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Cost of Spanish Housing Up 9.5% in October

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Cost of Spanish Housing Up 9.5% in October

admin | 13th November 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Property prices continue to rise across Spain

October saw the price of second-hand housing increase by 0.4% when compared to the previous month. On the annual basis, the average cost increased by 9.5%. These increases bring the average cost per sqaure metre to 2,363 euros. The annual increase of 9.5% is the highest seen in the last 12 months.

“The residential market maintains an upward trend in prices, completing two years since the first adjustment in monetary policy and the rise in interest rates. Currently, the increase in prices is mainly due to the strong imbalance between supply and demand: the purchase demand, very active and reinforced by attractive mortgage conditions, continues to put pressure on a limited supply, which further strains prices. This dynamic is likely to persist in the coming months, driven by a need for housing that far exceeds the availability of properties on the market,” explained María Matos, Director of Studies at Fotocasa.

Spain has gone from a year-on-year variation of 6.6% in October 2023 to 9.5% detected in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 204 euros per square metre, rising from €2,159 p/m² in October 2023 to €2,363 p/m² in October 2024.

Price by Autonomous Community

If we analyse the prices of housing for sale in Spain compared to those of a year ago, we see that 17 communities have increased the year-on-year price in October. The increases of more than 10% affect six communities and they are: Valencian Community (20.5%), Madrid (19.7%), Balearic Islands (17.9%), Region of Murcia (15.8%), Andalusia (15.2%), Canary Islands (13.9%), Cantabria (10.9%) and Galicia (10.5%). They are followed by the communities of Asturias (9.4%), Basque Country (6.0%), Castile and Leon (4.4%), Castile-La Mancha (4.2%), Extremadura (3.3%), Aragon (2.2%), Navarre (2.0%), Catalonia (1.7%) and La Rioja (0.1%).

Regarding the ranking of prices of second-hand housing in Spain, the most expensive are found in the Balearic Islands and Madrid with prices of €4,485 p/m² and €4,281 p/m², respectively. They are followed by the Basque Country (€3,220 p/m²), Catalonia (€2,807 p/m²), the Canary Islands (€2,714 p/m²), Andalusia (€2,235 p/m²), Cantabria (€2,085 p/m²), Navarra (€2,084 p/m²), Comunitat Valenciana (€2,033 p/m²), Galicia (€1,879 p/m²), Asturias (€1,801 p/m²), Aragon (€1,770 p/m²), La Rioja (€1,658 p/m²), Castile and Leon (€1,534 p/m²), Region of Murcia (€1,458 p/m²), Extremadura (€1,247 p/m²) and Castile-La Mancha (€1,231 p/m²).

Provinces

In 43 of the 50 provinces analysed (86%) the year-on-year price of housing rose in October. In 18 provinces it exceeded 10%, specifically in Alicante (22.4%), Malaga (19.7%), Madrid (19.7%), Segovia (19.0%), Illes Balears (17.9%), Toledo (17.3%), Murcia (15.8%), Granada (14.9%), Castellón (14.4%), Pontevedra (14.3%), Valencia (13.8%), Lugo (13.7%), Las Palmas (13.3%), Cádiz (12.2%), Santa Cruz de Tenerife (11.4%), Valladolid (11.1%), Cantabria (10.9%) and Girona (10.4%).

As for prices, Illes Balears and Madrid have exceeded 4,000 euros per square metre. The two provinces with the highest prices are: the Balearic Islands with €4,485 p/m², followed by Madrid with €4,281 p/m². On the other hand, the province with the price per square metre below €1,000 is Ciudad Real with €954 p/m².

Cost of Renting in Spain Fell in Q3

admin | 21st October 2024 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain

Q3 saw the cost of renting fall by 5.3%

The price of rental property in Spain showed a decrease at the end of the third quarter, registering a -5.3% change. When compared to the same period of the previous year, prices increased by 7.4%.

These changes bring the average cost of renting a home in Spain to 11.98 euros per square metre, per month.

