Used property prices fell by 1.8% in October
Used property prices fell in Spain showing a decrease of 1.8% during October, to stand at an average of 1,562 euros per square metre. Only seven provinces saw prices increase with Madrid leading with a small increase of just under 1%. The national year-on-year variation was +3.2%, according to data from idealista.
Autonomous Communities
Second-hand property prices increased in only 2 communities: Madrid (+0.9%) and the Balearic Islands (+0.8%). In all other autonomous communities prices fell during October. Murcia saw the largest fall in prices with a drop of 3.8%. Castilla La Mancha was next with a reduction in prices of 3.4%. Valencia, La Rioja, Andalucía and Catalonia also suffered significant falls of -3.1%, -2.9%, -2.6% and -1.5%, respectively.
Euskadi remains as the most expensive autonomy with an average price per square metre of 2,505 euros. Madrid is the second most expensive with a price of 2,502 euros per square metre, and the Balearic Islands with 2,401 euros/m².
The most economical community is Castilla La Mancha with an average price of 902 euros/m². Extremadura and Murcia are the next most economical with prices of 939 and 1,017 euros per square metre.
Provinces
Only 7 of Spain’s provinces registered higher prices than in the previous month. The greatest increases were in Madrid and Salamanca (+0.9% in both), followed by the Balearic Islands (0.8%), Las Palmas (0.6%), Malaga (0.3%), Vizcaya and Cáceres (both with 0.2%).
The biggest falls, however, occurred in Toledo and Almeria, where owners ask for 5.9% less for their homes than in September. There were also falls in Soria (-5.6%) and Castellón (-5.1%).
The ranking of the most expensive provinces remains as in the previous month, led by the Basque provinces of Guipúzcoa and Vizcaya, with 2,716 euros/m² and 2,586 euros/m², respectively. After them are Madrid (2,502 euros/m²) and Barcelona (2,437 euros/m²).
Toledo is the most economical province with a price of 783 euros per square meter. Ávila is the next cheapest with 830 euros/m², then comes Ciudad Real with 853 euros/m².
Capitals
During October the number of capitals to experience second-hand property price increases was 13. The most pronounced rise was seen in Palma where asking prices grew by 2.2%. In Cuenca, the increase was 1.9%, while in Madrid prices grew by 1.6%. In Malaga, the increase was 1.5% to stand at 1,876 euros/m², while in Las Palmas de Gran Canaria it was 1.3%. Soria has the biggest drop this month (-6.9%), followed by Lleida (-6.1%), Huesca (-5.5%), Almeria (-4.1%) and Castellón (-3.3%).
Barcelona is still the most expensive city in Spain. The average price in the city is 4,333 euros/m², followed by San Sebastián (3,924 euros/m²) and Madrid (3,212 euros/m²). Lleida is the most economical city with an average price of 890 euros/m², followed by Ávila (964 euros/m²) and Castellón de la Plana (991 euros/m²).
