Second hand housing prices grew in Q3
At the end of the third quarter of the year, the price of second-hand housing in Spain stands at 1,892 euros/m². This represents a quarterly increase of 0.4% and a year-on-year rise of 2.5%. The quarterly increase (0.4%) is the first rise in this period after two years of declines which were caused primarily by the pandemic lockdowns.
“This increase in house prices on a quarterly level is caused by the great demand to buy a house. This interest in changing to a home that is more in line with our housing preferences is responsible for the market being at very high levels of dynamism, causing real estate activity to be at levels not seen for 13 years. Even so, the annual rise of 2.5% is not very high, taking into account the number of transactions that are being carried out. The positive thing about this moment is that prices are not growing at the same rate as sales“, explained María Matos, Director of Studies Fotocasa.
Autonomous Communities
As for the Autonomous Communities with the highest quarterly increase, Aragon leads the September 2021 ranking with 3.3%. They are followed by Andalusia (2.0%), La Rioja (0.9%), Asturias (0.7%), the Canary Islands (0.6%), Catalonia (0.5%), Castilla-La Mancha (0.5%), Galicia (0.4%), Cantabria (0.4%), Basque Country (0.3%), Valencian Community (0.2%), Castilla y León (0.2%), Madrid (0.1%) and the Balearic Islands (0.05%). However, the average prices of homes in Navarra (-1.2%), Extremadura (-0.9%) and Región de Murcia (-0.4%), are lower in September than three months ago (June 2021).
Regarding the ranking of prices by communities, Madrid, which occupies the first place, is the only one that exceeds the barrier of 3,000 euros, specifically 3,113 euros per square meter. It is followed by the communities of the Basque Country (2,880 euros/m²), the Balearic Islands (2,849 euros/m²) and Catalonia (2,535 euros/m²). On the other hand, housing prices per square meter in 13 autonomous communities do not exceed 2,000 euros and are: the Canary Islands (1,783 euros/m²), Cantabria (1,749 euros/m²), Andalusia (1,700 euros/m²), Galicia (1,620 euros/m²), Navarra (1,607 euros/m²), Aragon (1,605 euros/m²), Asturias (1,581 euros/m²), La Rioja (1,446 euros/m²), Castilla y León (1,438 euros/m²), Valencia (1,425 euros/m²), Extremadura (1,149 euros/m²), Region of Murcia (1,118 euros/m²) and Castilla-La Mancha (1,113 euros/m²).
Provinces
The data also reveals that in the third quarter the price of second-hand housing increased in 30 of Spain’s provinces. The quarterly increases range from 4% in Malaga to 0.04% in Gipuzkoa.
The province with the most marked decline is Teruel, which has seen its value fall by -2.2% in September compared to June 2021. They are followed by Seville (-1.9%), Las Palmas (- 1.5%), Badajoz (-1.5%) and Cádiz (-1.4%), among others.
Looking at the ranking of the priceof second-hand housing for sale in Spain by province, Gipuzkoa and Madrid are the only ones that exceed the 3,000 euro barrier, specifically 3,144 euros/m² in Gipuzkoa and 3,113 euros per square meter for Madrid. Only six provinces place the price of housing between 2,000 and 3,000 euros/m²: Barcelona with 2,960 euros/m², Bizkaia 2,863 euros/m², the Balearic Islands with 2,849 euros/m², Araba – Álava with 2,496 euros/m², Malaga with 2,432 euros/m² and Girona with 2,101 euros/m². On the other hand, only one province does not exceed 1,000 euros and it is Ciudad Real with 962 euros/m².
