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Sale and Rental Prices Increase in April

admin | 15th May 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Rental Property, Renting, Spain

Cost of buying and renting in Spain increased in April

Cost of buying and renting increased in April

Second hand house prices in Spain reached 2,269 euros p/m² in April having increased by 0.4% when compared to March. When compared to April in the previous year, the price increase is 7.4%.

“The evolution of the price of second-hand housing continues to rise sharply and with a stable trend for five months, coinciding with high interest rates. Currently, demand at maximums and supply at minimums creates great tension in the cost of housing. Furthermore, the forecast of interest rate de-escalation in the second half of the year will further fuel demand, so it is likely that the price will continue with the upward trend,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Variations in Autonomous Communities

16 communities saw prices increase in April. Those with an increase of more than 10% included the Canary Islands (23.4%), Madrid (17.7%), Valencian Community (12.8%), Region of Murcia (10.9%), and Andalusia (10.4%). Other notable increases included the Balearic Islands (9.5%), Cantabria (6.4%), the Basque Country (6.2%), Castilla-La Mancha (5.9%), Galicia (5.3%), Asturias (5.3%), La Rioja (3.9%), Aragon (3.5%), Castilla y León (3.5%), Navarra (3.1%) and Catalonia (2.3%). The only community to see prices fall was Extremadura (-0.3%).

The most expensive second-hand housing prices in Spain is to be found in Madrid and the Balearic Islands with prices of 4,046€ p/m² and 4,015€ p/m², respectively. They are followed by the Basque Country (3,142€ p/m²), Catalonia (2,790€ p/m²), the Canary Islands (2,564€ p/m²), Andalusia (2,092€ p/m²), Navarra (2,031€ p/m²), Cantabria (1,966€ p/m²), Valencian Community (1,835€ p/m²), Galicia (1,756€ p/m²), Aragón (1,720€ p/m²), Asturias (1,679€ p/m²), La Rioja (1,653€ p/m²), Castilla y León (1,504€ p/m²), Region of Murcia (1,341€ p/m²) , Castilla-La Mancha (1,217€ p/m²) and Extremadura (1,212€ p/m²).

Provinces

In 90% of the provinces, the year-on-year price of housing for sale in Spain increased in April. In 11 provinces the increase exceeded 10%, specifically in Santa Cruz de Tenerife (31.3%), Málaga (20.7%), Soria (18.5%), Madrid (17.7%), Alicante (15.3%), Granada (13.5%), Guadalajara (12.1%), Las Palmas (11.7%), Valladolid (11.6%), Murcia (10.9%) and Lleida (10.1%). The five provinces with interannual decreases are: Cuenca (-2.1%), Badajoz (-2.1%), Jaén (-1.6%), Araba – Álava (-1.1%) and Ourense (-0.6%).

Regarding prices, Madrid and the Balearic Islands have exceeded 4,000 euros per square meter. The three provinces with the highest price are: Madrid (4,046€ p/m²), followed by the Balearic Islands (4,015€ p/m²) and Gipuzkoa (3,571€ p/m²), among others. The provinces with a price per square meter below 1,000 euros are Ciudad Real with 969€ p/m² and Jaén with 999€ p/m².

Rental Costs Up 5.2%

Although the price of rental housing fell slightly (-0.5%) in April, when compared to March, when we compare to a year ago the average price per square meter is up 5.2%, bringing it to 12.30€ p/m². However, we must note that the monthly fall is the sixth detected in the last 12 months.

“The price of renting continues to rise strongly and at a significant rate despite the measures approved in the housing law that is about to complete one year in force. The rental market is suffering from a major supply crisis and insecurity, which is pushing the price upwards. Currently, 11 of the 17 autonomous communities set a price record, and the average cost of a rental is close to 1,000 in Spain. Increases of double digits in several provincial capitals show that rent is going through one of its worst moments for the accessibility of tenants,” comments María Matos.