“The quarterly decrease is a common trend repeated in each of the third quarters of the last 18 years, which gives a slight respite to the rental price, which reached its peak last June 2024. However, the year-on-year rate continues to increase sharply, due to the great imbalance between supply and demand. September, the start of the season for many tenants, brings with it high prices, less available supply and poor condition of the homes, which become the biggest obstacles for applicants. This scenario has resulted in an extremely compact market, with limited turnover and a search process that is getting longer, making it increasingly difficult to access a rental home,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

In the Autonomous Communities, this third quarter of 2024 presented 14 quarterly falls (compared to nine in 3Q-2023) and 17 year-on-year increases. The communities that registered decreases in Q3 are: Cantabria (-15.7%), Catalonia (-8.7%), Murcia Region (-8.2%), the Balearic Islands (-7.1%), Andalusia (-4.9%), Galicia (-4.9%), Extremadura (-3.6%), Valencian Community (-2.7%), Basque Country (-2.5%), Castile and Leon (-2.0%), Aragon (-1.8%), the Canary Islands (-1.5%), Asturias (-0.8%) and Madrid (-0.5%). The three communities with quarterly increases in rental prices are: La Rioja (3.5%), Navarra (2.6%) and Castilla-La Mancha (1.0%).

Regarding the price of property for rent in Spain ranking by communities, Madrid occupies the top spot with an average cost of 19.61 €/m² per month. They are followed by the Balearic Islands (€16.81 p/m² per month), Catalonia (€15.75 p/m² per month), the Basque Country (€15.70 p/m² per month), the Canary Islands (€13.66 p/m² per month), the Valencian Community (€12.09 p/m² per month), Cantabria (€11.58 p/m² per month), Navarra (€11.50 p/m² per month), Asturias (€10.27 p/m² per month), Andalusia (€10.04 p/m² per month), Aragon (€9.61 p/m² per month), Galicia (€9.14 p/m² per month), La Rioja (€8.87 p/m² per month), Castile and Leon (€8.87 p/m² per month), Region of Murcia (€8.75 p/m² per month), Castile-La Mancha (€8.75 p/m² per month), and Extremadura (€6.67 p/m² per month).

Provinces

In the provinces, this third quarter of 2024 presents 40 quarterly falls and 46 year-on-year increases. The ten provinces with the largest quarterly decreases in housing prices during this period are: Huelva (-16.5%), Cantabria (-15.7%), Guadalajara (-9.5%), Murcia (-8.2%), Cádiz (-8.0%), Pontevedra (-7.9%), Araba (-7.6%), Jaén (-7.6%), Soria (-7.5%) and Almería (-7.2%). The provinces with quarterly increases are Palencia (10.9%), Huesca (6.7%), Valladolid (5.4%), Ciudad Real (3.6%), La Rioja (3.5%), Santa Cruz de Tenerife (3.0%), Teruel (2.6%), Navarra (2.6%) and Albacete (1.6%).

As for the price ranking by province, Madrid and Barcelona occupy the top positions and exceed the barrier of €18.00 p/m² at the end of 2018. month. The price in Madrid is €19.61 p/m² per month and for Barcelona €18.17 p/m² per month. The cheapest provinces are Jaén (€5.70 p/m² per month), Teruel (€6.29 p/m² per month), Ciudad Real (€6.31 p/m² per month), Ourense (€6.54 p/m² per month), Badajoz (€6.64 p/m² per month) and Cáceres (€6.71 p/m² per month).

Sales and Prices Continue to Rise in 2024

admin | 4th October 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Demand is still driving prices up in Spain

The number of homes sales in Spain increased by 19.4% in July, when compared to the same month in 2023.

The total number of transferred properties in the property registers was 12.2% more than the previous year, at 191,192. Of these, 108,003 were sales, according to figures from the INE.

87.8% of the registered property sales in July corresponded to urban properties, and 12.2% to rural properties. In the case of urban properties, 60.4% were home sales. The number of rural property sales increased by 16.2% in July on an annual basis, and that of urban properties by 17.8%. Within the latter, home sales registered an annual increase of 19.4%.

19.7% of the homes sold in July were new build properties, while 80.3% were second hand. The number of sales of new homes increased by 38.6% compared to July 2023, and that of used homes by 15.5%.

