price of housing has not been affected proportionally, so despite having been increasing throughout the year , it has been gradual .

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In the third quarter, the quarterly housing price has risen by 2.3% , while so far this year it has risen by 5.6%, accumulating a year-on-year increase of 4.1% . Although they are alarming figures, as we have said before, these increases have been slowing down , and while a few months ago the price of housing in Madrid rose above 7% year-on-year, now it is doing so at 5%.



Currently, the average purchase price in Madrid is €3,747/m² , with an average value per property of €394,144. According to the National Institute of Statistics (INE), this December new homes have had much higher variation rates , with a quarterly increase of 4.3% and 11.6% year-on-year, growing up to 10.8% since January. For their part, second-hand homes have increased to a lesser extent : 1.8% more compared to the previous quarter, and 2.1% compared to the previous year, growing 4.3% during this last year.

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Housing prices in Madrid by neighborhood
The districts with the highest housing prices in Madrid this 2023 are:


Map: HousfyCreated with Datawrapper
Housing price forecast in Madrid for 2024
For 2024, current forecasts do not point to a reduction in prices, but rather a slowdown in the growth rate , and, therefore, some maintenance of housing prices in Madrid. This fact could be due to the recent cessation of the ECB's interest rate hike and the drop in the Euribor.