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

Cost of Renting in Spain Fell in Q3

admin | 21st October 2024 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain
Q3 saw rental costs dip 5.3%

Q3 saw the cost of renting fall by 5.3%

The price of rental property in Spain showed a decrease at the end of the third quarter, registering a -5.3% change. When compared to the same period of the previous year, prices increased by 7.4%.

These changes bring the average cost of renting a home in Spain to 11.98 euros per square metre, per month.

“The quarterly decrease is a common trend repeated in each of the third quarters of the last 18 years, which gives a slight respite to the rental price, which reached its peak last June 2024. However, the year-on-year rate continues to increase sharply, due to the great imbalance between supply and demand. September, the start of the season for many tenants, brings with it high prices, less available supply and poor condition of the homes, which become the biggest obstacles for applicants. This scenario has resulted in an extremely compact market, with limited turnover and a search process that is getting longer, making it increasingly difficult to access a rental home,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

In the Autonomous Communities, this third quarter of 2024 presented 14 quarterly falls (compared to nine in 3Q-2023) and 17 year-on-year increases. The communities that registered decreases in Q3 are: Cantabria (-15.7%), Catalonia (-8.7%), Murcia Region (-8.2%), the Balearic Islands (-7.1%), Andalusia (-4.9%), Galicia (-4.9%), Extremadura (-3.6%), Valencian Community (-2.7%), Basque Country (-2.5%), Castile and Leon (-2.0%), Aragon (-1.8%), the Canary Islands (-1.5%), Asturias (-0.8%) and Madrid (-0.5%). The three communities with quarterly increases in rental prices are: La Rioja (3.5%), Navarra (2.6%) and Castilla-La Mancha (1.0%).

Regarding the price of property for rent in Spain ranking by communities, Madrid occupies the top spot with an average cost of 19.61 €/m² per month. They are followed by the Balearic Islands (€16.81 p/m² per month), Catalonia (€15.75 p/m² per month), the Basque Country (€15.70 p/m² per month), the Canary Islands (€13.66 p/m² per month), the Valencian Community (€12.09 p/m² per month), Cantabria (€11.58 p/m² per month), Navarra (€11.50 p/m² per month), Asturias (€10.27 p/m² per month), Andalusia (€10.04 p/m² per month), Aragon (€9.61 p/m² per month), Galicia (€9.14 p/m² per month), La Rioja (€8.87 p/m² per month), Castile and Leon (€8.87 p/m² per month), Region of Murcia (€8.75 p/m² per month), Castile-La Mancha (€8.75 p/m² per month), and Extremadura (€6.67 p/m² per month).

Provinces

In the provinces, this third quarter of 2024 presents 40 quarterly falls and 46 year-on-year increases. The ten provinces with the largest quarterly decreases in housing prices during this period are: Huelva (-16.5%), Cantabria (-15.7%), Guadalajara (-9.5%), Murcia (-8.2%), Cádiz (-8.0%), Pontevedra (-7.9%), Araba (-7.6%), Jaén (-7.6%), Soria (-7.5%) and Almería (-7.2%). The provinces with quarterly increases are Palencia (10.9%), Huesca (6.7%), Valladolid (5.4%), Ciudad Real (3.6%), La Rioja (3.5%), Santa Cruz de Tenerife (3.0%), Teruel (2.6%), Navarra (2.6%) and Albacete (1.6%).

As for the price ranking by province, Madrid and Barcelona occupy the top positions and exceed the barrier of €18.00 p/m² at the end of 2018. month. The price in Madrid is €19.61 p/m² per month and for Barcelona €18.17 p/m² per month. The cheapest provinces are Jaén (€5.70 p/m² per month), Teruel (€6.29 p/m² per month), Ciudad Real (€6.31 p/m² per month), Ourense (€6.54 p/m² per month), Badajoz (€6.64 p/m² per month) and Cáceres (€6.71 p/m² per month).

Sales and Prices Continue to Rise in 2024

admin | 4th October 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures
Demand is still driving prices up in Spain

Demand is still driving prices up in Spain

The number of homes sales in Spain increased by 19.4% in July, when compared to the same month in 2023.

The total number of transferred properties in the property registers was 12.2% more than the previous year, at 191,192. Of these, 108,003 were sales, according to figures from the INE.

