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Second-Hand Housing Price Increase in Q1

Housing prices up 0.3% in Q1
Housing prices up 0.3% in Q1

Second-hand house prices up 0.3% in Q1

In the first three months of 2022, Spain has seen positive variations in the price of second-hand housing. The first quarter closed with a quarterly increase of 0.3%, and a year-on-year increase of 0.8%.This brings the average price of a second-hand home to 1,913 euros per square metre, according to data from Fotocasa.

Although the rise in prices will be the main trend in 2022, due to the fact that demand is at its highest and the stock continues to decline, we have been detecting for several months how the price of housing is moderating its rises, showing a downward trend and stabilization, due to the fact that the sector is being very agile in response to the great boom in changing homes. It is an evolution that is confirmed in the first quarter of the year and probably, the demand will also moderate due to the imminent rise in interest rates. However, in such a convulsive scenario, the forecasts will suffer alterations and, from the second half of the year, we could see increases in the price of housing if the investment focus increases in the face of the uncertainty caused by the war in Ukraine“, explained María Matos, spokesperson for Fotocasa.

Prices in Autonomous Communities

In the Autonomous Communities, this first quarter of 2022 is presented with nine quarterly and ten year-on-year increases. The community with the highest quarterly increase in the price of second-hand housing for sale is Navarra with 4.1%, followed by Madrid with 3.0%, Catalonia with 1.3%, the Balearic Islands with 0.8%, Asturias with 0.7%, Aragon with 0.3%, Andalucía with 0.3%, Valencia with 0.2% and País Vasco with 0.1%.

On the other hand, the most notable quarterly decreases were seen in the communities of La Rioja with -2.3%, Region of Murcia with -1.9%, Cantabria with -1.7%, Castilla y León with -1.3%, Castilla -La Mancha with -1.3%, Galicia with -1.3%, the Canary Islands with -0.5% and Extremadura with -0.4%.

Regarding the ranking of prices by communities, Madrid, which occupies the first place, is the only one that exceeds the barrier of 3,000 euros, specifically about 3,215 euros per square metre. They are followed by the communities of the Balearic Islands (2,914 euros/m²), the Basque Country (2,884 euros/m²) and Catalonia (2,577 euros/m²). On the other hand, housing prices per square meter in 13 autonomous communities do not exceed 2,000 euros: the Canary Islands (1,773 euros/m²), Cantabria (1,747 euros/m²), Andalucía (1,718 euros/m²), Navarra ( 1,674 euros/m²), Galicia (1,608 euros/m²), Aragon (1,598 euros/m²), Asturias (1,576 euros/m²), Valencian Community (1,450 euros/m²), La Rioja (1,448 euros/m²), Castile and León (1,425 euros/m²), Extremadura (1,137 euros/m²), Region of Murcia (1,123 euros/m²) and Castilla-La Mancha (1,098 euros/m²).

Prices by Province

In the provinces, this first quarter of 2022 is saw 27 quarterly falls and 27 year-on-year increases. The three provinces with the largest quarterly decreases are Palencia with -3.0%, Valladolid with -2.8% and Teruel with -2.8%. On the other hand, the three provinces with the highest quarterly increases are Navarra with 4.1%, Madrid with 3.0% and Malaga with 2.4%.

As for the price ranking by province, Gipuzkoa and Madrid are the only ones that exceed the barrier of 3,000 euros, specifically Gipuzkoa pays 3,215 euros and Madrid 3,147 euros per square metre. On the other hand, the two provinces that do not exceed 1,000 euros are Ciudad Real and Toledo with 950 euros/m2 and 955 euros/m2, respectively.