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Year-on-Year House Price Increase in January

Year-on-year, house prices grew 1% in January
Year-on-year, house prices grew 1% in January

Year-on-year, house prices grew 1% in January

Second-hand house prices in Spain fell by -0.8% in January, when compared to the previous month. Year-on-year, the price increased by 1%, putting the average cost per square metre at 1,892 euros. This is the fifteenth consecutive year-on-year rise in house prices since November 2020.

The price of housing remains stable and starts 2022 with a very measured and healthy figure. We are 36% below the maximum price reached in 2007 and it is a factor that allows us to breathe easy knowing that this moves us even further away from a bubble. Even so, it seems that at the rate that the price of some municipalities in the most stressed provincial capitals begins to increase, which could lead to increases and upward variations in housing. However, if the real estate sector continues to channel demand and respond to this great interest in buying, the price may remain moderate“, explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

Fifteen communities presented negative monthly data in January. The price decreases were seen in: Region of Murcia with -0.9%, Catalonia with -0.9%, Andalusia with -0.9%, the Canary Islands with -0, 9%, Galicia with -0.7%, Extremadura with -0.4%, Valencia with -0.4%, Basque Country with -0.4%, Cantabria with -0.3%, Castilla-La Mancha with -0.3%, La Rioja with -0.2%, the Balearic Islands with -0.2%, Aragón with -0.1% Castilla y León with -0.1%. Asturias saw no change. On the other hand, the communities which saw house prices increase are: Navarra with 0.6% and Madrid with 0.4%.

Regarding the ranking of the price of second-hand housing in Autonomous Communities, Madrid and the Balearic Islands are found at the top, with prices of 3,137 euros/m² and 2,885 euros/m², respectively. They are followed by the Basque Country with 2,871 euros/m², Catalonia with 2,522 euros/m², Cantabria with 1,772 euros/m², the Canary Islands with 1,767 euros/m², Andalusia with 1,699 euros/m², Galicia with 1,618 euros/m², Navarra with 1,617 euros. /m², Aragón with 1,592 euros/m², Asturias with 1,565 euros/m², La Rioja with 1,480 euros/m², Castilla y León with 1,443 euros/m², Valencia with 1,442 euros/m², Extremadura with 1,137 euros/m², Region Murcia with 1,135 euros/m² and Castilla-La Mancha with 1,109 euros/m².

Prices by Province

In 74% of the 50 provinces analysed, the price of second-hand housing fell in the month of January. The provinces with the most significant decreases are: Cádiz with -2.2%, Cáceres with -2.2%, Lugo with -2.0%, Valladolid with -1.3%, Valencia with -1.1 %, Las Palmas with -1.0%, Seville with -1.0%, Girona with -1.0%, Murcia with -0.9% and Almería with -0.9%. On the other hand, the top three monthly increases correspond to the provinces of Cuenca with 2.0%, Burgos with 0.8% and Badajoz with 0.7%.

In terms of the price of second-hand Spanish homes for sale amongst the provinces, Madrid is the most expensive with 3,137 euros/m², followed by Gipuzkoa (3,115 euros/m²) and Barcelona (2,936 euros/m²), among others. The only two provinces with the price per square meter below 1,000 euros are Ciudad Real with 957 euros/m² and Toledo with 971 euros/m².

Provincial capitals

In 27 of the 50 provincial capitals (54%), the ten largest monthly increases correspond to the following cities: Teruel capital with 5.0%, Granada capital with 1.6%, Ávila capital with 1.3%, Burgos capital with 1.1%, Guadalajara capital with 1.0%, Huelva capital with 0.9%, Malaga capital with 0.8%, Cuenca capital with 0.8%, Lleida capital with 0.8% and León capital with 0.7%.

The ten capitals with the most significant monthly price falls are: Pontevedra capital with -1.6%, Valladolid capital with -1.5%, Murcia capital with -1.1%, Badajoz capital with -1.1%, Las Palmas de Gran Canaria with -1.1%, Lugo capital with -1.1%, Girona capital with -0.9%, Santa Cruz de Tenerife capital with -0.8%, Santander with -0.7% and Huesca capital with -0.7%.

Regarding prices, the most expensive provincial capital is Donostia-San Sebastián with 5,551 euros/m², followed by Barcelona capital (4,316 euros/m²), Madrid capital (3,923 euros/m²), Bilbao (3,417 euros/m²), Palma de Mallorca (3,119 euros/m²), Vitoria – Gasteiz (2,653 euros/m²), Cádiz (2,550 euros/m²) and Pamplona / Iruña capital (2,521 euros/m²). On the other hand, the cheapest provincial capital is Lleida capital with 1,199 euros per square meter.