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Spanish Property Prices Breaking Records

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Spanish Property Prices Breaking Records

admin | 16th January 2025 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Property prices ended 2024 up by 8.4%

The price of second-hand housing in Spain closed 2024 with an annual increase of 8.4%, bringing the December price to €2,389 p/m². The annual increase in 2024 (8.4%) is the highest recorded in 19 years of analysis.

“The price of housing for sale consolidates an upward trend marked by historical increases, reflecting a context of high tension between a limited supply and a growing demand. Structural factors, such as the ability to attract population and the tourist appeal in regions such as the Balearic Islands, the Canary Islands and Madrid, have led to them reaching historic highs this year, which shows a warming of the market, despite the fact that national prices are still below the levels of the 2007 bubble. The fall in interest rates has acted as an additional driver for demand, facilitating access to more affordable mortgages. In this context, the market remains solid but requires measures that promote the balance between supply and demand to guarantee its sustainability in the medium and long term,”, explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

At the end of 2024, the Valencian Community recorded the highest increase (19.8%), followed by the Balearic Islands (19.5%), Madrid (13.6%), the Region of Murcia (13.6%), the Canary Islands (13.0%), Andalusia (12.1%), Galicia (10.0%), Asturias (8.9%), Cantabria (8.0%), the Basque Country (6.3%), Extremadura (3.9%), Castile and León (3.8%), Navarre (2.8%), Castile-La Mancha (2.7%) and Catalonia (2.3%).

The Balearic Islands, which has exceeded €4,000 p/m² since April 2024, is in first place in the ranking of the most expensive housing for sale in Spain with €4,597 p/m². Next in line is Madrid, which, with an average price of €4,278 p/m² in December, has also surpassed the €4,000 p/m² barrier. Next is the Basque Country with €3,284 p/m² and Catalonia with €2,824 p/m².

As for the cumulative variation since the maximum price recorded in April 2007 (€2,952 p/m²), at the national level, the price of second-hand housing has fallen by -19%. By communities, Castilla-La Mancha, Aragón and La Rioja are those that have fallen the most since the maximum price was recorded in 2007, both falling -44%. They are followed by Asturias (-38%), Navarra (-37%), Region of Murcia (-35%), Extremadura (-34%), Region of Murcia (-35%), Castilla y León (-33%), La Rioja (-44%), Aragón (-44%), Asturias (-38%), Galicia (-21%), Cantabria (-28%), Valencian Community (-13%), Navarra (-37%) and Andalusia (-11%).

Provinces

At the end of 2024, prices increased in 45 provinces, or 90%. Alicante is the one that has increased the most, by 21.3%, followed by the Balearic Islands (19.5%), Guadalajara (17.2%), Malaga (16.4%), Lugo (14.9%), Valencia (14.8%), Castellón (14.5%), Pontevedra (13.7%), Madrid (13.6%), Murcia (13.6%), Toledo (12.6%), Valladolid (11.2%), Santa Cruz de Tenerife (11.1%), Las Palmas (11.1%), Cadiz (10.5%) and Granada (10.3%).

The five provinces with the highest average housing prices in 2024 are the same as in the last four years, although the order has changed. The Balearic Islands are at the top of the ranking for the second time in the 19-year historical series. The islands jumped from fifth to first place in 2023 and remain there this year. Second place is occupied by Madrid, third by Malaga, fourth by Gipuzkoa and fifth by Bizkaia, which returns to the ranking of the five most expensive provinces.

As for the accumulated variation since the maximum recorded in 2007, Ciudad Real and Jaén have shown the greatest fall since they reached the maximum price in 2007, specifically they have seen prices drop by -60% and -58%, respectively. They are followed by the provinces of Ávila (-52%), Zamora (-52%), Toledo (-50%), Badajoz (-49%), Teruel (-48%), Cáceres (-48%), León (-46%), Cuenca (-46%), Almería (-42%), Lugo (-40%), Córdoba (-40%) and Albacete (-40%), among others. The only provinces with decreases below -10% are Pontevedra (-2%) and Las Palmas (-3%).

November Saw 10% Increase in Property Prices

admin | 24th December 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Sales of New Property jumped in October

In October, the number of properties transfers registered in the property registries reached 231,209. This was 37.7% more than in the same month of 2023, according to figures from the INE.

In the case of registered property sales, the number of transfers was 130,575, showing annual growth of 47.9%.

87.7% of the registered property sales in October corresponded to urban properties and 12.3% to rural properties. In the case of urban properties, 60.6% were home sales.

The number of rural property sales increased by 36.8% in October on an annual basis and that of urban properties by 49.6%. Within the latter, home sales registered an annual increase of 51.3%.

23.4% of the homes transferred by sale in October were new and 76.6% used. The number of transactions on new homes increased by 83.4% compared to October 2023 and that of used homes by 43.6%.