87.8% of the registered property sales in July corresponded to urban properties, and 12.2% to rural properties. In the case of urban properties, 60.4% were home sales. The number of rural property sales increased by 16.2% in July on an annual basis, and that of urban properties by 17.8%. Within the latter, home sales registered an annual increase of 19.4%.

19.7% of the homes sold in July were new build properties, while 80.3% were second hand. The number of sales of new homes increased by 38.6% compared to July 2023, and that of used homes by 15.5%.

The Autonomous Communities of Navarra (46.9%), Cantabria (23.4%) and Extremadura (21.1%) recorded the highest annual rates of change in July in the total number of properties transferred. Meanwhile, Madrid (1.3%), the Balearic Islands (2.3%) and Andalusia (8.8%) had the lowest annual increases.

As for registered home sales, the communities that showed the highest increases were the Navarra (42.3%), Cantabria (32.1%) and La Rioja (31.6%). Meanwhile, the Balearic Islands (-2.5%) recorded the only decrease.

Prices

Second-hand prices for housing in Spain increased by 1.2% in the third quarter and by 9.5% year-on-year.

The increase seen in September brings the average price of housing for sale to 2,355 euros per square metre.

When we look at the data from just a year ago, Spain has gone from a year-on-year variation of 7% in September 2023 to 9.5% in the same period in 2024. In the last 12 months, the price of housing has gone from €2,151 p/m² in September 2023 to €2,355 p/m² in September 2024.

“The price of housing continues to increase very significantly due to a growing imbalance between supply and demand, especially in the most in-demand areas. The capacity of the real estate market in these areas is becoming increasingly limited, as the available supply is insufficient to absorb the high demand for purchases. This generates considerable upward pressure on prices. The scenario of sustained price increases has persisted over the last two years, coinciding with the increase in interest rates driven by the European Central Bank. However, with the recent moderation of rates, the drop in the Euribor and the improvement in mortgage conditions, the purchase demand that remained paralyzed will likely return to the market with force, which could intensify the pressure on the supply of available homes and continue to drive prices up,” explained María Matos, director of Studies and spokesperson for Fotocasa.

Prices by Community

In the third quarter of 2024 we saw 14 quarterly increases and 17 year-on-year increases. The Community with the highest quarterly increase is the Valencian Community (5.5%), followed by the Balearic Islands (4.1%), Galicia (3.8%), Andalusia (3.4%), Region of Murcia (3.1%), Asturias (3.1%), Canary Islands (3.0%), Cantabria (2.7%), Madrid (1.3%), Basque Country (0.8%), Castilla y León (0.8%), Extremadura (0.6%), Aragon (0.6%) and Castilla-La Mancha (0.2%). The regions where the price of second-hand housing has dropped are Navarra (-1.7%), Catalonia (-0.6%) and La Rioja (-0.5%).

As for the price ranking by communities, the Balearic Islands and Madrid occupy the top positions, and exceed the barrier of 4,000 euros. The price in the Balearic Islands reached €4,428 p/m² and Madrid €4,267 p/m². Both communities reach maximum prices, exceeding previous records. They are followed by the communities of the Basque Country (€3,212 p/m²), Catalonia (€2,830 p/m²), the Canary Islands (€2,659 p/m²), Andalusia (€2,214 p/m²), Cantabria (€2,067 p/m²), Navarra (€2,063 p/m²) and the Valencian Community (€2,014 p/m²). On the other hand, the communities of Extremadura and Castilla-La Mancha are the cheapest (€1,231p/m² and €1,224p/m²).

Provinces

In the provinces of Spain, this third quarter of 2024 showed 38 quarterly increases (76%) and 45 year-on-year increases (90%). The three provinces with the highest quarterly increases are Valencia (6.3%), Lugo (5.9%) and Castellón (5.8%). The three provinces that presented the largest quarterly decreases are Teruel (-7.5%), Soria (-3.5%) and Ávila (-3.3%).

Regarding the price ranking by province, six exceed the €3,000 barrier. The order of the provinces with the highest housing prices is the Balearic Islands (€4,428 p/m²), Madrid (€4,267 p/m²), Malaga (€3,787 p/m²), Gipuzkoa (€3,589 p/m²), Bizkaia (€3,113 p/m²) and Barcelona (€3,084 p/m²).