The Autonomous Communities of Navarra (46.9%), Cantabria (23.4%) and Extremadura (21.1%) recorded the highest annual rates of change in July in the total number of properties transferred. Meanwhile, Madrid (1.3%), the Balearic Islands (2.3%) and Andalusia (8.8%) had the lowest annual increases.

As for registered home sales, the communities that showed the highest increases were the Navarra (42.3%), Cantabria (32.1%) and La Rioja (31.6%). Meanwhile, the Balearic Islands (-2.5%) recorded the only decrease.

Prices

Second-hand prices for housing in Spain increased by 1.2% in the third quarter and by 9.5% year-on-year.

The increase seen in September brings the average price of housing for sale to 2,355 euros per square metre.

When we look at the data from just a year ago, Spain has gone from a year-on-year variation of 7% in September 2023 to 9.5% in the same period in 2024. In the last 12 months, the price of housing has gone from €2,151 p/m² in September 2023 to €2,355 p/m² in September 2024.

“The price of housing continues to increase very significantly due to a growing imbalance between supply and demand, especially in the most in-demand areas. The capacity of the real estate market in these areas is becoming increasingly limited, as the available supply is insufficient to absorb the high demand for purchases. This generates considerable upward pressure on prices. The scenario of sustained price increases has persisted over the last two years, coinciding with the increase in interest rates driven by the European Central Bank. However, with the recent moderation of rates, the drop in the Euribor and the improvement in mortgage conditions, the purchase demand that remained paralyzed will likely return to the market with force, which could intensify the pressure on the supply of available homes and continue to drive prices up,” explained María Matos, director of Studies and spokesperson for Fotocasa.

Prices by Community

In the third quarter of 2024 we saw 14 quarterly increases and 17 year-on-year increases. The Community with the highest quarterly increase is the Valencian Community (5.5%), followed by the Balearic Islands (4.1%), Galicia (3.8%), Andalusia (3.4%), Region of Murcia (3.1%), Asturias (3.1%), Canary Islands (3.0%), Cantabria (2.7%), Madrid (1.3%), Basque Country (0.8%), Castilla y León (0.8%), Extremadura (0.6%), Aragon (0.6%) and Castilla-La Mancha (0.2%). The regions where the price of second-hand housing has dropped are Navarra (-1.7%), Catalonia (-0.6%) and La Rioja (-0.5%).

As for the price ranking by communities, the Balearic Islands and Madrid occupy the top positions, and exceed the barrier of 4,000 euros. The price in the Balearic Islands reached €4,428 p/m² and Madrid €4,267 p/m². Both communities reach maximum prices, exceeding previous records. They are followed by the communities of the Basque Country (€3,212 p/m²), Catalonia (€2,830 p/m²), the Canary Islands (€2,659 p/m²), Andalusia (€2,214 p/m²), Cantabria (€2,067 p/m²), Navarra (€2,063 p/m²) and the Valencian Community (€2,014 p/m²). On the other hand, the communities of Extremadura and Castilla-La Mancha are the cheapest (€1,231p/m² and €1,224p/m²).

Provinces

In the provinces of Spain, this third quarter of 2024 showed 38 quarterly increases (76%) and 45 year-on-year increases (90%). The three provinces with the highest quarterly increases are Valencia (6.3%), Lugo (5.9%) and Castellón (5.8%). The three provinces that presented the largest quarterly decreases are Teruel (-7.5%), Soria (-3.5%) and Ávila (-3.3%).

Regarding the price ranking by province, six exceed the €3,000 barrier. The order of the provinces with the highest housing prices is the Balearic Islands (€4,428 p/m²), Madrid (€4,267 p/m²), Malaga (€3,787 p/m²), Gipuzkoa (€3,589 p/m²), Bizkaia (€3,113 p/m²) and Barcelona (€3,084 p/m²).

Rental Costs Fell Slightly in July

admin | 10th September 2024 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain

Rental costs fell 0.5% when compared to June

In Spain, the cost of renting a home fell by 0.5% in July, bringing the average cost per square metre, per month, to €12.59. When compared to the same month in the previous year, the variation is +8.6%. This annual increase is the second highest recorded in the last 12 months. Spain has gone from a year-on-year variation of 3.4% in July 2023 to 8.6% in the same period in 2024. In the last 12 months analysed, the price of housing has gone from 11.59 euros/m² in July 2023 to 12.59 euros/m² in July 2024.