Autonomous Communities

The Principality of Asturias (79.3%), Cantabria (65.8%) and the Basque Country (54.1%) recorded the highest annual rates of change in October in the total number of properties transferred.

The Autonomous Communities of Navarra (12.6%), Castile and Leon (20.1%) and Extremadura (23.8%) had the lowest annual rates.

Regarding registered home sales, the autonomous communities that had the highest increases were La Rioja (88.2%), Cantabria (81.3%) and the Principality of Asturias (69.8%). In Andalucia, the variation was 53.8%.

Navarre (13.9%), the Region of Murcia (28.5%) and Extremadura (35.8%) had the lowest growth.

Prices

The monthly variation of the price of second-hand housing for sale in Spain rose by 0.7% and rose by 9.6% in its year-on-year variation, bringing the average price to €2,380 p/m² in November, according to data from Fotocasa. This last year-on-year increase (9.6%) is the highest in the last 16 months.

“The price of housing marks its highest value of the year, close to 10% growth. Second-hand housing is becoming more expensive at a very significant rate. Factors such as population growth, the rise of single-person households, residential tourism and investment interest, together with a favourable economic context and salary improvements, will intensify demand, and therefore the pressure on supply, which will have an impact on prices,” explains María Matos, Director of Studies at Fotocasa.

Spain has gone from a year-on-year variation of 6.2% in November 2023 to 9.6% detected in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 208 euros per square metre, that is, it has gone from €2,172 p/m² in November 2023 to €2,380 p/m² in November 2024.

Rental Costs Continue to Rise in November

admin | 11th December 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain, Statistics/Figures

Rental costs up a massive 14.7% in November

The cost of renting a home in Spain increased by 6.5% in November, when compared to the previous month. Looking at the year-on-year increase, the average cost per square metre has risen a massive 14.7%. This brings the average cost per square metre per month to €13.13, pushing the average cost of an 80m² apartment to €1,050 per month.

This interannual increase is the largest detected in the last 74 months (6.2 years, since October 2018). In the last 12 months, the price of housing has gone from €11.45 p/m² in November 2023 to €13.13 p/m² in November 2024.

“The increase in rental costs has continued to be the trend for two consecutive years and has once again set a new maximum price. This sharp increase is due to the fact that the previous year, the increase was milder, but it is still the highest increase since 2018. The problem of imbalance between low supply and high demand pushes the price up without allowing it to moderate. Faced with a market that is increasingly less dynamic, more compact and very difficult to access, the inequalities and vulnerabilities of citizens with lower incomes are exposed, as they are expelled from the market, due to not being able to cope with these prices. Prices will likely continue to rise next year,” explained María Matos, director of Studies and spokesperson for Fotocasa.

Autonomous Communities

If we analyse rental prices compared to those of a year ago, we see that 16 of the 17 communities saw an increase in their year-on-year price in November. The autonomous communities with increases of more than 10% are: Madrid (20.9%), Castilla-La Mancha (18.6%), Asturias (17.5%), Catalonia (13.0%), Region of Murcia (12.9%), La Rioja (12.3%), Valencian Community (11.6%), Galicia (11.4%), Extremadura (11.3%), Aragon (10.9%), Basque Country (10.2%) and Navarra (10.1%).

As for the ranking of communities with the most expensive housing prices to rent a home in Spain, the four with monthly prices higher than €15.00 p/m² per month are: Madrid (€20.72 p/m²), Catalonia (€17.91 p/m²), the Balearic Islands (€17.35 p/m²) and the Basque Country (€16.75 p/m²). They are followed by the Canary Islands (€13.92 p/m²), the Valencian Community (€12.75 p/m²), Navarre (€12.13 p/m²), Cantabria (€11.46 p/m²), Andalusia (€10.86 p/m²), Asturias (€10.80 p/m²), Aragon (€10.07 p/m²), Galicia (€9.49 p/m²), La Rioja (€9.42 p/m²), the Region of Murcia (€9.13 p/m²), Castile and Leon (€9.09 p/m²), Castile-La Mancha (€7.40 p/m²) and Extremadura (€6.70 p/m²).

Provinces

In 46 of the 49 provinces, the year-on-year price of rental housing increased in November 2024, except for Cantabria, Teruel and Araba – Álava. Increases of more than 10% occurred in 22 (45%) provinces.

The provinces with year-on-year increases greater than 10% are: Palencia (25.9%), Huesca (25.2%), Lugo (21.2%), Madrid (20.9%), Asturias (17.5%), Cáceres (17.2%), Zamora (16.2%), Seville (16.1%), Gipuzkoa (15.4%), Toledo (14.5%), Barcelona (14.3%), Segovia (14.0%), A Coruña (13.1%), Murcia (12.9%), La Rioja (12.3%), Santa Cruz de Tenerife (11.9%), Girona (11.5%), Alicante (11.4%), Almería (10.3%), Navarra (10.1%), Valencia (10.0%) and Albacete (10.0%). The provinces with year-on-year decreases are Araba – Álava (-12.1%), Teruel (-1.4%) and Cantabria (-0.6%).

