The price of used housing in Spain increased by 0.8% in May 2018, reaching 1,645 euro per square metre, which is 154 euro per square foot, according to the latest idealista real estate price index. If we consider the figure for May 2017 (1,526 euro/m2 or 142 euro/sq ft), the year-on-year increase is 7.8%.
Autonomous Communities
The price went down in only 3 autonomous communities in Spain. The largest drop was recorded in Asturias, where the price expectations of property owners fell by 0.4%. This is followed by decreases in Extremadura (-0.3%) and Murcia (-0.1%). In Castile and León, prices have not moved. On the other hand, we find Madrid, where the price of second-hand homes has risen by 2.1%, the Canary Islands (1.6%) and La Rioja (1.1%).
Madrid is the most expensive autonomous community with the average cost of a used property being 2,804 euro/m2 or 260 euro/sq ft. It is followed by the Balearic Islands (2,617 euro/m2 or 243 euro/sq ft) and the Basque Country (2,513 euro/m2 or 233 euro/sq ft). At the other end of the table are Castile-La Mancha (907 euro/m2 or 84 euro/sq ft), Extremadura (926 euro/m2 or 86 euro/sq ft) and Murcia (1,027 euro/m2 or 95 euro/sq ft), which are the most economic communities to buy a used house.
Provinces
34 provinces have higher prices than a month ago. The largest increases were in Las Palmas (2.5%), followed by Lugo (2.2%), Segovia (2.2%) and Madrid (2.1%). The biggest drop, however, was in Zamora, where owners are asking for 1.9% less for their homes. They were followed by reductions in Jaén (-1.1%) and Guadalajara (-1%).
The ranking of the most expensive provinces is also led by Madrid with 2,804 euro/m2 or 260 euro/sq ft. Barcelona is in second place (2,733 euro/m2 or 254 euro/sq ft) and then Gipuzkoa (2,729 euro/m2 or 253 euro/sq ft). Toledo is the cheapest province with a price of 793 euro per square metre or 74 euro per square foot. It is followed by Ávila (808 euro/m2 75 euro/sq ft) and Ciudad Real (846 euro/m2 or 79 euro/sq ft).
Provincial Capitals
During the month of May, the number of capital cities of Spanish provinces that saw used house prices increase was 35. The most pronounced increase is that experienced by Valencia, where the expectations of the owners grew by 3%. In Malaga the increase was 2.7%, while in Segovia it remained at 2.6%. In Madrid prices increased by 1.8% and in Barcelona by 0.7%. Santander, for its part, has marked the biggest fall of this month (-1.3%), followed by Girona (-0.8%) and Avila (-0.8%).
Barcelona is still the most expensive city in Spain, with an average cost of 4,408 euro/m2 or 410 euro/sq ft, followed by San Sebastian (4,195 euro/m2 or 390 euro/sq ft) and Madrid (3,694 euro/m2 or 343 euro/sq ft). Ávila, on the other hand, is the cheapest, with 935 euro/m2 or 86 euro/sq ft, followed by Lleida (954 euro/m2 or 89 euro/sq ft) and Castellón (1,023 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 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 402,279 property listings which were advertised on their database on 26th May 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.
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.
