Here you will find news, views, events and information relating to real-estate in Spain.

Rental Costs Reach Historical High in January

Renting a home increased 5.1% in January

Renting a home increased 5.1% in January

The price of rental housing in Spain increased by 1% in January when compared to December 2023. When compared to the previous January, the increase was 5.1%. This brings the average price per square metre, per month to €11.78. This is the highest average rental cost since 2006.

The price of renting continues to rise significantly throughout the country and in all the autonomous communities. In fact, many of them exceeded historical maximum prices. At the national level, the average price reached a record in January 2024, after having set highs on several occasions in 2022 and 2023. The market suffers from a great imbalance between supply and demand that does not allow the price to adjust. Interferences in the market, both legislative and macroeconomic, impact its volatility, leaving consequences as serious as the reduction in supply, which is below minimum levels in 2024,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

Compared to a year ago, all autonomous communities have seen rental costs rise. Six communities saw double-digit increases. They were Balearic Islands (16.6%), Valencian community (13.3%), Madrid (12.8%), Cantabria (11.7%), Basque Country (11.6%), and the Canary Islands (11.3%).

Other increases included Asturias (9.9%), La Rioja (9.7%), Castilla y León (8.5%), Navarra (8.5%), Andalusia (7.7%), Aragon (7.4%), Galicia (6.6%), Catalonia (6.3%), Region of Murcia (6.0%), Castilla-La Mancha (5.1%) and Extremadura (2.8%).

Five communities already exceed the historical maximum rental prices per square meter per month. The areas of Spain with the highest monthly prices in the entire historical series are: Madrid (€17.63 p/m²), Catalonia (€16.14 p/m²), Valencian Community (€11.67 p/m²), Navarra (€11.37 p/m²) and Asturias (€9.51 p/m²).

Regarding the ranking of Autonomous Communities with the most expensive housing to rent  in Spain, in the first places are Madrid and the Balearic Islands, with prices of €17.63 p/m² per month and €16.86 p/m² per month, respectively. They are followed by seven more communities with prices higher than €10.00 p/m² per month and they are: Catalonia with €16.14 p/m² per month, the Basque Country with €15.32 p/m² per month, the Canary Islands with 12.81 € p/m² per month, Valencian Community with €11.67 p/m² per month, Cantabria with €11.64 p/m² per month, Navarra with €11.37 p/m² per month and Andalusia with €10.10 p/m² per month.

Provinces of Spain

In 48 of the provinces, the year-on-year price of rental housing increased in January 2024, except for Lugo and Albacete. Increases of more than 10% occur in 19 provinces.

The order of the provinces with annual increases greater than 10% are: Huesca (30.0%), Santa Cruz de Tenerife (19.8%), Segovia (17.9%), Toledo (17.9%), Balearic Islands (16.6%), Huelva (16.0%), Teruel (15.7%), Alicante (15.0%), Valencia (14.8%), Gipuzkoa (14.5%), Palencia (14.4%), Madrid (12.8%), Girona (12.5%), León (12.2%), Cantabria (11.7%), Cáceres (11.5%), Castellón (11 .1%), Bizkaia (10.4%) and Barcelona (10.0%).

17 provinces exceed 10.00 euros per square meter per month. The three most expensive provinces are Barcelona with €18.07 p/m² per month, followed by Gipuzkoa with €17.82 p/m² per month and Madrid with €17.63 p/m² per month.


Used House Prices Increase in January

House prices went up 7.5% in January

House prices went up 7.5% in January

The price of second-hand housing increased 7.5% in January, when compared to the same month in the previous year. This brings the average cost per square metre to 2,215 euros. When compared to December 2023, the monthly increase was just 0.6%.

House prices begin 2024 with robust growth, leaving behind the trend of moderation and confirming a new pace of acceleration. Significant increases in prices – double digits – are detected in the main stressed communities. At the provincial capital level, Madrid, Las Palmas and Málaga begin 2024 reaching maximum prices. The population and tourist attraction capacity of these cities generates a demand too strong for the supply to absorb and that pushes prices upward. After the ECB’s statements opening the door to a rate cut before next summer, an even stronger purchasing demand is expected that could make housing prices even more expensive,” explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

If we look at the prices of second-hand homes for sale in Spain compared to a year ago, we see that 16 communities increased the year-on-year price in January. We saw increases of more than 10% in six communities in January and they are the Canary Islands (23.7%), the Balearic Islands (15.2%), Madrid (12.7%), the Region of Murcia (11.1%), Community of Valencia (11.0%) and La Rioja (10.5%). They are followed by the communities of Aragon (9.5%), Navarra (9.5%), Andalusia (9.0%), Cantabria (7.7%), the Basque Country (5.6%), Catalonia (4.3%), Castilla-La Mancha (3.7%), Galicia (3.3%), Asturias (3.1%) and Castilla y León (1.6%).