The six most expensive provinces for renting per month are Madrid (€20.72 p/m²), Barcelona (€20.28 p/m²), Gipuzkoa (€19.22 p/m²), the Balearic Islands (€17.35 p/m²), Bizkaia (€16.14 p/m²) and Málaga (€15.01 p/m²). The three cheapest provinces to rent a home are: Jaén (€5.89 p/m²), Ciudad Real (€6.17 p/m²) and Teruel (€6.25 p/m²).

Cost of Renting a Home in Spain Up in October

admin | 21st November 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain, Statistics/Figures

Cost of renting a home in Spain continues to rise

The price on rental housing in Spain increased by 2.9% in October, when compared to September. When comparing the price to the previous year, we see an increase of 9.8%. This brings the average cost per square metre to €12.33 p/month. The annual increase of 9.8% is the highest detected in the last 20 months.

Spain has gone from a year-on-year variation of 7.1% in October 2023 to this new figure of 9.8%. In monetary terms, this amounts to an increase of €1.10 per square metre per month. Thus, an average rental of 80 square metres would have cost €898 per month in October 2023 but has now risen to €986 per month.

“The rental price reaches its maximum growth in the month of October. It is the highest variation of the year, since it is close to 10% increase at the national level. Six autonomous communities show double-digit increases and the rest very large increases, which indicates that the rental price is under great pressure. However, the acceleration in rental prices has been taking place continuously since 2022, causing the price to reach its highest records during 2024 in all communities, except for Aragón and Castilla La-Mancha, which will do so in the coming months. The reason for this warming is the great growing imbalance between supply and demand, in which both parties are further apart than ever,” says María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

If we analyse rental prices compared to those of a year ago, we see that 16 of the 17 communities saw a year-on-year price increase in October. The autonomous communities with increases greater than 10% are: Madrid (18.3%), Castilla-La Mancha (17.5%), Region of Murcia (13.2%), Asturias (12.4%), Navarra (12.2%) and Galicia (10.4%). They are followed by the regions of La Rioja (9.7%), Andalusia (9.1%), Aragon (8.9%), Castile and Leon (8.5%), Valencian Community (8.5%), Canary Islands (8.2%), Basque Country (7.4%), Extremadura (5.7%), Catalonia (4.1%) and the Balearic Islands (2.2%).

As for the ranking of Autonomous Communities with the most expensive rental prices in Spain, the four with monthly prices above €15.00 p/m² are: Madrid (€19.82 p/m²), the Balearic Islands (€17.35 p/m²), Catalonia (€16.33 p/m²) and the Basque Country (€16.20 p/m²). They are followed by the Canary Islands (€14.17 p/m²), the Valencian Community (€12.32 p/m²), Navarre (€12.04 p/m²), Cantabria (€11.26 p/m²), Andalusia (€10.50 p/m²), Asturias (€10.45 p/m²), Aragon (€9.82 p/m²), Galicia (€9.32 p/m²), the Region of Murcia (€9.09 p/m²), La Rioja (€9.06 p/m²), Castile and Leon (€8.96 p/m²) and Castile-La Mancha (€7.33 p/m²). Extremadura is the region with the cheapest price (€6.50 p/m²).

Provinces of Spain

In 47 of the 50 provinces, the year-on-year price of property to rent in Spain increased in October 2024, except for Cantabria, Teruel and Araba – Álava. Increases of more than 10% occurred in 16 provinces.

The order of the provinces with year-on-year increases of more than 10% are: Zamora (19.6%), Palencia (18.6%), Madrid (18.3%), Lugo (17.3%), Burgos (16.4%), Huesca (14.0%), Soria (13.9%), Murcia (13.2%), Asturias (12.4%), Navarra (12.2%), Ciudad Real (11.5%), A Coruña (11.4%), Cáceres (10.9%), Seville (10.9%), Alicante (10.6%) and Albacete (10.5%). The provinces which showed year-on-year decreases are: Cantabria (-1.1%), Teruel (-7.1%) and Araba – Álava (-11.8%).

The five most expensive provinces for monthly rental costs are Madrid (€19.82 p/m²), Barcelona (€19.03 p/m²), Gipuzkoa (€18.04 p/m²), the Balearic Islands (€17.35 p/m²) and Bizkaia (€15.81 p/m²). The three cheapest provinces to rent a home are: Jaén (€5.65 p/m²), Teruel (€6.05 p/m²) and Ciudad Real (€6.22 p/m²).

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.

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Spanish Property Prices Breaking Records