Renting by Community

If we analyse the price of Spanish property for rent compared to a year ago, we see that all communities increase the year-on-year price in April. Double-digit increases were seen in ten communities: Asturias (16.5%), Castilla-La Mancha (13.1%), the Canary Islands (12.1%), the Region of Murcia (11.8%), the Balearic Islands (11.8%), Madrid (11.7%), Cantabria (10.7%), Galicia (10.5%), Valencian Community (10.3%) and the Basque Country (10.1%). They are followed by the regions of Castilla y León (9.9%), Andalusia (7.9%), La Rioja (7.2%), Extremadura (7.1%), Navarra (6.9%), Catalonia (6.9%) and Aragon (5.8%).

In April 2024, eleven communities exceeded their maximum rental prices per square meter per month, setting new records. The areas of Spain with the highest monthly rental prices in the entire historical series are: Asturias (€10.02 p/m²), the Canary Islands (€13.76 p/m²), the Region of Murcia (€9.07 p/m²), Balearic Islands (€18.14 p/m²), Madrid (€18.33 p/m²), Galicia (€9.05 p/m²), Valencian Community (€12.15 p/m²), Basque Country (€15.41 p/m²), Castilla y León (€9.01 p/m²), Navarra (€11.75 p/m²) and Catalonia (€16.71/m2).

Regarding the ranking of Autonomous Communities (CC.AA.) with the most expensive rental prices in Spain, in the first places are Madrid and the Balearic Islands, with prices of €18.33 p/m² per month and €18.14 p/m² per month, respectively. Following are seven more communities with prices higher than €10.00 p/m² per month and they are: Madrid (€18.33 p/m²), Balearic Islands (€18.14 p/m²), Catalonia (€16.71 p/m².), Basque Country (€15.41 p/m²), Canary Islands (€13.76 p/m²), Cantabria (€12.57 p/m²), Valencian Community (€12.15 p/m²), Navarra (€11.75 p/m²), Andalusia (€10.40 p/m²), and Asturias (€10.02 p/m²).

Renting by Province

In 45 of the 49 provinces, the year-on-year price of rental housing increased in April 2024, except for Córdoba, Guadalajara, Jaén and Huelva. Increases of more than 10% were seen in 21 provinces.

The order of the provinces with interannual increases greater than 10% are: Cáceres (22.4%), Ávila (21.4%), Girona (17.7%), Asturias (16.5%), Santa Cruz de Tenerife (15.6%), Segovia (14.6%), Pontevedra (14.2%), Ciudad Real (13.6%), Valencia (13.4%), Murcia (11.8%), the Balearic Islands (11.8%), Barcelona (11.7%), Madrid (11.7%), Valladolid (11.3%), Zamora (11.2%), Cádiz (11.1%), Lugo (11.0%), Huesca (10.8%), Cantabria (10.7%), Seville (10.2%) and Castellón (10.1%).

Regarding prices, 20 provinces exceed 10.00 euros per square meter per month. The three most expensive provinces are Barcelona with €18.86 p/m², followed by Madrid with €18.33 p/m² and the Balearic Islands with €18.14 p/m².

2024 First Quarter Positive for Property Market

admin | 16th April 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Rental Property, Renting, Spain, Statistics/Figures

Prices for sale and rental property increased in Q1

Prices to buy and rent increased in Q1

The first quarterly figures for property sales in Spain show an increase in the price of second-hand housing of 2.5%, and an annual increase of 7.4%. This brings the average cost per square metre to 2,259 euros.

“Home purchases in Spain continue to go through a period of high demand while waiting for a possible drop in interest rates. There is a large gap in demand with respect to supply, which causes price tensions. In fact, the large year-on-year growth indicates a warming of the price rather than a trend towards moderation. As long as demand continues to be intense, fuelled by dissipating uncertainty at the macroeconomic level and by a resilient labour market, we will continue to see activity in the market, which will keep prices rising,” explained María Matos, spokesperson for Fotocasa.

