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

Second-Hand Housing Price Increase in Q1

admin | 11th April 2022 | Andalucía, Buying, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Spain

Second-hand house prices up 0.3% in Q1

In the first three months of 2022, Spain has seen positive variations in the price of second-hand housing. The first quarter closed with a quarterly increase of 0.3%, and a year-on-year increase of 0.8%.This brings the average price of a second-hand home to 1,913 euros per square metre, according to data from Fotocasa.

“Although the rise in prices will be the main trend in 2022, due to the fact that demand is at its highest and the stock continues to decline, we have been detecting for several months how the price of housing is moderating its rises, showing a downward trend and stabilization, due to the fact that the sector is being very agile in response to the great boom in changing homes. It is an evolution that is confirmed in the first quarter of the year and probably, the demand will also moderate due to the imminent rise in interest rates. However, in such a convulsive scenario, the forecasts will suffer alterations and, from the second half of the year, we could see increases in the price of housing if the investment focus increases in the face of the uncertainty caused by the war in Ukraine“, explained María Matos, spokesperson for Fotocasa.

Prices in Autonomous Communities

In the Autonomous Communities, this first quarter of 2022 is presented with nine quarterly and ten year-on-year increases. The community with the highest quarterly increase in the price of second-hand housing for sale is Navarra with 4.1%, followed by Madrid with 3.0%, Catalonia with 1.3%, the Balearic Islands with 0.8%, Asturias with 0.7%, Aragon with 0.3%, Andalucía with 0.3%, Valencia with 0.2% and País Vasco with 0.1%.

On the other hand, the most notable quarterly decreases were seen in the communities of La Rioja with -2.3%, Region of Murcia with -1.9%, Cantabria with -1.7%, Castilla y León with -1.3%, Castilla -La Mancha with -1.3%, Galicia with -1.3%, the Canary Islands with -0.5% and Extremadura with -0.4%.

Regarding the ranking of prices by communities, Madrid, which occupies the first place, is the only one that exceeds the barrier of 3,000 euros, specifically about 3,215 euros per square metre. They are followed by the communities of the Balearic Islands (2,914 euros/m²), the Basque Country (2,884 euros/m²) and Catalonia (2,577 euros/m²). On the other hand, housing prices per square meter in 13 autonomous communities do not exceed 2,000 euros: the Canary Islands (1,773 euros/m²), Cantabria (1,747 euros/m²), Andalucía (1,718 euros/m²), Navarra ( 1,674 euros/m²), Galicia (1,608 euros/m²), Aragon (1,598 euros/m²), Asturias (1,576 euros/m²), Valencian Community (1,450 euros/m²), La Rioja (1,448 euros/m²), Castile and León (1,425 euros/m²), Extremadura (1,137 euros/m²), Region of Murcia (1,123 euros/m²) and Castilla-La Mancha (1,098 euros/m²).

Prices by Province

In the provinces, this first quarter of 2022 is saw 27 quarterly falls and 27 year-on-year increases. The three provinces with the largest quarterly decreases are Palencia with -3.0%, Valladolid with -2.8% and Teruel with -2.8%. On the other hand, the three provinces with the highest quarterly increases are Navarra with 4.1%, Madrid with 3.0% and Malaga with 2.4%.

As for the price ranking by province, Gipuzkoa and Madrid are the only ones that exceed the barrier of 3,000 euros, specifically Gipuzkoa pays 3,215 euros and Madrid 3,147 euros per square metre. On the other hand, the two provinces that do not exceed 1,000 euros are Ciudad Real and Toledo with 950 euros/m2 and 955 euros/m2, respectively.

Cost of Renting Increased in February

admin | 15th March 2022 | Andalucía, Costa del Sol, Marbella, Prices, Property Market, Rental Property, Renting, Spain

Year-on-year, cost of renting increased by 4.56%

Year-on-year, prices increased by 4.56%

The cost of rental housing in Spain had an average monthly price of 10.11 euros per square meter in February 2022. This figure marked a monthly increase of 0.40%. In the year-on-year comparison it rose by 4.56%.

According to Ferran Font, director of studies at piso.com, “the upward trend in rental prices continues to strengthen“.

Font further points out that this rise in prices still does not represent a great break, but the progressive increase of the CPI could continue to push up income: “The cost of living has skyrocketed, and aspects such as the war in Ukraine, which will lead to an even more intense rise in basic consumption such as electricity and fuel, do not help“. In addition, Font admits that “not only will the big capitals will support the upturns, but also, given that the situation is generalized throughout Spain, rents in other medium-sized cities will also rise.”

