Resale property prices rise 7.5 percent

The price of second-hand housing in Spain has risen 0.6% in January compared to December, but 7.5% in its interannual variation.

Thus, this price stands at 2,215 euro per m2, according to data from the Fotocasa Real Estate Index. This latest year-on-year value (7.5%) is 1.5 percentage points less than in January 2023 (9%).

The Director of Studies and spokesperson for Fotocasa, María Matos, explains that “the price of housing begins 2024 with a large growth, leaving behind the trend of moderation and confirming a new pace of acceleration. Significant increases in prices – of 2 digits – are detected in the main stressed communities.

If the prices of housing for sale are analysed compared to those of a year ago, 16 communities increased the year-on-year price in January. Unlike other months, in which increases of more than 10% occurred in 6 communities in January and they are the Canary Islands (23.7%), the Balearic Islands (15.2%), Madrid (12.7%), Murcia (11.1%), Valencian Community (11.0%) and La Rioja (10.5%). They are followed by the communities of Aragon (9.5%), Navarra (9.5%), Andalusia (9.0%), Cantabria (7.7%), the Basque Country (5.6%), Catalonia (4. 3%), Castilla-La Mancha (3.7%), Galicia (3.3%), Asturias (3.1%) and Castilla y León (1.6%).

Regarding the ranking of autonomous communities with the most expensive second-hand housing prices in Spain, there are the Balearic Islands and Madrid, with prices of 3,872 euro/m 2 and 3,852 euro/m 2, respectively. They are followed by the Basque Country with 3,087 euro/m 2, Catalonia with 2,771 euro/m 2, the Canary Islands with 2,450 euro/m 2, Navarra with 2,050 euro/m 2, Andalusia with 2,010 euro/m 2, Cantabria with 1,933 euro/m 2, Aragon with 1,768 euro/m 2, Valencian Community with 1,766 euro/m 2, Galicia with 1,713 euro/m 2, La Rioja with 1,695 euro/m 2, Asturias with 1,657 euro/m 2, Castilla y León with 1,480 euro/m 2, Murcia with 1,320 euro/m 2, Castilla-La Mancha with 1,202 euro/m 2 and Extremadura with 1,194 euro/m 2.

Provinces

In 88% of the 50 provinces analysed, the year-on-year price of housing increases in the month of January. In 12 provinces it exceeds 10%, specifically in Santa Cruz de Tenerife (28.7%), Málaga (19.9%), Las Palmas (15.7%), the Balearic Islands (15.2%), Tarragona (12.9%), Madrid (12.7%), Alicante (12.6%), Teruel (11.9%), Murcia (11.1%), La Rioja (10.5%), Girona (10 .3%) and Segovia (10.0%). On the other hand, the six provinces with interannual decreases are: Araba – Álava (-0.1%), Zamora (-0.3%), León (-0.5%), Ciudad Real (-1.1%), Jaén (-1.7%) and Badajoz (-3.6%).

Regarding prices, the Balearic Islands are the most expensive province with 3,872 euro/m 2, followed by Madrid (3,852 euro/m 2) and Gipuzkoa (3,482 euro/m 2), among others. On the other hand, the province with the price per square metre below 1,000 euro is Ciudad Real with 979 euro/m 2.

Provincial capitals

In 46 of the 50 provincial capitals (92%) with interannual variation, the price increases in January compared to the previous year. Fourteen of the capitals have an increase of more than 10% and they are: Teruel capital (21.8%), Santa Cruz de Tenerife capital (19.0%), Málaga capital (17.6%), Madrid capital (16.6 %), Valencia capital (15.7%), Alicante / Alacant (15.1%), Huelva capital (15.0%), Huesca capital (14.3%), Soria capital (13.6%), Palma from Mallorca (13.5%), Las Palmas de Gran Canaria (13.5%), Santander (12.4%), Murcia capital (11.8%) and Lleida capital (10.2%). On the other hand, the decreases are located in the capitals of Vitoria – Gasteiz (-0.4%), Zamora capital (-1.9%), Lugo capital (-2.5%) and Badajoz capital (-2.6 %).

Regarding prices, the most expensive provincial capital is Donostia – San Sebastián with 6,058 euro/m 2, followed by Madrid capital (4,955 euro/m 2), Barcelona capital (4,502 euro/m 2), Palma de Mallorca (4,099 euro/m 2), Bilbao (3,596 euro/m 2), Málaga capital (3,384 euro/m 2) and Pamplona / Iruña (3,028 euro/m 2). On the other hand, the cheapest provincial capital is Zamora capital with 1,269 euro per square metre.

Municipalities

The average price of second-hand housing increases in 84% of the 655 municipalities with interannual variation analysed by Fotocasa. In 53 (8%) of the municipalities the year-on-year value of housing rose above 20% and specifically in 8 of these municipalities it rose above 40% and they are: Torre-Pacheco (57.3%), San Miguel from Salinas (50.2%), Mutxamel (45.9%), Santiago del Teide (44.8%), Paiporta (42.4%), Cájar (42.0%), Benahavís (41.0%) and Casares (40.0%).

Regarding the price per square metre in January, we see that the order of the most expensive cities is: Eivissa with 6,747 euro/m 2 and Donostia – San Sebastián with 6,058 euro/m 2. On the other hand, the most economical municipalities are Malagón with 505 euro/m 2 and La Carolina with 636 euro/m 2.

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