Rental Costs Fell Slightly in July

admin | 10th September 2024 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain
Rental costs fell 0.5% when compared to June

Rental costs fell 0.5% when compared to June

In Spain, the cost of renting a home fell by 0.5% in July, bringing the average cost per square metre, per month, to €12.59. When compared to the same month in the previous year, the variation is +8.6%. This annual increase is the second highest recorded in the last 12 months. Spain has gone from a year-on-year variation of 3.4% in July 2023 to 8.6% in the same period in 2024. In the last 12 months analysed, the price of housing has gone from 11.59 euros/m² in July 2023 to 12.59 euros/m² in July 2024.

“The price of renting property in Spain remains at maximum levels across the board. In fact, 15 of the 17 autonomous communities have reached record levels in rental prices. In addition, for the first time in history, the price of rent already exceeds the tacit barrier of 1,000 euros per month on average. After two consecutive years of very significant increases and after having presented the sharpest acceleration in history, the price of rent is higher than ever. The main reason is the contraction of available supply that has occurred in recent years, of around 30%, together with the intense demand that is increasing because at the moment it is the main housing solution to access housing in Spain“, explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

If we look at rental prices compared to those of a year ago, we see that all communities saw year-on-year increase in price in July. The communities with increases higher than 10% are: Asturias (17.9%), Madrid (15.6%), Castilla-La Mancha (14.8%), Galicia (11.9%), Region of Murcia (10.3%) and Basque Country (10.0%). They are followed by the Valencian Community (9.7%), Canary Islands (8.4%), Castilla y León (7.9%), Andalusia (7.8%), Aragon (7.8%), Extremadura (5.6%), Catalonia (5.3%), Navarra (4.9%), Balearic Islands (2.7%), La Rioja (2.6%) and Cantabria (2.1%).

Regarding the ranking of Autonomous Communities with the most expensive rental property in Spain, Madrid and the Balearic Islands are in first place, with prices of €19.68/m² per month and €17.64 /m² per month, respectively. Eight more communities follow with prices above €10.00 /m² per month and they are: Catalonia (€16.84 /m²), the Basque Country (€16.00 /m²), the Canary Islands (€13.98 /m²), Cantabria (€13.31 /m²), the Valencian Community (€12.47 /m²), Navarra (€11.45 /m²), Asturias (€10.52 /m²) and Andalusia (€10.41 /m²).

Provinces

In 46 of the 48 provinces, the year-on-year price of rental housing increased in July 2024, except for Burgos and Tarragona. Increases of more than 10% were recorded in 15 provinces.

The provinces with year-on-year increases of more than 10% are: Palencia (25.1%), Asturias (17.9%), Cuenca (17.7%), Ávila (15.9%), Madrid (15.6%), Cáceres (13.6%), Santa Cruz de Tenerife (13.5%), Girona (13.5%), A Coruña (12.4%), Valencia (12.1%), Ciudad Real (11.4%), Málaga (11.3%), Bizkaia (10.5%), Murcia (10.3%) and Castellón (10.0%).

As for prices, 20 provinces exceed 10.00 euros per square metre per month. The three most expensive provinces are Madrid with €19.68 /m² per month, Barcelona with €18.89 /m² per month and Gipuzkoa with €18.30 /m² per month. On the other hand, the three cheapest provinces to rent a home are: Jaén with €6.11/m² per month and Ciudad Real with €6.14/m² per month.

Used Property Prices Up 8.5% on Last Year

admin | 9th September 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain
Malaga is seeing record prices for sale and rental

Malaga is seeing record property prices

The price of second-hand housing in Spain fell by -0.7% in August. Compared to the same month in 2023, the price increased by 8.5%. This brings the average cost per square metre to 2,327 euros. This last year-on-year value (8.5%) is the second highest increase in the last 12 months.

Spain has gone from a year-on-year variation of 7.9% in August 2023 to 8.5% in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 182 euros per square metre, rising from 2,145 euros/m² in August 2023 to 2,327 euros/m² in August 2024.

