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Second-Hand Property Prices Up in January

Madrid and Basque Country are most expensive
Madrid and Basque Country are most expensive

Madrid and Basque Country are most expensive

In Spain, the monthly variation in the price of second-hand housing decreased by -0.1% in January. The year-on-year variation increased by 1.8%, bringing the average price to 1,874 euros/m², according to data from the Fotocasa. This last value is the third year-on-year rise in house prices after 11 months of year-on-year falls (from December 2019 to October 2020).

The price of second-hand housing in the month of January continued the upward trend, year-on-year, and there are already three consecutive months in which the price has registered year-on-year increases. This shows that there is currently great interest in buying a home and, for now, owners are not having to lower prices as a result of the coronavirus. Although it is true that this trend varies according to the area and in large cities such as Madrid or Barcelona, we are already beginning to see small year-on-year price drops“, explains Anaïs López, Fotocasa’s Communication Director.

In Spain, nine autonomous communities recorded positive monthly variations in January 2021. The increases occurred in: the Balearic Islands (1.1%), Extremadura (0.8%), Asturias (0.6%), the Canary Islands (0.4%), La Rioja (0.4%), Madrid (0.3%), Castilla y León (0.1%), Aragon (0.1%) and Catalonia (0.1%).

The communities that saw a fall in the price of housing in January are: Región de Murcia (-1.6%), Navarra (-0.9%), Valencia (-0.5%), Cantabria (-0.5%), Andalusia (-0.4%), Basque Country (-0.4%), Galicia (-0.3%) and Castilla-La Mancha (-0.05%).

Regarding the ranking of Autonomous Communities (CC.AA.) by average price of second-hand housing in January, we find Madrid and the Basque Country are the two most expensive, with prices of 3,068 euros/m² and 2,880 euros/m², respectively. They are followed by the Balearic Islands with 2,825 euros/m², Catalonia with 2,483 euros/m², the Canary Islands with 1,773 euros/m², Cantabria with 1,736 euros/m², Navarra with 1,675 euros/m², Andalusia with 1,643 euros/m², Asturias with 1,585 euros/m². m², Galicia with 1,583 euros/m², Aragon with 1,545 euros/m², Castilla y León with 1,433 euros/m², Valencian Community with 1,429 euros/m², La Rioja with 1,412 euros/m², Extremadura with 1,178 euros/m², Region of Murcia with 1,139 euros/m² and Castilla-La Mancha with 1,127 euros/m².

Provinces of Spain

In 54% of the 50 provinces analysed, second-hand property prices increased in January. The provinces with the first ten increases in the ranking are: Toledo (2.0%), Araba – Álava (1.4%), Huesca (1.2%), Teruel (1.2%), the Balearic Islands (1.1%), Cádiz (1.1%), Lleida (1.0%), Cáceres (0.8%), Almería (0.7%) and Badajoz (0.7%).

The ten largest monthly decreases were seen in: Guadalajara (-1.7%), Murcia (-1.6%), Lugo (-1.4%), Palencia (-1.1%), Granada (-1.0%), Valencia (-1.0%), Navarra (-0.9%), A Coruña (-0.7%), Valladolid (-0.7%) and Ciudad Real (-0.6 %).

Regarding prices, Gipuzkoa is the most expensive province with 3,244 euros/m², followed by Madrid (3,068 euros/m²) and Barcelona (2,973 euros/m²), among others. On the other hand, the provinces with an average price per square meter below 1,000 euros are Ciudad Real with 966 euros/m² and Toledo with 979 euros/m².