The average price of second-hand housing in Spain reached 1,984 euros per square meter in December 2022. This figure represents an increase of 5.63% compared to the same month of 2021. Compared to September 2022, the increase was 1.14%. Half-yearly, the rise reached 2.99%. Compared to November 2022, the increase was 0.94%, since the average price in November 2022 stood at 1,966 euros per square meter.
“We put an end to a year in which used housing in Spain has become more expensive, but with year-on-year percentage increases that have moved between 3% and 6%, far removed from the peaks of inflation, even double digits last summer, which were seen across the economy in general“, said Ferran Font, director of Studies at pisos.com. Font considers that throughout 2022, “trading has behaved excellently, and its extraordinary dynamism has only been cut short in recent months by increases in interest rates and, consequently, a drop in mortgage loans, as well as by society’s tendency to contain spending at times of inflation“.
Font also suggests that “this inclination to save during economic turbulence will delay purchase decisions, which will help to moderate prices.” Still, Font is ruling out any sharp declines in sales saying: “In the big cities, stability will reign, since new construction is scarce and second-hand stock picks up the tension that this market is experiencing. There will be those who go looking for opportunities outside the urban centres, in places where there is more supply and less pressure from demand“.
The Balearic Islands (14.30%), Andalusia (7.86%) and the Valencian Community (7.70%) were the autonomies that saw prices grow the most during 2022. In terms of annual falls, Extremadura (-0.52%) led the group. The most pronounced monthly rise came from La Rioja (2.62%), while the most marked decrease in second hand property for sale was registered by Extremadura (-0.32%). The most expensive region in December 2022 was the Balearic Islands (€3,794/m²), and the cheapest was Extremadura (€809/m²).
The most intense year-on-year increases occurred in the Balearic Islands (14.30%), Málaga (13.30%) and Alicante (12.75%), with the most marked decreases being located in León (-5.37%), Lleida (-5%) and Palencia (-3.83%). Compared to November, the most striking increase was seen in Alicante (3.04%). Looking at monthly falls, Albacete stood out with a drop of -2.09%. The most expensive province was the Balearic Islands (€3,794/m²) and the cheapest was Ciudad Real (€631/m²).
Compared to December 2021, the capitals that saw housing prices increase the most were Alicante (16.47%), Ávila (15.93%) and Palma de Mallorca (15.83%). Those that fell the most were Huesca (-19.11%), Palencia (-4.93%) and Jaén (-3.46%). On a monthly basis, Palma de Mallorca (3.01%) showed the most significant rise, with the fall in Soria (-2.57%) serving as a counterpoint. The most expensive capital was Donostia-San Sebastián (€5,679/m²) and the most affordable was Jaén (€1,055/m²).