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Price of Used Housing Increased in November

Madrid is most expensive community for housing
Madrid is the community with the highest house prices

Madrid has the most expensive housing

Used house prices in Spain increased by 1% when compared to the previous month to reach an average price of 1,877 euros p/m². The annual variation of +0.7% is the first monthly interannual increase following 11 months of year-on-year drops (since December 2019).

“The market for housing for sale has been very dynamic and agile since the end of the national state of alarm. If during this year 2020 we have been registering year-on-year falls close to -2%, as a result of this dynamism, the price of second-hand housing has finally risen slightly. This is telling us that, for the moment, owners are not lowering prices due to the coronavirus crisis. In fact, a report recently presented by Fotocasa showed that the intention to buy a home has risen four points since before the pandemic: it has gone from 39% in February to 43% today,” explained Anaïs López, Communication Director at fotocasa.

Autonomous Communities

Twelve of Spain’s autonomous communities presented positive monthly data in November 2020. Four communities showing increases above 1% are: Catalonia (2.8%), Aragon (2.1%), Extremadura (1.8%), and La Rioja (1.1%). On the other hand, the communities that saw falls in the price of second-hand housing in November are: Castilla-La Mancha (-2.7%), Navarra (-2.5%), Madrid (-0.6%), the Canary Islands (-0.4%) and the Basque Country (-0.4%).

Looking at the ranking of Autonomous Communities (CC.AA.) by price, the most expensive second-hand housing in Spain in November was found in Madrid and the Basque Country, with prices of 3,046 euros p/m² and 2,877 euros p/m², respectively . They are followed by the Balearic Islands (2,805 euros p/m²), Catalonia (2,499 euros p/m²), the Canary Islands (1,744 euros p/m²), Cantabria (1,740 euros p/m²), Navarra (1,699 euros p/m²), Andalusia (1,648 euros p/m², +0.4% monthly variation, +0.2% annual variation), Galicia (1,577 euros p/m²), Asturias (1,576 euros p/m²), Aragon (1,557 euros p/m²), Valencian Community (1,434 euros p/m²), Castilla y León (1,420 euros p/m²), La Rioja (1,414 euros p/m²), Region of Murcia (1,164 euros p/m²), Castilla-Extremadura (1,149 euros p/m²) and La Mancha (1,113 euros p/m²).

Provinces of Spain

In 65% of the 52 provinces analysed, the price of second-hand homes increased in November. The provinces with the top ten increases in the ranking are: Zaragoza (3.8%), Segovia (3.1%), Cáceres (2.2%), Barcelona (2.1%), Badajoz (1.6%), Castellón (1.6%), Las Palmas (1.5%), Granada (1.5%), Lugo (1.4%) and A Coruña (1.4%). On the other hand, the ten largest monthly falls are: Toledo (-8.5%), Huesca (-7.3%), Palencia (-4.3%), Navarra (-2.5%), Santa Cruz de Tenerife (2.2-%), Ciudad Real (-2.1%), Teruel (-2%), Guadalajara (-2%), Araba – Álava (-1.7%) and Ceuta (-1.6 %).

Regarding prices, Gipuzkoa is the most expensive province with 3,207 euros p/m², followed by Madrid (3,046 euros p/m²) and Barcelona (2,991 euros p/m²), among others. The provinces with a price per square meter below 1,000 euros are Toledo with 961 euros p/m² and Ciudad Real with 969 euros p/m².

Provinces capitals

In 30 of the 50 provincial capitals (60%), the price fell in November compared to the previous month. The ten largest monthly decreases correspond to the following cities: Palencia capital (-5.8%), Toledo capital (-3.5%), Huesca capital (-2.3%), Alicante / Alacant (-1.3% ), Vitoria – Gasteiz (-1.3%), Albacete capital (-1.1%), Ávila capital (-1%), Cuenca capital (-1%), Santander (-0.9%) and Burgos capital (-0.8%).

The ten provincial capitals with the highest increases in house prices are: Teruel capital (2.1%), Zaragoza capital (1.9%), Lugo capital (1.8%), Murcia capital (1.6%), Cáceres capital (1.3%), Soria capital (1.2%), Segovia capital (1%), Huelva capital (0.9%), Pontevedra capital (0.9%) and Granada capital (0.9%).

Regarding second-hand house prices, the most expensive provincial capital is Donostia – San Sebastián with 5,512 euros p/m², followed by Barcelona capital (4,429 euros p/m²), Madrid capital (3,842 euros p/m²), Bilbao (3,385 euros p/m²), Palma de Mallorca (2,990 euros p/m²), Vitoria – Gasteiz (2,516 euros p/m²), Cádiz capital (2,430 euros p/m²) and Pamplona / Iruña (2,390 euros p/m²).