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Second-Hand Housing Prices Up in Q1

House prices continue to rise
House prices continue to rise

Prices up almost 10% compared to Q1 last year

As the first quarter of 2019 has flown by in the blink of an eye, the price of housing has risen by 1.68%, when compared to the previous quarter.

In March, the average price of second-hand housing stood at 1,700 euros per square metre. When compared to Q1 in 2018, the increase is more significant at 9.32%. Despite this, the average price recorded a monthly fall of 1 euro, falling from 1,701 euros in February.

According to Ferran Font, director of studies at pisos.com, prices are continuing to move moderately, with current political scenarios making it more difficult to make accurate forecasts. “The market is waiting for the electoral promises of the parties from their campaign and possible modifications to decrees.” Font suggests that this uncertainty is paralysing the market both for professionals and individuals. “Certain agents of the sector will delay investments or projects, while buyers will avoid rushing and will take longer over important buying decisions, such as buying a home or moving to another rental property.”

Autonomous Communities

In the first quarter of this year, the greatest increases occurred in Valencia (4.70%), Murcia (4.33%) and Castilla-La Mancha (4.05%). Prices in Andalucia increased by 1.99% to reach an average of 1,646 euros per square metre. The most significant decreases were seen in Navarra (-3.74%), Cantabria (-1.75%) and Canarias (-0.56%).

When compared to March 2018, the most significant price rises came from the Canary Islands (21.91%), Madrid (20.60%) and the Balearic Islands (20.14%). The largest falls were seen in La Rioja (-6.93%), Cantabria (-4.45%) and Murcia (-2.91%).

The most expensive region in March 2019 was the Balearic Islands (€2,922 p/m²) and the cheapest in Castilla-La Mancha (€913 p/m²).

Provinces

The largest quarterly increases occurred in Albacete (5.97%), León (4.85%) and Murcia (4.33%), while the biggest falls occurred in Lugo (-6.68%), Cuenca (-6%) and Zamora (-5.69%).

Year-on-year, Santa Cruz de Tenerife (24.15%), Barcelona (22.64%) and Madrid (20.60%) led the increases. Meanwhile, the biggest annual falls were in Lugo (-12.10%), La Rioja (-6.93%) and Zamora (-5.58%).

The most expensive province was Guipúzcoa (€3,223 p/m²) and the cheapest was Cuenca (€705 p/m²).

Provincial Capitals

Compared to the previous quarter, Madrid (9.75%), Tarragona (6.50%) and Pontevedra (6.45%) saw the largest increases in the price of second-hand homes. The most intense falls were in Zamora (-8.48%), Toledo (-8.47%) and Logroño (-4.20%).

Annually, Donostia-San Sebastián (28.75%), Girona (27.89%) and La Palmas de Gran Canarias (26.36%) were the capitals that increased their prices the most. Logroño (-9.95%), Zamora (-9.55%) and Segovia (-3.17%) were the ones that fell the most.

The most expensive capital was Donostia-San Sebastián (€4,797 p/m²) and the cheapest Avila (€976 p/m²).