Regarding the ranking of Autonomous Communities by price with the most expensive second-hand housing prices first, we have the Balearic Islands and Madrid, with prices of €3,872 p/m² and €3,852 p/m², respectively. They are followed by the Basque Country (€3,087 p/m²), Catalonia (€2,771 p/m²), the Canary Islands (€2,450 p/m²), Navarra (€2,050 p/m²), Andalusia (€2,010 p/m²), Cantabria (€1,933 p/m²), Aragon (€1,768 p/m²), Comunitat Valenciana (€1,766 p/m²), Galicia (€1,713 p/m²), La Rioja (€1,695 p/m²), Asturias (€1,657 p/m²), Castilla y León (€1,480 p/m²), Region of Murcia (€1,320 p/m²) , Castilla-La Mancha (€1,202 p/m²) and Extremadura (€1,194 p/m²).


In 88% of Spanish provinces, the year-on-year price of housing increased in January. In 12 provinces, the increase exceeded 10%, specifically in Santa Cruz de Tenerife (28.7%), Málaga (19.9%), Las Palmas (15.7%), the Balearic Islands (15.2%), Tarragona (12.9%), Madrid (12.7%), Alicante (12.6%), Teruel (11.9%), Murcia (11.1%), La Rioja (10.5%), Girona (10.3%) and Segovia (10.0%). On the other hand, the six provinces showing negative variation were: Araba – Álava (-0.1%), Zamora (-0.3%), León (-0.5%), Ciudad Real (-1.1%), Jaén (-1.7%) and Badajoz (-3.6%).

Regarding price ranking, the Balearic Islands are the most expensive province with €3,872 p/m², followed by Madrid (€3,852 p/m²) and Gipuzkoa (€3,482 p/m²), among others. The only province with a price per square meter below 1,000 euros is Ciudad Real with €979 p/m².

Spanish Property 2023 Roundup

2023 finished strong for Spanish property

2023 finished strong for Spanish property

2023 was a game of two halves in terms of home sales in Spain. The first half of the year saw the cost of housing rise considerably. It even set a record year-on-year price increase in June at 10.8%, the largest increase over the last 17 years. This kind of increase was similar to the variations we saw in 2006 just before the real estate bubble of 2007/08. These increases were due to many factors including the change in the cycle of increasing interest rates, which caused a rebound effect in the market, accelerating the demand for housing.

Signs of moderation begans to show in the second half of the year with prices falling away from the double-digit increases of the previous months. By November, the year-on-year increase had dropped to 6.2%, the smallest increase of the year.

Average Price Rising

Despite this, the year still closed with a significant 7.4% annual increase, when compared to the previous year. This was the fourth highest since 2006 and not much different to the end of 2022 (+7.5%). The price of second-hand homes for sale ended the year at an average of €2,203 p/m², still 25% away from the record figures of 2007 (€2,952 p/m²). But the sidtance is narrowing due to a strong market and intense demand on a reduced supply. This general imbalance has produced increased prices in all the autonomous communities, except Extremadura.

The monetary institution of the Central Bank suggested in their year-end speech that the pause in the rate increase will continue in the coming months, and is responsible for the Euribor having closed December below 4%. Therefore, a situation occurs that once again stimulates purchasing demand and that is why possible falls in housing prices are becoming further and further away. Although it must be taken into account that the market is very heterogeneous. Starting in the second quarter of 2024, we could begin to see downward fluctuations in some autonomies with lower demand and less tourist attraction, due to the interannual comparison of high variations presented in 2023. Of course, it will be necessary to put into context that this is not a guarantee of price falls as such, since, after anomalous increases, the price will simply be returning to the starting place.


Home Sales Fell 11% in October

Sales of new homes increased by 0.8%

Sales of new homes increased by 0.8%

The total number of transferred properties registered in the property registries in the month of October was 167,771, which is 0.8% less than in the same month of 2022.

In the case of purchases and sales of registered properties, the number of transfers is 88,530, showing an annual decrease of 6.4%, according to the latest figures released by the INE.

86.7% of the sales registered in October correspond to urban properties and 13.3% to rural properties. In the case of urban property, 59.8% were home sales.

The number of purchases and sales of rural properties increased by 0.5% in October on the annual rate, while that of urban properties decreased by 7.3%. Within the latter, home sales registered an annual decrease of 11.1%.

19.3% of the homes sold in October were new build properties while 80.7% were second hand.

The number of sales of new homes increased by 0.8% compared to October 2022, while that of used homes decreased by 13.5%.

Results by Autonomous Communities

In the month of October, the total number of transferred properties registered in the property registries per 100,000 inhabitants reached its highest values in Castilla y León (798), La Rioja (658) and Aragón (617).

The Community Navarra (17.9%), Extremadura (15.3%) and Galicia (13.3%) recorded the highest annual variation rates.

The Balearic Islands (–20.4%), Cantabria (–19.2%) and the Principality of Asturias (–13.4%) presented the lowest annual rates.

Looking at registered home sales, the communities with the highest number of transmissions per 100,000 inhabitants were Valencian Community (172), Region of Murcia (150) and Andalusia (130).

Goodbye 2023!

That’s all from us for 2023. We would like to extend our thanks to you all for taking the time to visit our blog to keep up to date with the latest Spanish property news. We would also like to thank all our clients who bought or sold a property with us throughout 2023. We wish you happiness in your new homes!

