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.
