Spain’s used housing market has reached a new all-time high, according to the latest figures from Idealista.
The property portal’s price index shows the average cost of second-hand homes rose 18.4% year-on-year in January to reach €2,650 per square metre.
It marks a 3.7% increase over the previous three months and a 0.4% rise compared to December. It is also the highest recorded price since Idealista began tracking the data
Andalucia surges above the national average
Every autonomous community recorded higher prices compared to a year ago.
But the strongest annual rises were seen in:
- Murcia: +25.8%
- Andalucia: +21.4%
- Asturias: +19.2%
- Madrid region: +19.1%
- Cantabria: +18.5%
Andalucia’s average price now stands at €2,784 per square metre, comfortably above the national average growth rate.
At the other end of the scale, Galicia (+7.6%) and Extremadura (+8.3%) recorded the smallest increases.
Where is Spain most expensive?
The Balearic Islands remain Spain’s most expensive region, with average prices of €5,194 per square metre, followed by:
- Madrid region: €4,585/m2
- Euskadi: €3,460/m2
- Canary Islands: €3,200/m2
- Andalucia: €2,784/m2
- Cataluña: €2,776/m2
The most affordable regions remain:
- Extremadura: €1,040/m2
- Castilla-La Mancha: €1,048/m2
- Castilla y Leon: €1,287/m2
Malaga among the most expensive provinces
At provincial level, 49 out of 50 provinces recorded price increases. Only Ourense saw a fall (-2.8%).
The biggest jumps were in:
- Valencia province: +25.9%
- Murcia: +25.8%
- Asturias: +19.2%
- Madrid: +19.1%
- Almeria and Toledo: +19%
Malaga province continues to rank among the most expensive in Spain at €4,082 per square metre, behind only Baleares, Madrid and Guipuzcoa.
Meanwhile, the cheapest province in Spain is Ciudad Real at €779/m2, followed by Jaen (€858/m2) and Cuenca (€861/m2).
Capital cities: Tenerife leads the boom
All provincial capitals saw annual price rises.
The sharpest increase was recorded in Santa Cruz de Tenerife, where prices jumped 26.3% in a year.
Among major cities:
- Valencia: +15.9%
- Madrid: +14.8%
- Palma: +13.4%
- Sevilla: +12.8%
- Malaga city: +12.2%
- Barcelona: +9.4%
Madrid city now averages €5,861 per square metre, while Barcelona stands at €5,148/m2.
San Sebastian remains Spain’s most expensive city at €6,480/m2.
The cheapest capital is Zamora at €1,300/m2, followed by Jaen (€1,403/m2) and Lleida (€1,458/m2).
Idealista’s index is based on asking prices per constructed square metre. The portal filters out atypical listings, duplicates and properties that have been inactive for extended periods, using the median price of valid listings to calculate results.
The sustained increases reflect:
- Ongoing supply shortages
- Strong household formation in urban areas
- Investor demand
- Limited new-build output
For markets like Malaga and much of Andalucia, the data reinforces the fact that supply continues to lag far behind demand.
Read more Andalucia news at the Spanish Eye.
