House prices continue to grow across Spain
The price of second-hand property in Spain increased by 0.1% in October, when compared to September. On a year-on-year basis the increase was 2.4%. This change brings the average cost per square metre to 1,892 euros, according to the fotocasa real estate index. This is the fifth consecutive October to show an annual increase. The national average price is a staggering 37% below the average in Madrid, where the cost per square metre is 3,013 euros.
“The price of second-hand housing in Spain is moderating and the proof of this is the interannual variations. Everything indicates we are seeing the last of the large annual increases. However, in communities such as Madrid, the Canary Islands and the Balearic Islands, prices continue to rise more strongly than in other communities where we are seeing more moderate increases or even slight falls in the price of used housing,” explained Ismael Kardoudi, Director of Studies and Training at Fotocasa.
In October, the most expensive autonomous communities in which to buy second-hand housing were Madrid and the Basque Country, with an average cost per square metre of €3,015 and €2,798, respectively.
Of the 50 provinces included in the data, 28 saw prices increase in October. The largest increase was seen in Soria at 2%. Increases were also seen in Huelva (1.4%), Santa Cruz de Tenerife (1.3%), Bizkaia (0.9%), Burgos (0.7%), Guadalajara (0.6%), Huesca (0.5%), A Coruña (0.4%), Segovia (0.4%), Seville (0.4%), Salamanca (0.4%), Ávila (0.4%), Cádiz (0.4%) and Alicante (0.3%), among others.
As for the price per square meter in October, only two provinces exceed the €3,000 p/m² barrier and are Gipuzkoa (€3,035 p/m²) and Madrid (€ 3,013 p/m²).
Prices up in 30 provincial capitals
The province capital with the biggest increase in October was Huelva with 2.4%. This was followed by increases in Huesca (1.9%), Bilbao (1.6%), Soria (1.5%), Cádiz (0.7%), Lleida (0.7%), Murcia (0.5%), Santa Cruz de Tenerife (0.5%), Jaén (0.5%), Valladolid (0.5%), Granada (0.4%), Albacete (0.4%), Malaga (0.3%) and Zaragoza (0.3%), among others.
As for the price per square meter in October, we see that only two provincial capitals had prices above €4,000 p/m² and are Barcelona capital (€4,437 p/m²) and Donostia – San Sebastián (€5,192 p/m²).
The average price of second-hand housing fell in 51% of the cities analysed. The four cities with double-digit declines are the cities of El Alamo (-16.8%), Olías del Rey (-14.8%), Mengíbar (-10.8%) and L’Olleria (-10.1% ). Meanwhile, the most pronounced increase was experienced by Yuncler (22%) in Toledo, followed by Villanueva del Río Segura in Murcia (12.1%).
As for the price per square meter in October, only two cities exceed the €5,000 p/m² barrier and are Eivissa (€5,262 p/m²) and Donostia – San Sebastián (€5,192 p/m²).