Autonomous Communities

Within the autonomous communities, the first quarter of 2024 showed 14 quarterly increases in the cost of used homes for sale in Spain. The Community with the highest quarterly increase was Madrid with 6.4%, followed by the Canary Islands (5.9%), Andalusia (3.8%), the Balearic Islands (3.1%), Valencian Community (3.0%), Murcia (2.8%), Catalonia (2.4%), Cantabria (2.2%), Basque Country (1.5%), Extremadura (1.2%), Castilla y León (1.1%), Galicia (1.1%), Asturias (0.5%) and Castilla-La Mancha (0.2%). Those registering a quarterly decrease were communities of La Rioja (-0.8%), Aragón (-1.2%) and Navarra (-2.5%).

Ranking the prices by communities, the Balearic Islands and Madrid show the highest prices, and exceed the barrier of 3,000 euros, specifically Madrid is highest with 4,008€ p/m², the Balearic Islands with 3,968€ p/m² and the Basque Country with 3,139€ p/m². They are followed by the communities of Catalonia (2,827€ p/m²), the Canary Islands (2,563€ p/m²), Andalusia (2,070€ p/m²), Navarra (2,012€ p/m²), Cantabria (1,954€ p/m²), Valencian Community (1,810€ p/m²), Galicia (1,739€ p/m²), Aragón (1,725€ p/m²), Asturias (1,666€ p/m²), La Rioja (1,656€ p/m²), Castilla y León (1,498€ p/m²), Region of Murcia (1,344€ p/m²), Extremadura (1,206€ p/m²) m2 and Castilla-La Mancha (1,204€ p/m²).

Rental Costs

The first quarter of 2024 also saw an increase in the cost of homes for rent in Spain, with prices rising 4.2%, and increasing 7.3% compared to the same period of the previous year. This brings the average cost per square metre to €12.27, the first time the cost has breached €12 since 2006.

“The cost of renting once again sets a price record in Spain. Since 2006, the rental cost has never exceeded €12 p/m². This shows how the rental prices have risen sharply again after a brief period of slight moderation. However, the most shocking thing is this increase of more than 7% year-on-year, which adds to the 10.2% that already grew last February 2023. That is, the market continues to heat up to worrying levels. This situation highlights the critical scenario of rising prices in which the main culprit is the imbalance between supply and demand,” explained María Matos.

Renting by Autonomous Community

Looking at rental prices compared to a year ago, we see that all communities increased the year-on-year price in February. In eight communities, double-digit increases were seen, specifically in La Rioja (15.2%), Madrid (15.0%), the Balearic Islands (14.4%), Valencian Community (13.9%), Cantabria (12.8%), Asturias (11.3%), the Canary Islands (10.8%) and Castilla-La Mancha (10.0%). They are followed by the regions of Andalusia (8.9%), Galicia (8.7%), the Basque Country (8.2%), Extremadura (7.8%), Castilla y León (7.6%), Navarra (7.3%), Catalonia (6.1%), Aragon (5.2%) and Region of Murcia (8.1%).

In February 2024, nine communities already exceed the maximum rental prices per square meter per month. The areas of Spain with the highest prices in the entire historical series are: Extremadura (€6.67 p/m² per month), Castilla y León (€8.64 p/m² per month), Galicia (€8.88 p/m² per month), Asturias (€9.56 p/m² per month), Andalusia (€10.35 p/m² per month), Valencian Community (€11.73 p/m² per month), Catalonia (€16.45 p/m² per month), the Balearic Islands (17.19 p/m² per month) and Madrid (€18.29 p/m² per month).

Balearic Islands are Most Expensive

Regarding the ranking of Autonomous Communities with the most expensive housing price to rent a home in Spain, in the first places are Madrid and the Balearic Islands, with prices of €18.29 p/m² per month and €17.19 p/m² per month, respectively. They are followed by seven more communities with prices higher than €10.00 p/m² per month and they are: Madrid (€18.29 p/m²), Balearic Islands (€17.19 p/m²), Catalonia (€16.45 p/m²), Basque Country (€15.26 p/m²), Canary Islands (€12.91 p/m²), Cantabria (€12.01 p/m²), Valencian Community (€11.73 p/m²), Navarra (€11.31 p/m²) and Andalusia (€10.35 p/m²).

