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Used Property Prices Increase in November

Used property prices up 2.75% year-on-year
second-hand housing prices up 2.75% year-on-year

Used property prices up 2.75% year-on-year

The average price of second-hand housing in Spain stood at 1,706 euros per square metre in November 2019. The figure represents a monthly variation of -0.27% when compared to October. With respect to November 2018, the variation is +2.75%, according to data from In November last year the average cost per square metre stood at 1,660 euros.

“The upward trend in house prices has reduced its intensity,” says Ferran Font, director of studies at pisos .com. Furthermore, he points out that the “bulky peaks” which were seen in some local markets are gone, being replaced with more moderate growth. For Font, this slowdown is marked by a contraction in the number of sales. He also went on to say that prices are still high for first-time buyers who, although solvent, are having difficulties covering the amount above their savings.

Regarding new constructions, Font admits that “the pace at which new promotions are coming to the market is still slow. This shortage means the new products sell fast and at prices very close to the maximum, which in turn gives no space for the pressure on second-hand properties to ease.”

Balearic Islands Most Expensive Community

The most expensive autonomous community for second-hand housing for sale in November was the Balearic Islands, where the average cost per square metre has reached 3,144 euros. Next were the Basque Country (€2,696 p/m²) and Madrid (€2,652 p/m²). The average cost per square metre in Andalusia reached 1,646 euros, a little below the national average.

The cheapest communities for second-hand housing were Castilla-La Mancha (€886 p/m²), Extremadura (€997 p/m²) and Murcia (€1,131 p/m²).

Interannually, the most striking rebounds occurred in Madrid (6.10%), the Balearic Islands (6.02%) and the Canary Islands (5.26%), while in Andalusia prices increased by 3.21%. The most intense negative adjustments were seen in La Rioja (-5.07%), Cantabria (-2.29%) and Asturias (-2.06%).

Prices by Province

The most significant increases from one year to the next were located in Álava (7.16%), Albacete (6.64%) and Madrid (6.10%). The steepest declines were recorded in Zamora (-13.26%), Toledo (-7.97%) and Lugo (-7.52%).

In the ranking of the provinces by price, the first position in November 2019 was for the Balearic Islands, with 3,144 euros per square meter. It was followed by Guipúzcoa (€3,115 p/m²) and Vizcaya (€2,667 p/m²). On the opposite side was Cuenca, which closed the month with 719 euros per square meter. Other economic provinces were Ciudad Real (€768 p/m²) and Toledo (€791 p/m²).

As for the provincial capitals, the most intense increases compared to November 2018 occurred in Madrid (14.38%), Girona (11.51%) and Pontevedra (11.35%). Those that fell the most were Logroño (-14.84%), Zamora (-14.48%) and Toledo (-8.93%).

Ordering the provincial capitals by price, Donostia-San Sebastián was the most expensive, with 4,866 euros per square meter. It was followed by Barcelona (€4,487 p/m²) and Madrid (€3,952 p/m²). The capital of Ávila was the most affordable with 1,036 euros per square meter. Other cheap provincial capitals were Ciudad Real (€1,099 p/m²) and Cuenca (€1,121 p/m²).