The average price of second-hand housing in Spain stood at 1,696 euros per square metre at the end of September. This figure represents a fall of 1.15% when compared to the previous quarter. However, when compared to Q3 in the previous year, the variation is +2.63%. On a monthly basis, the figure is 0.09% lower than in was in August.
“Prices left behind the large variations we got used to seeing, both positive and negative. In recent months this has calmed and variations are smaller,” says Ferran Font, director of studies at pisos.com. He also thinks that political uncertainty has affected all indicators of the housing market. In addition to price, mortgages and sales also seem to be slowing.
The coming end of a Government term tends to delay decisions of great importance for professionals in the sector and for people in general. Some investments are on hold until after the elections which are coming in November. Font also suggests that other outside factors are having an effect on the market, including the prospect of a hard Brexit and the threat of an upward turn in the in Euribor.
Prices by Community
In the third quarter of the year, the largest price increases occurred in Madrid (2.45%), the Balearic Islands (0.91%) and La Rioja (0.23%).
The largest falls were seen in Catalonia (-2.14%), Castilla-La Mancha (-1.93%) and Galicia (-1.43%).
Year-on-year, the most significant upturns came in the Balearic Islands (7.57%), Madrid (7.34%) and the Canary Islands (6.40%). Meanwhile, the largest falls took place in La Rioja (-8.32%), Cantabria (-2.68%) and Navarra (-2.38%).
The most expensive community in September 2019 was the Balearic Islands with an average price of €3,101 p/m² and the cheapest Castilla-La Mancha at €889 p/m².
In Andalusia, the average price reached €1,638 p/m², a fall of 0.47% since the previous quarter.
Prices by Province
The largest quarterly increases took place in Madrid (2.45%), Ávila (2.36%) and Álava (2.14%), while the most marked setbacks were seen in Cuenca (-4.81%), Lleida (-4.47%) and Jaén (-4.43%).
From year to year, the Balearic Islands (7.57%), Madrid (7.34%) and Cádiz (6.74%) led the positive variations. Amongst those to see prices fall, the first places went to Zamora (-13.54%), Lugo (-9.55%) and La Rioja (-8.32%).
The most expensive province was Guipúzcoa with an average price of €3,111 p/m² and the cheapest Cuenca at €693 p/m².
Compared to June 2019, Vitoria (5.12%), Ávila (3.62%) and Girona (3.27%) saw the largest increases in the price of second-hand property for sale.
The most intense falls were seen in A Coruña (-6.01%), Lleida (-5.09%) and Tarragona (-4.08%).
In the last year, Pamplona (19.34%), Madrid (18.82%) and Girona (15.05%) were the capitals where prices increased the most. Logroño (-10.40%), Zamora (-10.14%) and Lleida (-6.69%) were the ones to record the biggest falls.
The most expensive capital was Donostia-San Sebastián (€4,792 p/m²) and the cheapest was Ávila (€1,045 p/m²).