Second-hand houses increased 4.86% in May
The average price of second-hand housing in Spain in the month of May 2022 was 1,923 euros per square meter. This figure represented a rise of 0.91% compared to April, when the price was 1,906 euros per square meter. The rise compared to May 2021 was 4.86%, since the average price of homes for sale in Spain a year ago stood at 1,834 euros per square meter.
As inflation continues to grow, house prices are continuing to increase in price too. “Although the price of second-hand real estate maintains a certain distance with respect to the CPI, access to property is just as complicated for the population, given that salaries have hardly improved“, said Ferran Font, director of studies at pisos.com. This gap between the income of the Spanish and the price of residential property hardens access to buying. Font also indicates that “the selling of the current home does not solve a problem because the cost increase to take the next step is now larger“.
This situation benefits, according to Font, other profiles: “After the return to normality, many decided to buy a better home than the one they had. This replenishment is running out, leaving investors alone.” In this sense, the spokesman for the real estate portal points out that transactions are going to moderate. “Uncertainty drives housing as a defensive asset in the face of loss of purchasing power, but if repositories disappear and those who buy for the first time must wait for more favourable economic conditions, we will see how sales in 2022 do not reach the figures for the previous year“.
38 Capitals Saw Prices Increase
The most expensive regions in May 2022 were the Balearic Islands (€3,376 p/m²), Madrid (€3,254 p/m²) and the Basque Country (€2,878 p/m²) and the cheapest were Extremadura (€806 p/m²), Castilla-La Mancha ( €839 p/m²) and Murcia (€1,107 p/m²). Year-on-year, the most striking increases occurred in Madrid (7.20%), Valencia (7.06%) and Murcia (6.42%). The only negative variations were seen in Asturias (-1.18%) and Extremadura (-0.87%).
In Andalucia, the average price per square metre reached €1,430.
The Balearic Islands was the most expensive province with €3,376 per square meter, followed by Madrid (€3,254 p/m²) and Guipúzcoa (€3,229 p/m²). On the opposite side was Ciudad Real, which closed the month on 644 euros per square meter. Other cheaper provinces were Jaén (€693 p/m²) and Cuenca (€720 p/m²). The largest increases from one year to another were located in Alicante (9.84%), Guadalajara (8.89%) and Lleida (8.51%). The most pronounced decreases were recorded by Palencia (-9.38%), Zamora (-2.62%) and Jaén (-2.47%).
The most expensive capital was Donostia-San Sebastián, with 5,742 euros per square meter. Behind were Barcelona (€4,450 p/m²) and Madrid (€4,338 p/m²). Jaén was the most affordable, with a price of 1,070 euros per square meter. Other cheap capitals were Ciudad Real (€1,093 p/m²) and Ávila (€1,141 p/m²). The most intense increases compared to May 2021 occurred in Alicante (15.14%), Palma de Mallorca (11.14%) and Murcia (9.68%). The ones that fell the most were Palencia (-11.06%), Huesca (-10.67%) and Pontevedra (-6.69%).
