House prices in Andalucia have climbed past levels seen at the height of Spain’s property bubble, making 2025 officially more expensive than 2007 for buyers – and Malaga is leading the charge.
According to the latest Fotocasa index, Andalucia is now 4% pricier than during the boom that preceded the devastating 2008 crash.
Back in April 2007, an average flat cost €200,700 (€2,509 per m²). Today, that same property would set you back €208,800 (€2,610 per m²).
Malaga city, in particular, is smashing records. Prices hit a historic high in July at €4,145 per m², making it one of the hottest – and least affordable – markets in Spain.
Other Andalusian capitals are yet to return to bubble-era levels:
- Sevilla: €2,707 per m², still 10% below July 2007.
- Cadiz: €3,154 per m², 12% below its 2007 peak.
- Huelva: €1,647 per m², 21% below its 2007 high.
- Cordoba: €1,890 per m², 31% below its 2006 record.
- Almeria: €1,788 per m², 32% lower than its 2006 peak.
- Jaen: €1,522 per m², 39% below its 2007 high.
A nationwide trend
Andalucia is not alone, with the Balearics, Canaries, Madrid and Valencia also seeing record prices.
In the Balearics, prices are now a staggering 84% higher than during the bubble, with the average home costing €400,000. Madrid sits 22% above 2007 levels, at €4,858 per m².
Fotocasa’s director of research, María Matos, warned that accessibility is ‘at risk’, with buyers facing the toughest wage-to-housing cost ratio ever recorded.
‘Unless supply increases, the pressure will continue. If the current pace continues, Spain as a whole could hit record highs next year,’ she said.
Where is still cheaper than 2007?
Regions such as Galicia (-15%), Cantabria (-18%), Catalonia (-20%) and the Basque Country (-20%) remain below their bubble-era highs.
The steepest gaps are in Castilla-La Mancha, Aragon and La Rioja, which are all still over 40% cheaper than their 2007 peaks.
Read more Andalucia news at the Spanish Eye.