Increase in New Build Property Sales in January

admin | 28th March 2024 | Andalucía, Costa del Sol, Marbella, News, Property For Sale, Property Market, Spain

Sales of new homes increased 3.6% in January

The total number of properties transferred in January 2024 was 192,398, a 2.2% increase over the same month in 2023.

In the case of property sales, there were 108,364 recorded, an annual increase of 3.2%.

86.5% of those sales correspond to urban properties, with 13.5% being rural properties. Of those urban sales, 58% were private dwellings.

The number of purchases and sales of rural properties increased by 10.5% in January, when compared to the previous year. Sales of urban properties increased by 1.2%. Home sales saw a small decrease of 2.1%, when compared to the previous year.

20.1% of the homes transferred by sale in January were new build, with 79.9% being second hand, according to figures from the INE.

The number of sales on new build properties showed an increase of 3.6%, compared to last year, while used home sales fell by 3.4%.

Autonomous Communities

Castilla y León (30.5%), Galicia (15.9%) and Comunidad Foral de Navarra (15.7%) recorded the highest annual variation rates in January in the total number of properties transferred.

The Basque Country (-9.1%), Andalusia (-5.9%) and Valencian Community (-5.4%) presented the lowest annual rates.

Looking at sales of homes, the autonomous communities that presented the greatest increases were Castilla–La Mancha (25.8%), Castilla y León (21.1%) and Galicia (20.5%).

La Rioja (-12.8%), Community of Madrid (-11.6%) and the Basque Country (-11.5%) registered the largest decreases. Andalucia also saw a significant fall in homes sales with a fall of 10.5%.

Rental Costs Reach Historical High in January

admin | 27th February 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain

Renting a home increased 5.1% in January

The price of rental housing in Spain increased by 1% in January when compared to December 2023. When compared to the previous January, the increase was 5.1%. This brings the average price per square metre, per month to €11.78. This is the highest average rental cost since 2006.

“The price of renting continues to rise significantly throughout the country and in all the autonomous communities. In fact, many of them exceeded historical maximum prices. At the national level, the average price reached a record in January 2024, after having set highs on several occasions in 2022 and 2023. The market suffers from a great imbalance between supply and demand that does not allow the price to adjust. Interferences in the market, both legislative and macroeconomic, impact its volatility, leaving consequences as serious as the reduction in supply, which is below minimum levels in 2024,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

Compared to a year ago, all autonomous communities have seen rental costs rise. Six communities saw double-digit increases. They were Balearic Islands (16.6%), Valencian community (13.3%), Madrid (12.8%), Cantabria (11.7%), Basque Country (11.6%), and the Canary Islands (11.3%).

Other increases included Asturias (9.9%), La Rioja (9.7%), Castilla y León (8.5%), Navarra (8.5%), Andalusia (7.7%), Aragon (7.4%), Galicia (6.6%), Catalonia (6.3%), Region of Murcia (6.0%), Castilla-La Mancha (5.1%) and Extremadura (2.8%).

Five communities already exceed the historical maximum rental prices per square meter per month. The areas of Spain with the highest monthly prices in the entire historical series are: Madrid (€17.63 p/m²), Catalonia (€16.14 p/m²), Valencian Community (€11.67 p/m²), Navarra (€11.37 p/m²) and Asturias (€9.51 p/m²).

Regarding the ranking of Autonomous Communities with the most expensive housing to rent in Spain, in the first places are Madrid and the Balearic Islands, with prices of €17.63 p/m² per month and €16.86 p/m² per month, respectively. They are followed by seven more communities with prices higher than €10.00 p/m² per month and they are: Catalonia with €16.14 p/m² per month, the Basque Country with €15.32 p/m² per month, the Canary Islands with 12.81 € p/m² per month, Valencian Community with €11.67 p/m² per month, Cantabria with €11.64 p/m² per month, Navarra with €11.37 p/m² per month and Andalusia with €10.10 p/m² per month.