It is important that tenants deploy all their negotiating skills in case they have to review the monthly payments or are currently looking for a new property to rent. On the investor side purchase-for-rent will continue to be very strong: The attractive profitability of rental allows residential real estate investment to be placed above other types of products subject to greater volatility, so that the money will continue to take refuge in bricks and mortar.

Barcelona is the most expensive Spanish capital

The most expensive autonomous communities to live for renting property in February 2022 were Madrid (€12.26/m²), the Balearic Islands (€12.14/m²) and Catalonia (€11.28/m²), while the cheapest rents were in Castilla y León (€4.61/m²), Extremadura (€5.21/m²) and La Rioja (€5.41/m²). In the last month, the most striking increase took place in the Balearic Islands (2.64%). The greatest adjustment occurred in Murcia (-2.57%). Compared to last year, the Balearic Islands (13.95%) was the one that increased the most and La Rioja (-9.79%) the one that fell the most.

In the classification of provinces by price, in February 2022 the first position went to Madrid, with 12.26 euros per square meter. It was followed by Barcelona (€12.15/m²) and the Balearic Islands (€12.14/m²). On the opposite side, Cuenca closed the month with 3.29 euros per square meter. Other economic provinces were Ávila (€3.48/m²) and Ciudad Real (€3.61/m²). The province that saw the cost of renting increase the most in the last month was Jaén (3.01%), while the one with the largest falls was Málaga (-3.01%). From one year to another, the highest increase registered was that of Pontevedra (18.35%). The price that adjusted the most was that of Ourense (-18.80%).

Regarding provincial capitals, Barcelona was the most expensive for renting with an average price of 17.56 euros per square meter. Le Donostia-San Sebastián (€15.91/m²) and Madrid (€15.38/m²). Zamora was the cheapest with 5.26 euros per square meter. Other economic provincial capitals Cuenca (€5.93/m²) and Ciudad Real (€5.99/m²). Ciudad Real (3.05%) led the monthly increases, while Teruel (-3.02%) was the capital that devalued the most in this period. Compared to February 2021, Lugo (19.04%) led the increases. The most striking cut was recorded by Ourense (-9.55%).

2021 Saw 33% Increase in Property Sales

admin | 1st March 2022 | Andalucía, Buying, Costa del Sol, Luxury Property, News, Property For Sale, Property Market, Selling, Spain, Statistics/Figures

Sales of new homes grew 37.7% in 2021

The total number of properties transferred in the property registers in Spain in December 2021 reached 178,243, which is 17.6% more than in the same month of 2020.

In the case of property sales, the number is 96,466, representing an annual increase of 26%, according to data from the INE.

86.4% of the purchases registered in December correspond to urban properties and 13.6% to rustic properties. In the case of urban, 57.7% are home sales.

The number of sales of rustic properties increased 9.5% in the annual rate in December and that of urban properties increased 29.0%. Within the latter, housing sales recorded an annual increase of 32.9%.

19.8% of the homes transferred by sale in December were new properties and 80.2% were second-hand. The number of sales of new homes increased by 30.3% compared to December 2020 and that of used homes by 33.5%.

Results by Autonomous Communities

In the month of December, the total number of transferred properties registered in the property registries per 100,000 inhabitants reached its highest values in Castilla y León (720), La Rioja (694) and Castilla–La Mancha (692).

The Balearic Islands (34.1%), Andalucía (32.3%) and the Canary Islands (26.5%) registered the highest annual variation rates.

Foral de Navarra (–7.1%), Basque Country (–0.8%) and La Rioja (2.3%) presented the lowest annual rates.

In terms of registered home sales, the communities with the highest number of transfers per 100,000 inhabitants are Valencia (177), Andalucía (161) and Cantabria (146).

The communities that presented the greatest annual increases in the number of home sales in December were the Balearic Islands (76.1%), Andalucía (50.8%) and the Canary Islands (48.7%).

The smallest increases occurred in Aragon (3.9%) and the Basque Country (11.3%). In Comunidad Foral de Navarra the variation is 0.0%.

2021 Year Results

During the year 2021, 2,152,110 properties registered in the property registries were transferred, which represented 25.8% more than in 2020.

In the case of registered property sales, the number of transfers was 1,145,932, with an increase of 33.5%.

