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Resale property prices in Spain have set a new record

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The real estate portal Idealista provided statistics for May 2024, covering autonomous communities, provinces, and major cities in Spain.

What has happened?

According to the data from the Idealista portal, the average price of resale housing in Spain has reached €2,120 per square meter in May 2024. This represents a 1% increase compared to the previous month and a 7.3% increase compared to the same period last year. This figure has surpassed the previous record set in June 2007.

Autonomous communities

In all of Spain's autonomous communities, resale housing prices are on the rise. The Balearic Islands are leading the growth with an increase of 1.6%, followed by Navarre (+1.4%), Andalusia (+1.2%), Valencian Community (+1.2%), Madrid Community (+1. 1%), Extremadura (+1.1%), Catalonia (+1.1%) and Galicia (+1%).

The Balearic Islands (€4,322 per sq.m.) remain the most expensive region, followed by the Community of Madrid (€3,406), Basque Country (€2,926), Canary Islands (€2,572) and Catalonia (€2 403). On the other hand, Castile-La Mancha (€936), Extremadura (€996) and Castile y Leon (€1,189) are the most affordable.

Provinces

In 40 provinces across Spain, housing prices from owners have risen compared to the previous month. The largest increase in sellers' expectations was observed in Soria (+3.8%), followed by the Balearic Islands (+1.6%), Caceres (+1.6%), Malaga (+1.5%), Navarra, Lugo, Alicante and Pontevedra (+1.4% in all four cases). The most significant price drops occurred in Huesca (-1.8%), followed by Leon (-1%), Jaén (-0.8%) and Burgos (-0.6%).

The Balearic Islands are recognized as the most expensive province to buy a home (€4,322 per sq.m.), surpassing Gipuzcoa (€3,605). They are followed by Madrid (€3,406), Malaga (€3,226), Vizcaya (€2,801) and Barcelona (€2,714). Ciudad Real is the cheapest province with a price of €752 per square meter. It is followed by Jaen (€837) and Cuenca (€853).

Major cities

In major urban markets, prices have increased in Alicante (+1.8%), Madrid (+1.7%), Valencia (+1.5%), Barcelona (+1.2%), Seville (+0.7%), San Sebastian (+0.6%) and Bilbao (+0.1%), in addition to Malaga and Palma. As a result, the average price in Madrid has reached €4,473 per sq.m., and in Barcelona - €4,417 per sq.m.

San Sebastian remains the most expensive city in Spain with a price of €5,557 per sq.m. On the other hand, Zamora is the cheapest city with a price of €1,151 per sq.m., followed by Jaén (€1,166) and Lleida (€1,232).

Please read also: Spanish real estate market: the prices soar, mortgage activity revives, and foreigners keep pace

Source: Idealista

Photo by Alberto Gasco on Unsplash

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