The whole team send you all the best for the holiday season and a happy and prosperous 2024. We’ll see you on the other side.

Best wishes from everyone at Marbella For Sale.


Demand is Pushing Up Housing Prices

Demand for housing is causing prices increases

Demand for housing is causing prices increases

The latest price index data, posted by the INE, reflects an increase of 2.5% compared to the previous quarter and a year-on-year increase of 4.5%. This confirms that demand for homes continues to be very strong despite increases in interest rates over recent months.

Furthermore, in November, the monthly variation in the price of second-hand housing rose by 0.6% and its interannual variation was +6.2%. This brings the average price to €2,172 p/m² in November. It is worth noting, however, that this increase (6.2%) is the lowest monthly increase so far in 2023.

The data for the third quarter once again reinforces housing growth, despite sharp rate increases by the European Central Bank and the rise in the Euribor, which exceeded 4%. This situation of aggressively rising financing costs, added to inflationary tensions, is already having effects on the pockets of the most vulnerable families, who are increasingly losing purchasing power. This influences the cooling of part of the purchasing demand. However, 28% of current buyers have already rejected the idea of buying in the short term,” explained María Matos, spokesperson for Fotocasa.

Despite the rise in rates and the increase in mortgage prices, the majority of purchasing demand remains strong and intense. In the last year, the interest in buying a home is changing the profile of buyers to a more specific one, made up of people who are solvent at a socioeconomic level. And the demand for housing as replacement is very important and that they are not needing financing to buy a home and they sell a home to buy another. And as is typical of the moment of economic uncertainty, new figures are also emerging such as small savers and large investors, in addition to foreign buyers, who are not as vulnerable to the change in monetary policy as they require less bank financing.

As for price, the real estate index continues to show large increases in prices and, specifically, in the third quarter of the year it rose 7% year-on-year, showing that the great latent demand that exists in the sector currently continues to push prices up while owners resist lowering prices. Probably an important part of this remaining interest is because there are many people waiting for a large price drop to occur. A situation that is difficult to predict.“, said Matos.

At the moment, no significant price declines are expected; what is certain is that the tensions between supply and demand will make an extensive correction difficult. Interest in buying still exceeds pre-pandemic levels, and the reduction in supply during this past year will make it even more difficult to reach a balance quickly. And we predict that by the end of the year the price increase will be close to 5%.

Demand for New Property

New property for sale deserves a special mention, since the price of new property increased by 4.1% in the third quarter, and by 11% year-on-year. This trend will continue in the long term because this type of brand-new housing is experiencing an unprecedented boom. In fact, according to data, 20% of current home buyers are exclusively looking for new construction and this intense demand is pushing up the prices of this type of home in the face of a shortage of stock.

It is not likley that new construction will suffer any moderation and even if demand continues to be so strong in the coming months, we will see prices continue to increase. Not only because of runaway inflation, which affects the cost of materials, production and logistics, which has caused the slowdown and paralysis of some promotions, but also because of the low production levels of new construction. The difficulties of developers and builders in purchasing land, the lack of qualified labour in the sector and the increase in the price of materials derived from the rise in energy prices and the war in Ukraine, is causing the stock to be low.

Keep in mind that we have come from two years of great sales activity and 2023 will also close with a sales volume close to 550,000 homes sold. A large volume of product has been sold without time to be replaced, therefore, the gap between supply and demand is real, causing tension in prices and this tension is likely to continue throughout 2023 and a good part of 2024.

Prices by Autonomous Community

If we look the prices of housing for sale compared to a year ago, we see that 16 communities saw increased year-on-year prices in November. Unlike other months, in which increases of more than 10% occurred in six communities, in November it was reduced to three: Canary Islands (22.5%), Balearic Islands (17.3%) and Navarra (10.9%). They are followed by the communities of La Rioja (9.2%), Valencian Community (8.8%), Madrid (8.3%), Andalusia (7.8%), Region of Murcia (6.5%), Aragón (4.6%) , Basque Country (4.6%), Cantabria (4.5%), Asturias (4.3%), Catalonia (3.1%), Castilla-La Mancha (2.8%), Castilla y León (2.1%) and Galicia (2.0%).

Regarding the ranking of Autonomous Communities with the most expensive second-hand housing prices in Spain, the most expensive are found in the Balearic Islands and Madrid, with prices of €3,802 p/m² and €3,652 p/m², respectively. They are followed by the Basque Country with €3,055 p/m², Catalonia with €2,737 p/m², the Canary Islands with €2,389 p/m², Navarra with €2,058 p/m², Andalusia with €1,974 p/m², Cantabria with €1,878 p/m², Aragon with €1,738 euros. /m2, Valencian Community with €1,718 p/m², Galicia with €1,707 p/m², La Rioja with €1,658 p/m², Asturias with €1,650 p/m², Castilla y León with €1,474 p/m², Region of Murcia with €1,280 p/m² , Extremadura with €1,196 p/m² and Castilla-La Mancha with €1,189 p/m².