86.2% of the purchases registered in 2021 corresponded to urban properties and 13.8% to rustic properties. In the case of urban, 57.3% were home sales.

The sale of rustic properties increased by 28.6% and those of urban properties by 34.4%. Within the latter, home sales grew by 34.6%.

20.3% of the homes transferred by sale in 2021 were new and 79.7% used. The number of operations on new homes increased by 37.7% compared to 2020 and that of used homes by 33.8%.

2021 by Autonomous Communities

The total number of properties transferred per 100,000 inhabitants reached the highest figures for the year 2021 in La Rioja (9,550), Castilla y León (9,054) and Castilla–La Mancha (8,069).

All the autonomous communities registered increases in the number of properties transferred. The Community of Madrid (34.5%), Cantabria (32.8%) and the Balearic Islands (29.9%) presented the greatest increases. The lowest increases occurred in the Foral community of Navarra (11.0%), the Canary Islands (15.1%) and Galicia (15.4%), although still showing double-digit increases.

Looking only at home sales, the communities with the highest number of transfers per 100,000 inhabitants in 2021 were Valencia (1,992), La Rioja (1,845) and Andalucía (1,772).

The communities that presented the largest annual increases in the number of Spanish home sales in 2021 were La Rioja (42.7%), Andalucía (42.5%) and Cantabria (38.0%). The Basque Country (15.8%), the Canary Islands (22.0%) and the Principality of Asturias (23.5%) registered the smallest increases, but once again, all show double-digit rises.

Cost of Renting a Home Up in January

admin | 21st February 2022 | Costa del Sol, Investment, Marbella, Prices, Property Market, Rental Property, Renting, Spain

Cost of renting in Spain up 2.57% annually

In January 2022, the cost of renting a property in Spain reached an average of €10.07 per square metre. This is a rise of 0.9% when compared to the previous month. Year-on-year, the variation is +2.57%.

According to the Director of studies at pisos.com, Ferran Font, “the rental market is recovering in a positive trend, but the increases are within what is sustainable. Following a few years of adjustments rental costs have resumed their upward path but with only very slight increases. The increase in rental stock has of course had a positive effect on prices for tenants which will always be the case when supply increases in line with demand.”

The investor appetite for buy-to-let is booming at the moment and is beginning to catch up with the number of homeowners who are leasing their homes privately.

The monthly report of piso.com revealed that the most expensive regions to live for renting in January 2022 were Madrid (€12.23/m²), the Balearic Islands (€11.83/m²) and Catalonia (€11.22/m²). The cheapest rents were found in Castilla y León (€4.56/m²), Extremadura (€5.16/m²) and La Rioja (€5.32/m²). In the last month, the most striking increase took place in Murcia (2.71%). The greatest drops in rental costs were seen in the Basque Country (-2.81%). Compared to last year, Catalonia (11.86%) was the one that increased the most and La Rioja (-12.90%) the one that fell the most. Andalucia closed January with an average cost per square metre of 7.35 euros.

Provinces

Looking at the ranking of most expensive provinces for renting a property in Spain in January 2022 the first position went to Barcelona, with 12.25 euros per square meter. It was followed by Madrid (€12.23/m²) and the Balearic Islands (€11.83/m²). On the opposite side, Cuenca closed the month with an average cost of 3.27 euros per square meter. Other cheaper provinces were Ávila (€3.38/m²) and Ciudad Real (€3.52/m²). The province that saw the largest monthly increase was Alicante (2.98%), while the one that saw the largest fall was Álava (-2.92%). From one year to another, the highest increase registered was that of Pontevedra (17.12%). The income that fell the most was that of Ourense (-18.01%).

Regarding provincial capitals, Barcelona was the most expensive for tenants with an average price of 17.62 euros per square meter. It was followed by Donostia-San Sebastián (€15.91/m²) and Madrid (€15.79/m²). On the other hand, Zamora was the cheapest with 5.11 euros per square meter. Other economic provincial capitals included Ciudad Real (€5.81/m²) and Cuenca (€5.92/m²). Soria (3.05%) led the monthly increases, while Guadalajara (-2.96%) was the capital that devalued the most in January. Compared to January 2021, Lugo (19.58%) led the increases. The most striking fall was seen in Ourense (-7.16%).

Year-on-Year House Price Increase in January

admin | 8th February 2022 | Andalucía, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Spain

Year-on-year, house prices grew 1% in January

Second-hand house prices in Spain fell by -0.8% in January, when compared to the previous month. Year-on-year, the price increased by 1%, putting the average cost per square metre at 1,892 euros. This is the fifteenth consecutive year-on-year rise in house prices since November 2020.

