Cost of Spanish housing increase in November
The average price of second-hand housing in Spain stood at 1,868 euros per square meter at the end of November. This represents a slight increase of just 0.78% when compared to October. When looking at the annual variation, the increase is 1.86%.
“The price of second-hand housing is becoming more expensive, but is staying well below inflation,” says Ferran Font, director of studies de piso.com, who rules out sudden changes in the evolution of this indicator. Font points out that “these upward movements are much more discreet than those experienced by new construction, affected by the lack of raw materials and specialised labour.” Font indicates that “used housing is noticing the pressure of demand, but in a less intense way“.
Font went on to explain that “many are taking advantage of the last months of 2021 to invest in the real estate sector.” In this sense, “[property] is a recurring opportunity to give way to unproductive savings when, as in economic scenarios like the current one, there is a loss of purchasing power. Buying now can still generate an interesting return in the rental market“.
The Balearic Islands Are Most Expensive
Looking at prices in the autonomous communities, the most expensive property for sale in November 2021 was in the Balearic Islands (€3,251 p/m²), Madrid (€3,046 p/m²) and the Basque Country (€2,789 p/m²) and the cheapest Extremadura (€822 p/m²), Castilla-La Mancha (€834 p/m²) and Murcia (€1,069 p/m²). Year-on-year, the most striking increases occurred in Murcia (4.90%), Valencia (4.82%) and Galicia (3.72%), with the greatest adjustments being registered in Navarra (-5.19%), La Rioja (-1.20%) and Asturias (-0.88%).
Regarding the provinces, the largest increases from one year to the next were located in Santa Cruz de Tenerife (10.68%), Cuenca (9.47%) and Girona (7.40%). The steepest drops were recorded by Navarra (-5.19%), Guipúzcoa (-3.67%) and Burgos (-3.48%).
In the ranking of the provinces by price, the first position in November 2021 was for the Balearic Islands, with 3,251 euros per square meter. They were followed by Guipúzcoa (€3,085 p/m²) and Madrid (€3,046 p/m²). On the opposite side was Ciudad Real, which closed the classification with 654 euros per square meter. Other economic provinces were Jaén (€719 p/m²) and Cuenca (€748 p/m²).
