There has been an increase of 0.8% in the price of used housing in Spain in October 2018, standing at 1,726 euro per square metre, or 160 euro per square foot, according to the latest idealista real estate price index. When compared with the figure for October 2017 (1,562 euro/m2 or 145 euro/sq ft), the year-on-year increase is 10.5%. However, prices fell slightly in the two big Spanish capitals, Madrid and Barcelona, by 0.2%.
Autonomous Communities
The price of second-hand homes has fallen in five autonomous regions, most notably in Cantabria, where asking prices have reduced by 1%. This is followed by decreases in Andalusia (-0.7%) and La Rioja (-0.4%). The greatest increase in used house prices, on the other hand, occurred in Navarra (1.9%), Catalonia (1.6%) and the Balearic Islands (1.4%).
Madrid is the most expensive autonomous community in Spain at 3,013 euro/m2 or 280 euro/sq ft. It is followed by the Balearic Islands (2,794 euro/m2 or 260 euro/sq ft) and the Basque Country (2,564 euro/m2 or 238 euro/sq ft). At the other end of the table are Extremadura (932 euro/m2 or 86 euro/sq ft), Castile-La Mancha (934 euro/m2 or 87 euro/sq ft) and Murcia (1,028 euro/m2 or 95 euro/sq ft), which are the most economic communities to buy used housing.
Provinces
30 Spanish provinces have higher prices than a month ago. The greatest increase was in Santa Cruz de Tenerife (2.2%), followed by Valencia (2.2%), Gipuzkoa (2.1%) and Navarra (1.9%). The greatest fall, however, occurred in Teruel where owners asked 3.6% less for their homes. This was followed by falls in Almería (-1.3%), Cantabria and Soria (-1% in both cases).
The ranking of the most expensive provinces is also led by Madrid with 3,013 euros/m2 or 280 euro/sq ft. In second place is Barcelona (2,873 euro/m2 or 267 euro/sq ft) and then Gipuzkoa (2,835 euro/m2 or 263 euro/sq ft). Ávila is the cheapest province with a price of 789 euro per square metre, or 73 euro/sq ft. It is followed by Toledo (820 euro/m2 or 76 euro/sq ft) and Cuenca (867 euro/m2 or 80 euro/sq ft).
Provincial capitals
During the month of October the number of capitals that have risen in price was 26. The most pronounced rise was that experienced by Pamplona, where the expectations of owners grew by 2.6%. In Pontevedra the increase was 2.5%, while in San Sebastian it was 2.3%. Tarragona, for its part, has marked the biggest fall of this month (-8.1%), followed by Girona (-2.9%) and Soria (-2.6%). Prices have also fallen in Madrid and Barcelona (-0.2% in both cases).
Barcelona continues to be the most expensive city in Spain, with an average used housing price of 4,380 euro/m2 or 407 euro/sq ft, followed by San Sebastián (4,355 euro/m2 or 405 euro/sq ft) and Madrid (3,827 euro/m2 or 356 euro/sq ft). Ávila, on the other hand, is the cheapest, with 940 euro/m2 or 87 euro/sq ft, followed by Lleida (1,000 euro/m2 or 93 euro/sq ft) and Huelva (1,046 euro/m2 or 97 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 been analysing real estate prices since 2000. With eighteen years of research under its belt, idealista has become the standard source of data for countless analysis teams from banking and financial entities to public institutions.
To put together this property price index, idealista has analysed 379,729 property listings which were advertised on their database on 29th October 2018. 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.