The price of used properties in Spain saw an increase of 1% in the month of February, making the average 1,613 euro/m2 or 150 euro/sq ft, according to the latest property price index from idealista. If we compare that with the data from February 2017 (1,497 euro/m2 or 139 euro/sq ft), we see a yearly increase of 7.7%.
Autonomous Communities
The price only went down in Navarra, where sellers asked 0.7% less for their properties than in January, and in Asturias, with a decrease of 0.3%. In the other autonomous communities, property owners asked for more. The biggest increase was in the Balearic Islands (3.1%), followed by Madrid (1.5%) and Castile-La Mancha (1.4%).
Madrid (2,613 euro/m2 or 243 euro/sq ft) is the most expensive autonomous community. This is closely followed by the Balearic Islands (2,573 euro/m2 or 239 euro/sq ft) and the Basque Country (2,524 euro/m2 or 234 euro/sq ft). At the other end of the scale, we find Castile-La Mancha (927 euro/m2 or 86 euro/sq ft), Extremadura (933 euro/m2 or 87 euro/sq ft) and Murcia (1,033 euro/m2 or 96 euro/sq ft), which are the cheapest autonomous communities.
Provinces
39 provinces registered prices higher than a month ago. The biggest increases are in Zamora (4.3%) and Lleida (4.1%), followed by the Balearic Islands (3.1%), Toledo (2.2%) and Cadiz (2.2%). The biggest price drops, on the other hand, are in Lugo and Navarra, where owners are asking 0.7% less for their properties. These are followed by price drops in Soria (-0.4%), Asturias, Biscay and Ourense (-0.3% in all 3 provinces).
The ranking of the most expensive provinces was still headed up by Gipuzkoa with 2,796 euro/m2 or 260 euro/sq ft. In second place is Madrid (2,613 euro/m2 or 243 euro/sq ft), with Barcelona (2,606 euro/m2 or 242 euro/sq ft) a close third and Biscay in fourth position at 2,575 euro/m2 or 239 euro/sq ft.
Toledo is the most economical province with a price of just 809 euro per square metre, 75 euro per square foot. It is followed by Avila (830 euro/m2 or 77 euro/sq ft) and Ciudad Real (864 euro/m2 or 80 euro/sq ft).
Provincial capitals
In the month of February, the number of capitals which have seen a rise in property prices was 37. The most pronounced increase was in Granada, where the owners expected to get 3.8% more for their properties. In Toledo, the increased was 3.6%, while in Palma de Majorca it has stayed at 3.3%. In Madrid, the prices have gone up 2.7% and in Barcelona they have gone up 0.7%. The biggest drops for the month were in Pontevedra (-1.7%), followed by Lugo (-1%) and Castellón (-0.5%).
Barcelona is still the most expensive city in Spain, with 4,319 euro/m2 or 401 euro/sq ft, followed by San Sabastian (4,217 euro/m2 or 392 euro/sq ft) and Madrid (3,449 euro/m2 or 320 euro/sq ft). Avila, on the other hand, is the cheapest city, with a property costing an average of 963 euro/m2 or 89 euro/sq ft, followed by Lleida (976 euro/m2 or 91 euro/sq ft) and Castellón (1,027 euro/m2 or 95 euro/sq ft).
The idealista property price index
idealista is currently the most used property marketplace in Spain for buying, selling and renting. With thousands of properties currently for sale, the research department at idealista has had a large sample group for analysing real estate prices since 2000. With 18 years of research under its belt, idealista has become the source of reference data for countless analysis teams from banking and financial entities to public institutions.
To put together this property price index, idealista has analysed 398,376 properties which were advertised on their database on 26th February 2018. Here’s a breakdown of the analysis in Spanish
To ensure the data is correct, properties which were previously priced outside of the market have not been counted in the analysis, as have single-family homes because they skewed the results in some areas. idealista’s property price index is compiled using offer prices per built square metre.
Foreigners and their thirst for Spanish properties
Foreign homebuyers in Spain are at an all-time high (15%), according to the Yearbook of Property Registrars, and barely 1.7% lower than 2022 sales records, with just over 87,300. The British (9.5%), Germans (7.3%) and French (6.7%) are once again the main foreign homebuyers.
Cheap property for sale at auction in Spain
Property auctions in Spain can be an exciting and potentially lucrative way to purchase real estate. Buying property at auction allows you to get your hands on a house in Spain for considerably less than the market value. These types of properties come mostly from bank assets, but there are also individuals who opt for this type of formula to sell their home. Some may be in good condition while others may require renovation.