“The price of renting property in Spain remains at maximum levels across the board. In fact, 15 of the 17 autonomous communities have reached record levels in rental prices. In addition, for the first time in history, the price of rent already exceeds the tacit barrier of 1,000 euros per month on average. After two consecutive years of very significant increases and after having presented the sharpest acceleration in history, the price of rent is higher than ever. The main reason is the contraction of available supply that has occurred in recent years, of around 30%, together with the intense demand that is increasing because at the moment it is the main housing solution to access housing in Spain“, explained María Matos, Director of Studies for Fotocasa.

Autonomous Communities

If we look at rental prices compared to those of a year ago, we see that all communities saw year-on-year increase in price in July. The communities with increases higher than 10% are: Asturias (17.9%), Madrid (15.6%), Castilla-La Mancha (14.8%), Galicia (11.9%), Region of Murcia (10.3%) and Basque Country (10.0%). They are followed by the Valencian Community (9.7%), Canary Islands (8.4%), Castilla y León (7.9%), Andalusia (7.8%), Aragon (7.8%), Extremadura (5.6%), Catalonia (5.3%), Navarra (4.9%), Balearic Islands (2.7%), La Rioja (2.6%) and Cantabria (2.1%).

Regarding the ranking of Autonomous Communities with the most expensive rental property in Spain, Madrid and the Balearic Islands are in first place, with prices of €19.68/m² per month and €17.64 /m² per month, respectively. Eight more communities follow with prices above €10.00 /m² per month and they are: Catalonia (€16.84 /m²), the Basque Country (€16.00 /m²), the Canary Islands (€13.98 /m²), Cantabria (€13.31 /m²), the Valencian Community (€12.47 /m²), Navarra (€11.45 /m²), Asturias (€10.52 /m²) and Andalusia (€10.41 /m²).

Provinces

In 46 of the 48 provinces, the year-on-year price of rental housing increased in July 2024, except for Burgos and Tarragona. Increases of more than 10% were recorded in 15 provinces.

The provinces with year-on-year increases of more than 10% are: Palencia (25.1%), Asturias (17.9%), Cuenca (17.7%), Ávila (15.9%), Madrid (15.6%), Cáceres (13.6%), Santa Cruz de Tenerife (13.5%), Girona (13.5%), A Coruña (12.4%), Valencia (12.1%), Ciudad Real (11.4%), Málaga (11.3%), Bizkaia (10.5%), Murcia (10.3%) and Castellón (10.0%).

As for prices, 20 provinces exceed 10.00 euros per square metre per month. The three most expensive provinces are Madrid with €19.68 /m² per month, Barcelona with €18.89 /m² per month and Gipuzkoa with €18.30 /m² per month. On the other hand, the three cheapest provinces to rent a home are: Jaén with €6.11/m² per month and Ciudad Real with €6.14/m² per month.

Used Property Prices Up 8.5% on Last Year

admin | 9th September 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain

Malaga is seeing record prices for sale and rental

Malaga is seeing record property prices

The price of second-hand housing in Spain fell by -0.7% in August. Compared to the same month in 2023, the price increased by 8.5%. This brings the average cost per square metre to 2,327 euros. This last year-on-year value (8.5%) is the second highest increase in the last 12 months.

Spain has gone from a year-on-year variation of 7.9% in August 2023 to 8.5% in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 182 euros per square metre, rising from 2,145 euros/m² in August 2023 to 2,327 euros/m² in August 2024.

“The price of housing continues to rise and increase at a significant rate due to the imbalance between supply and demand that is becoming more and more pronounced. Spain’s housing capacity in the most sought-after areas is being compromised. At the moment, the limited supply cannot absorb the intense demand for purchases, which causes strong tension in prices. This context of such high price increases has been occurring for two consecutive years, since the rise in interest rates by the European Central Bank. However, now, with the de-escalation of rates, reductions in the Euribor and improvement in mortgage conditions, it is feared that demand will become even stronger, putting more pressure on the supply of available housing,” explained María Matos, director of Studies for Fotocasa.