“The price of housing continues to rise and increase at a significant rate due to the imbalance between supply and demand that is becoming more and more pronounced. Spain’s housing capacity in the most sought-after areas is being compromised. At the moment, the limited supply cannot absorb the intense demand for purchases, which causes strong tension in prices. This context of such high price increases has been occurring for two consecutive years, since the rise in interest rates by the European Central Bank. However, now, with the de-escalation of rates, reductions in the Euribor and improvement in mortgage conditions, it is feared that demand will become even stronger, putting more pressure on the supply of available housing,” explained María Matos, director of Studies for Fotocasa.

Price by Autonomous Community

Looking at the price of second-hand property for sale in Spain compared to a year ago, we see that 17 communities saw a rise in the year-on-year price in August. Increases of more than 10% were seen in six communities. They are Madrid (19.2%), Balearic Islands (16.7%), Valencian Community (16.3%), Canary Islands (13.6%), Andalusia (13.4%) and Region of Murcia (11.2%). They are followed by the communities of Galicia (9.1%), Cantabria (8.9%), Asturias (7.3%), the Basque Country (6.0%), Castilla-La Mancha (4.6%), Castilla y León (3.2%), Extremadura (2.4%), Catalonia (2.3%), Navarra (1.9%), Aragon (1.9%) and La Rioja (1.7%).

As for the ranking of Autonomous Communities with the most expensive second-hand housing prices in Spain, the Balearic Islands and Madrid are found with prices of 4,407 euros/m² and 4,181 euros/m², respectively. They are followed by the Basque Country (3,193 euros/m²), Catalonia (2,819 euros/m²), the Canary Islands (2,624 euros/m²), Andalusia (2,166 euros/m²), Navarre (2,066 euros/m²), Cantabria (2,043 euros/m²), Valencian Community (1,971 euros/m²), Galicia (1,852 euros/m²), Asturias (1,758 euros/m²), Aragon (1,738 euros/m²), La Rioja (1,673 euros/m²), Castile and Leon (1,511 euros/m²), Region of Murcia (1,425 euros/m²), Extremadura (1,228 euros/m²) and Castile-La Mancha (1,226 euros/m²).

Provinces

In 44 of the 50 provinces analysed (88%) the year-on-year price of housing rose in August. In 16 provinces it exceeded 10%, specifically in Malaga (20.0%), Madrid (19.2%), Alicante (17.7%), the Balearic Islands (16.7%), Pontevedra (14.0%), Granada (13.9%), Las Palmas (12.9%), Segovia (12.7%), Valencia (12.1%), Toledo (11.9%), Cadiz (11.6%), Girona (11.6%), Castellón (11.4%), Santa Cruz de Tenerife (11.3%), Murcia (11.2%) and Lleida (10.6%). Provinces with year-on-year decreases are: Córdoba (-0.01%), Ávila (-0.1%), Jaén (-0.2%), Soria (-0.3%), Teruel (-3.9%) and Cuenca (-5.3%).

As for prices, the Balearic Islands and Madrid have exceeded 4,000 euros per square metre. The two provinces with the highest prices are: the Balearic Islands is the most expensive province with 4,407 euros/m², followed by Madrid with 4,181 euros/m². On the other hand, the province with the price per square metre below 1,000 euros is Ciudad Real with 964 euros/m².

Top Reasons to Invest in Marbella Real Estate

admin | 12th August 2024 | Andalucía, Costa del Sol, Holiday homes, Málaga, Marbella, Property For Sale, Property Market, retire, Tourism
The Marbella lifestyle is one of a kind!

The Marbella lifestyle is one of a kind!

Marbella, a gem on Spain’s Costa del Sol, has long been a magnet for property investors and holidaymakers alike. Its allure stems from a combination of stunning landscapes, a vibrant lifestyle, and a promising investment climate. As of 2024, investing in Marbella real estate remains a highly attractive proposition. Here are the top reasons why:

1. Prime Location and Climate

Marbella’s location is one of its greatest assets. Nestled between the Sierra Blanca Mountains and the Mediterranean Sea, it offers breathtaking views and a unique microclimate. With an average of 320 sunny days per year, the climate is consistently warm and pleasant, making it a year-round destination for tourists and expatriates. This constant influx of visitors and residents supports a stable and lucrative real estate market.

