Statistics
Recent research shows that more and more seniors in Spain are choosing to purchase a new build home. According to data from Fotocasa, a leading Spanish property portal, the share of buyers aged between 55 and 75 will increase significantly by 2024. This goes hand in hand with a decline in younger buyers, especially in the 25 to 34 age group. The average profile of a new build home buyer in Spain is currently a 44-year-old woman.
It is striking that women, at 58%, have a larger share in the new construction market than men, who represent 42%. This difference has increased in 2024 compared to 2023, when the percentages were 56% and 44% respectively.
New-build homes remain particularly attractive to people with a high or middle-high socio-economic status. The lower and middle-low classes have only a minimal presence in this market. Most buyers live with a partner and children (37%) or alone with their partner (35%). A smaller proportion, 13%, live alone. Before the purchase, 46% lived in their own home, 36% in a rental property and 19% in a family member’s home.
Madrid leads the way in terms of new-build purchases with 20%, followed by Andalusia (15%) and Catalonia (14%). While Madrid and Catalonia show a slight increase compared to last year, the share in Andalusia has actually decreased.
Although 65% of potential buyers considered new-build, only 45% ultimately opted for this option. The main reason for not doing so is the high price, a problem cited by 59% of respondents. Other factors include a lack of supply in the desired region (36%) and financial conditions such as down payments and additional costs (17%).
The data shows that the new construction market in Spain remains attractive, especially for older generations. However, high prices and limited availability in certain regions remain major challenges.
