The trend of rising property prices in Spain shows no sign of slowing down, according to the latest statistics.
A study by property portal Idealista has revealed the average cost of a pre-owned home in the country rose by 14.7% year-on-year in July.
The experts said every single region has experienced price rises, although some far more than others – with further variations when it comes to provinces and cities (particularly in holiday hotspots).
What are the hottest regions?
The autonomous community with the biggest price increase in July was Madrid, registering an average 24.4% uptick, followed by Murcia (19.3%) and Valencia (18%).
Rounding out the top six in terms of price rises were the Canary Islands (+17.2%), Cantabria (+17%) and Andalucia (+15.2%).
Meanwhile, the smallest increases were in Extremadura, where sellers’ expectations rose by 0.3%, Navarre (+1.4%), La Rioja (+2.9%), and Castilla y Leon (+3%).
However, the Balearic Islands, home to holiday hotspots Mallorca and Ibiza, remains the most expensive region to buy a pre-owned home, with an average cost of €5,025/m2.
They are followed by the Community of Madrid (€4,359/m2), Basque Country (€3,263/m2), the Canary Islands (€3,090/m2) and Catalonia (€2,632/m2).
On the cheaper end of the table are Extremadura (€979/m2), Castilla-La Mancha (€982/m2), and Castilla y Leon (€1,233/m2), which are the most affordable regions.
The hottest provinces
According to the Idealista report 43 out of Spain’s 50 provinces have higher prices than those recorded in July last year.
The largest increase was seen in Madrid, where sellers’ expectations grew by 24.4%, followed by Valencia province (+20.1%), Murcia (+19.3%), Santa Cruz de Tenerife (+18.6%), Cantabria (+17%), and Alicante (+15.9%).
Only six provinces saw price decreases for existing homes, led by Ourense (-6.9%), Teruel (-2%), Ciudad Real (-1.7%), Jaen, and Burgos (-0.8% in both cases).
The Balearic Islands reaffirmed its position as the most expensive province to purchase a used home (€5,025/m2), followed by Madrid (€4,359/m2).
They are followed by Guipuzcoa (€3,990/m2), Malaga (€3,794/m2), Santa Cruz de Tenerife (€3,292/m2), Vizcaya (€3,143/m2), and Barcelona (€2,979/m2).
Ciudad Real is the cheapest province to buy a pre-owend home in Spain, with an average price of €738/m2. It is followed by Jaen (€839/m2) and Cuenca (€862/m2).
The hottest cities for Spanish property
According to Idealista, at least 51 capital cities have seen increases in the price of the average pre-owned home. Only Girona recorded a year-on-year decrease in July, of -2.6%.
The biggest increase was seen in Santa Cruz de Tenerife, where prices grew by 25.1%.
This was followed by Madrid (+23.7%), Santander (+20%), Valencia (+19.7%), Palma de Mallorca (+18.8%), and Oviedo (+17.3%).
Prices also increased in Alicante (+15.9%), Sevilla (+14.2%), Malaga (+14.2%), San Sebastian (+13.5%), Barcelona (+10.4%), and Bilbao (+9.8%).
In contrast, the city of Huesca (+1.4%) saw the lowest year-over-year increase, along with Ourense (+2%), Soria (+2.3%), and Badajoz (+3.7%).
San Sebastian is the most expensive capital in Spain, with prices at €6,230/m2. Zamora, on the other hand, is the cheapest capital at €1,227/m2, followed by Jaen (€1,285/m2) and Ciudad Real (€1,386/m2).