2. Strong Rental Market

The demand for rental properties in Marbella is robust, driven by both short-term holiday rentals and long-term leases. Tourists flock to Marbella for its beaches, golf courses, and cultural events, creating a high demand for vacation rentals. Additionally, expatriates and retirees seeking a permanent or semi-permanent residence in a sunny, luxurious setting contribute to the demand for long-term rentals. This dual market ensures steady rental income for property owners.

3. Luxury Lifestyle and Amenities

Marbella is synonymous with luxury. It boasts world-class amenities, including high-end shopping centers, gourmet restaurants, and exclusive beach clubs. The famed Golden Mile, a stretch between Marbella and Puerto Banús, is lined with opulent villas and five-star hotels. The area’s sophisticated lifestyle attracts affluent buyers from around the globe, driving up property values and ensuring a high return on investment.

4. Excellent Infrastructure

Investing in Marbella means benefiting from its excellent infrastructure. The region is well-connected with the rest of Europe, thanks to Málaga-Costa del Sol Airport, which is just a 45-minute drive away. Marbella also has a modern road network, making it easy to travel to nearby cities and attractions. The presence of international schools, top-notch medical facilities, and efficient public services further enhances its appeal to expatriates and investors.

5. Cultural and Recreational Attractions

Marbella offers a rich blend of cultural and recreational activities. From historic sites like the old town (Casco Antiguo) with its charming narrow streets and ancient architecture to modern art galleries and music festivals, there is something for everyone. Outdoor enthusiasts can enjoy water sports, hiking in the nearby mountains, or playing on one of the many prestigious golf courses. These attractions not only enhance the quality of life but also keep the real estate market vibrant and in demand.

6. Stable and Growing Real Estate Market

The real estate market in Marbella has shown remarkable stability and growth. Despite global economic fluctuations, Marbella’s property market has remained resilient, often outperforming other European markets. The demand for luxury properties continues to rise, driven by both domestic and international buyers. With a well-regulated market and transparent legal processes, investors can have confidence in their investments.

7. Favorable Investment Conditions

Spain offers favorable conditions for real estate investors. The country has implemented various incentives, such as the Golden Visa program, which grants residency to non-EU investors who purchase properties worth over €500,000. This program has attracted numerous investors from around the world, contributing to the growth of the real estate sector in Marbella. Additionally, property taxes in Spain are relatively low compared to other European countries, enhancing the attractiveness of investing in Marbella.

8. Potential for Capital Appreciation

Marbella properties have a strong track record of capital appreciation. The demand for high-end real estate in prime locations continues to drive prices upward. Investors who purchase properties in sought-after areas, such as the Golden Mile, Sierra Blanca, or beachfront locations, can expect significant returns on their investments over time. Moreover, with the ongoing development of luxury projects and infrastructure improvements, the potential for future appreciation remains high.

9. Diverse Property Options

Marbella offers a diverse range of properties to suit different investment strategies. Whether you’re looking for a modern apartment with stunning sea views, a traditional Andalusian villa, or a luxurious penthouse, Marbella has it all. This diversity allows investors to find properties that align with their investment goals, be it for rental income, capital appreciation, or a combination of both.

10. Quality of Life

Ultimately, one of the most compelling reasons to invest in Marbella real estate is the exceptional quality of life it offers. The combination of a mild climate, beautiful natural surroundings, rich cultural heritage, and a luxurious lifestyle makes Marbella an ideal place to live or vacation. This high quality of life attracts affluent individuals and families, ensuring a steady demand for high-end properties and sustaining the overall health of the real estate market.

Conclusion

Investing in Marbella real estate in 2024 presents a compelling opportunity for both seasoned investors and those new to the market. With its prime location, strong rental market, luxurious lifestyle, and favorable investment conditions, Marbella stands out as a top destination for real estate investment. Whether you’re seeking stable rental income, capital appreciation, or simply a piece of paradise to call your own, Marbella has something to offer. As always, thorough research and professional advice are essential to making informed investment decisions, but the potential rewards make Marbella a highly attractive option in today’s real estate landscape.

Spanish Property News

Thank you for visiting the Marbella For Sale Property blog!

This is where you will find the latest news, facts and figures, and information relating to the Spanish property market, with the occasional property for sale!

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