Property under 5 years costs the most in Spain
The most expensive second-hand properties in Spain are those under five years old, with an average price of €258,024. This is quite interesting given that in 2017, these properties were the cheapest with an average price of €175,625. This is a 47% increase in the price of new properties in only one year.
In fact, the whole price ranking by age has reversed. In 2017, the most expensive properties were those over 50 years old, with an average price of 257,518 euros. This year, however, these properties are the second most affordable category with an average price of 197,546 euros, down 23%.
The most affordable category in 2018 are properties from 30 to 50 years, with an average price of €184,985. This is a decrease of 8%, compared to 2017 (201,393 euros).
The second most expensive category this year is homes between 20 and 30 years old, with an average price of 218,792 euros, a fall of 11% compared to 2017 when the average for this category was 244,854 euros.
Third place in 2018 is held by properties between 10 and 20 years old with an average price of 214,107 euros, also representing a negative variation, -11%.
Fourth place this year is held by homes between 5 and 10 years old, whose average price is 201,484 euros. This is down 9% from 2017 when their average cost was 222,251 euros.
According to Ferran Font, director of studies at pisos.com, this turnaround could be based on the fact that “a lot of products from the banks have been put on the market, a large part of which is made up of recent constructions“. Regarding the reasons for the loss of value of the older homes, Font suggests that “the offers of older properties in the best conditions have already been assimilated by the demand,”
Newer properties were also the most expensive in 2016 with properties less than five years old having an average price of 217,423 euros. In 2015, the most expensive category was properties between 10 and 20 years old, with an average price of 211,790 euros.
The Balearic Islands are the most expensive for new homes
Regionally, the most expensive new homes for sale are found in the Balearic Islands. Houses on the islands that are less than five years old have the highest average price: 400,788 euros. This category was also fronted by the Balearic Islands in 2017 (396,505 euros), and 2016 (350,495 euros). However, in 2015 the most expensive new properties were in the Basque Country (293,574) In 2017 the highest average on the islands was for properties between 5 and 10 years old: 552,774 euros.
The cheapest homes are found in Aragón, where apartments over 50 years old have an average price of only 98,750 euros. In 2017, the cheapest properties were found in Castilla-La Mancha, where properties over 50 years old reached an average price of only 84,133 euros.
Average age of property stock
The most abundant category on the market in Spain is property between 10 and 20 years old, which represents 23% of the total second-hand property currently on offer. This category was also the most common in 2017 and 2016, accounting for 20% and 26% of stock, respectively.
The rarest category on offer is property of less than five years old, with only 11% of stock. In 2017, houses over 50 years old represented the least numerous, with only 13% of the stock. In 2016, properties under five years old were the minority with only 7%. Not surprising given that new construction was very slow for many years following the crisis.
The Basque Country has the largest number of available properties over 50 years old (23% of its stock). This area has had the highest volume of older properties for the last four years. The lowest volume of properties over 50 years old is shared by Murcia and Andalusia, both with 11% of stock.
The largest volume of new properties under five years old is shared between Aragon, Valencia, Galicia, the Balearic Islands and Murcia. In each of these regions, new property makes up 12% of the stock.
The smallest number of new properties is found in the regions of Cantabria, Catalonia, Madrid, Extremadura, the Canary Islands, the Basque Country and Asturias. Properties under five years old make up only 10% of their stock.