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Price of Second-Hand Homes Up in May

Prices fell 2.1% in Barcelona in May
Price of a second-hand home fell 2.1% in Barcelona in May

Prices fell 2.1% in Barcelona in May

Despite the state of alarm and the lockdown measures in Spain, the price of a second-hand home increased by 1.3% in May, when compared to April. The year-on-year variation is -1.1%. The change puts the average price per square metre at 1,878 euros, according to figures from the fotocasa real estate index.

Prices by Autonomous Communities

Fourteen autonomous communities recorded price rises in May. The biggest increase was seen in Castilla-La Mancha where prices rose 3.8%. Other communities to see increases were Navarra (3.7%), Galicia (3%), Region of Murcia (2.9%), the Balearic Islands (2.4%), Andalusia (2%), Extremadura (1.1%), the Canary Islands (1.1%), Asturias (1.1%), Valencian Community (0.7%), La Rioja (0.5%), Castilla y León (0.4%), País Vasco (0.1%) and Aragón (0.1%).

The three communities to see home prices fall in May were Madrid (-1.4%), Catalonia (-0.9%) and Cantabria (-0.1%).

The most expensive second-hand housing in Spain is found in Madrid and the Basque Country, with prices of 3,079 euros/m² and 2,812 euros/m², respectively. They are followed by the Balearic Islands with 2,757 euros/m², Catalonia with 2,470 euros/m², the Canary Islands with 1,792 euros/m², Navarra with 1,740 euros/m², Cantabria with 1,712 euros/m², Andalusia with 1,644 euros/m², Aragon with 1,585 euros/m², Asturias with 1,584 euros/m², Galicia with 1,576 euros/m², Castilla y León with 1,445 euros/m², Valencia with 1,441 euros/m², La Rioja with 1,400 euros/m², Region of Murcia with 1,170 euros/m², Castilla-La Mancha with 1,124 euros/m² and Extremadura with 1,120 euros/m².

Price Increases in Over Half of Provinces

In 39 (78%) of the 50 provinces the cost of a second-hand home increased in May. The provinces with the most significant increases are: Almería (6.2%), Albacete (5.3%), Lugo (4.8%), Navarra (3.7%), Huelva (3.7%), Pontevedra (3.2%), Murcia (2.9%), Guadalajara (2.5%), Soria (2.5%) and the Balearic Islands (2.4%). The provinces to see the largest monthly price falls were Huesca (-4.9%), Barcelona (-2.1%) and Araba – Álava (-1.8%).

Regarding prices across the provinces, Madrid is the most expensive with an average cost of 3,079 euros/m², followed by Gipuzkoa (3,027 euros/m²) and Barcelona (3,013 euros/m²), among others. There are only two provinces with the price per square meter below 1,000 euros. They are: Toledo with 977 euros/m² and Ciudad Real with 992 euros/m².