“The price of housing remains stable and starts 2022 with a very measured and healthy figure. We are 36% below the maximum price reached in 2007 and it is a factor that allows us to breathe easy knowing that this moves us even further away from a bubble. Even so, it seems that at the rate that the price of some municipalities in the most stressed provincial capitals begins to increase, which could lead to increases and upward variations in housing. However, if the real estate sector continues to channel demand and respond to this great interest in buying, the price may remain moderate“, explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

Fifteen communities presented negative monthly data in January. The price decreases were seen in: Region of Murcia with -0.9%, Catalonia with -0.9%, Andalusia with -0.9%, the Canary Islands with -0, 9%, Galicia with -0.7%, Extremadura with -0.4%, Valencia with -0.4%, Basque Country with -0.4%, Cantabria with -0.3%, Castilla-La Mancha with -0.3%, La Rioja with -0.2%, the Balearic Islands with -0.2%, Aragón with -0.1% Castilla y León with -0.1%. Asturias saw no change. On the other hand, the communities which saw house prices increase are: Navarra with 0.6% and Madrid with 0.4%.

Regarding the ranking of the price of second-hand housing in Autonomous Communities, Madrid and the Balearic Islands are found at the top, with prices of 3,137 euros/m² and 2,885 euros/m², respectively. They are followed by the Basque Country with 2,871 euros/m², Catalonia with 2,522 euros/m², Cantabria with 1,772 euros/m², the Canary Islands with 1,767 euros/m², Andalusia with 1,699 euros/m², Galicia with 1,618 euros/m², Navarra with 1,617 euros. /m², Aragón with 1,592 euros/m², Asturias with 1,565 euros/m², La Rioja with 1,480 euros/m², Castilla y León with 1,443 euros/m², Valencia with 1,442 euros/m², Extremadura with 1,137 euros/m², Region Murcia with 1,135 euros/m² and Castilla-La Mancha with 1,109 euros/m².

Prices by Province

In 74% of the 50 provinces analysed, the price of second-hand housing fell in the month of January. The provinces with the most significant decreases are: Cádiz with -2.2%, Cáceres with -2.2%, Lugo with -2.0%, Valladolid with -1.3%, Valencia with -1.1 %, Las Palmas with -1.0%, Seville with -1.0%, Girona with -1.0%, Murcia with -0.9% and Almería with -0.9%. On the other hand, the top three monthly increases correspond to the provinces of Cuenca with 2.0%, Burgos with 0.8% and Badajoz with 0.7%.

In terms of the price of second-hand Spanish homes for sale amongst the provinces, Madrid is the most expensive with 3,137 euros/m², followed by Gipuzkoa (3,115 euros/m²) and Barcelona (2,936 euros/m²), among others. The only two provinces with the price per square meter below 1,000 euros are Ciudad Real with 957 euros/m² and Toledo with 971 euros/m².

Provincial capitals

In 27 of the 50 provincial capitals (54%), the ten largest monthly increases correspond to the following cities: Teruel capital with 5.0%, Granada capital with 1.6%, Ávila capital with 1.3%, Burgos capital with 1.1%, Guadalajara capital with 1.0%, Huelva capital with 0.9%, Malaga capital with 0.8%, Cuenca capital with 0.8%, Lleida capital with 0.8% and León capital with 0.7%.

The ten capitals with the most significant monthly price falls are: Pontevedra capital with -1.6%, Valladolid capital with -1.5%, Murcia capital with -1.1%, Badajoz capital with -1.1%, Las Palmas de Gran Canaria with -1.1%, Lugo capital with -1.1%, Girona capital with -0.9%, Santa Cruz de Tenerife capital with -0.8%, Santander with -0.7% and Huesca capital with -0.7%.

Regarding prices, the most expensive provincial capital is Donostia-San Sebastián with 5,551 euros/m², followed by Barcelona capital (4,316 euros/m²), Madrid capital (3,923 euros/m²), Bilbao (3,417 euros/m²), Palma de Mallorca (3,119 euros/m²), Vitoria – Gasteiz (2,653 euros/m²), Cádiz (2,550 euros/m²) and Pamplona / Iruña capital (2,521 euros/m²). On the other hand, the cheapest provincial capital is Lleida capital with 1,199 euros per square meter.

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