Second-hand house prices in Spain increased 2.7% during the second quarter of 2018. This rise puts the average cost of a square metre at 1,644 euros, according to the latest figures from idealista.
Looking at the annual variation, the increase is 7%. Madrid, Barcelona and the Islands lead the ranking.
“The recovery of the economy and employment act as engines of the sector. It is inevitable to continue talking about two speeds, but practically the whole country has rising prices. This price data is accompanied by increases in both the number of purchases and the granting of mortgages. But unlike what happened in other cycles of bullish prices, the granting of loans on this occasion has had nothing to do with the increases”, says Fernando Encinar, head of studies at idealista.
Four autonomous communities have seen house prices fall during the spring: the largest decrease being in Extremadura, where owners are now asking for 1.2% less than they were three months ago. Castilla-La Mancha saw prices fall by 0.8%, in Cantabria prices fell 0.3% and in Asturias prices fell by 0.2%.
In all other communities, prices increased. Madrid saw the biggest increase (+7.3%). The Canary Islands saw prices rise by 5.3%, while in Catalonia the increase was 4.2%. Also significant were increases of 3.6% in La Rioja, and 2.5% in Andalucía.
Madrid remains as the most expensive autonomy with an average price per square metre of 2,868 euros. They are followed by the Balearic Islands (2,653 euros/m²), Euskadi (2,528 euros/m²) and Catalonia (2,236 euros/m²).
The cheapest communities were Castilla-La Mancha (906 euros/m²), Extremadura (920 euros/m²) and Murcia (1,027 euros/m²).
28 provinces experienced price increases for second-hand property during the second quarter. The increases were most significant in Madrid (+7.3%), Las Palmas (+6.4%) and Barcelona (+5.2%). They were followed by Santa Cruz de Tenerife (4.4%), Malaga (4%) and La Rioja (3.6%).
The biggest provincial decreases were seen in Ávila (-4.4%), Zamora (-3.6%) and Lleida (-2.4%).
The ranking of the most expensive provinces is headed by the provinces of Madrid and Barcelona, with 2,868 euros/m² and 2,787 euros/m² respectively. The next most expensive provinces were Guipúzcoa (2,783 euros/m²) and the Balearic Islands (2,653 euros/m²).
Ávila is the cheapest province (786 euros/m²), followed by Toledo (789 euros/m²) and Ciudad Real (846 euros/m²).