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Price of Resale Property Increased in August

The average cost is 1,599 euros p/m²

The average cost is 1,599 Euros p/m²

The average price of resale property in Spain in August was 1,599 euros per square metre, according to the monthly report from pisos.com. This represents a decrease of 0.18% when compared to the previous month. On the annual variation prices actually increased by 3.66% when compared to August 2015.

Price variations across the country have stabilised over recent months with only slight price changes. According to Miguel Angel Alemany, CEO of pisos.com, the current situation will remain so long as supply and demand do not slow significantly.

“The supply of housing for sale continues to drain the current stock at an appropriate pace, while gradually increasing new construction to maintain a very active market”, says Alemany.

By Region

The most expensive regions in August were the Basque Country with an average price per square metre of 2,716€. The Balearic Islands followed with an average price of 2,165€ p/m². In Madrid the price was 2,050€ p/m².

The cheapest prices for resale property were found in Castilla-La Mancha with a cost of 933€ p/m². Extremadura and Murcia followed with costs of 1,116€ and 1,213€ p/m², respectively.

When looking at annual variations the largest change can be seen in the Balearic Islands where prices have increased 5.7% since August 2015. Next was the Canary Islands where prices have increased by 4.31%, while in Murcia the increase is 4.28%. The largest decreases where seen in Asturias, the Basque Country and Cantabria with prices falling 3.95%, 3.78% and 2.86%, respectively.

By Province and Provincial Capital

The most expensive province in August was Guipúzcoa with an average of 3,085 euros per square metre. Vizcaya was next with a cost of 2,698€ p/², while in Alava the average was 2,173€ p/m². The cheapest province was Cuenca with an average price per square metre of only 695€.

In terms of annual variation, we find the largest changes in Las Palmas where prices increased by 6.69%. Malaga saw prices increase by 5.49%. The most significant price falls were seen in Coruna and Zamora where prices fell by 6.81% and 6.10%, respectively.

When we look at the annual variations by provincial capital we find Palma de Mallorca at the top with an increase of 8.02%. In Barcelona the increase was 7.12%, while in Zaragoza resale property prices increased by 6.34%.

The largest annual decreases were recorded in Caceres (-9.90%), Palencia (-7,93%) and Toledo (-7.92%).

Looking at the capitals in terms of price we see the most expensive is Donostia-San Sebastián with an average cost per square metre of 4,020€. This was followed by Barcelona with a cost of 3,422€ p/m², and Bilbao with a cost of 2,952€ p/m². The cheapest capital was Avila with a cost of 1,000€ p/m².