Provinces of Spain

In 48 of the provinces, the year-on-year price of rental housing increased in January 2024, except for Lugo and Albacete. Increases of more than 10% occur in 19 provinces.

The order of the provinces with annual increases greater than 10% are: Huesca (30.0%), Santa Cruz de Tenerife (19.8%), Segovia (17.9%), Toledo (17.9%), Balearic Islands (16.6%), Huelva (16.0%), Teruel (15.7%), Alicante (15.0%), Valencia (14.8%), Gipuzkoa (14.5%), Palencia (14.4%), Madrid (12.8%), Girona (12.5%), León (12.2%), Cantabria (11.7%), Cáceres (11.5%), Castellón (11 .1%), Bizkaia (10.4%) and Barcelona (10.0%).

17 provinces exceed 10.00 euros per square meter per month. The three most expensive provinces are Barcelona with €18.07 p/m² per month, followed by Gipuzkoa with €17.82 p/m² per month and Madrid with €17.63 p/m² per month.

Used House Prices Increase in January

admin | 6th February 2024 | Andalucía, Costa del Sol, Prices, Property For Sale, Property Market, Selling, Spain

House prices went up 7.5% in January

The price of second-hand housing increased 7.5% in January, when compared to the same month in the previous year. This brings the average cost per square metre to 2,215 euros. When compared to December 2023, the monthly increase was just 0.6%.

“House prices begin 2024 with robust growth, leaving behind the trend of moderation and confirming a new pace of acceleration. Significant increases in prices – double digits – are detected in the main stressed communities. At the provincial capital level, Madrid, Las Palmas and Málaga begin 2024 reaching maximum prices. The population and tourist attraction capacity of these cities generates a demand too strong for the supply to absorb and that pushes prices upward. After the ECB’s statements opening the door to a rate cut before next summer, an even stronger purchasing demand is expected that could make housing prices even more expensive,” explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

If we look at the prices of second-hand homes for sale in Spain compared to a year ago, we see that 16 communities increased the year-on-year price in January. We saw increases of more than 10% in six communities in January and they are the Canary Islands (23.7%), the Balearic Islands (15.2%), Madrid (12.7%), the Region of Murcia (11.1%), Community of Valencia (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 by price with the most expensive second-hand housing prices first, we have the Balearic Islands and Madrid, with prices of €3,872 p/m² and €3,852 p/m², respectively. They are followed by the Basque Country (€3,087 p/m²), Catalonia (€2,771 p/m²), the Canary Islands (€2,450 p/m²), Navarra (€2,050 p/m²), Andalusia (€2,010 p/m²), Cantabria (€1,933 p/m²), Aragon (€1,768 p/m²), Comunitat Valenciana (€1,766 p/m²), Galicia (€1,713 p/m²), La Rioja (€1,695 p/m²), Asturias (€1,657 p/m²), Castilla y León (€1,480 p/m²), Region of Murcia (€1,320 p/m²) , Castilla-La Mancha (€1,202 p/m²) and Extremadura (€1,194 p/m²).

Provinces

In 88% of Spanish provinces, the year-on-year price of housing increased in January. In 12 provinces, the increase exceeded 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 showing negative variation were: Araba – Álava (-0.1%), Zamora (-0.3%), León (-0.5%), Ciudad Real (-1.1%), Jaén (-1.7%) and Badajoz (-3.6%).

Regarding price ranking, the Balearic Islands are the most expensive province with €3,872 p/m², followed by Madrid (€3,852 p/m²) and Gipuzkoa (€3,482 p/m²), among others. The only province with a price per square meter below 1,000 euros is Ciudad Real with €979 p/m².

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