House prices in Spain have hit new a record after used homes soared 16% year-on-year in November, new figures show.
The cost of buying a second-hand home now costs an average of €2,605 per square metre, according to the latest property price index from Idealista.
It’s also a market that isn’t slowing down, with prices up 4.3% in just three months and 2% compared to October, pushing the cost of used housing to its highest point since the portal began compiling data.
All regions now more expensive: Murcia, Madrid and Andalucia lead the surge
Every single autonomous community is now more expensive than a year ago.
Murcia has long been seen as a budget-friendly option for buyers priced out of expensive resorts like the Costa del Sol.
However, its popularity seems to be surging, with average prices increasing by a whopping 22.5% in a year.
It means if you bought a home in Murcia for €200,000 a year ago, it could be worth €245,000 today.
The sharpest increases are:
- Region of Murcia: +22.5%
- Community of Madrid: +21%
- Andalucia: +19.8%
- Cantabria: +18.8%
- Comunitat Valenciana: +17.3%
- Asturias: +16.8%
Below the national average, but still rising strongly, are Canary Islands (+12%), Euskadi (+11.2%), Catalonia (+10.7%), Balearic Islands (+9.1%), Castilla-La Mancha (+8.5%), La Rioja (+8.2%) and Aragon (+8%).
The most modest annual increases are found in Extremadura (+2.9%), Navarra (+3.7%), Galicia (+5.1%) and Castilla y León (+6.3%).
In terms of absolute prices, Balearic Islands remain out in front at €5,114/m2, followed by:
- Madrid region: €4,491/m2
- Euskadi (Basque Country): €3,376/m2
- Canary Islands: €3,123/m2
- Catalonia: €2,739/m2
- Andalucía: €2,735/m2
At the other end of the scale, the cheapest regions to buy used housing are:
- Extremadura: €1,023/m2
- Castilla-La Mancha: €1,027/m2
- Castilla y León: €1,287/m2
Provinces: Murcia, Valencia and Madrid mark the biggest jumps
In 48 of Spain’s 50 provinces, used housing is now more expensive than a year ago. The biggest year-on-year rises are:
- Murcia (province): +22.5%
- Valencia (province): +22.3%
- Madrid (province): +21%
- Cantabria: +18.8%
- Asturias: +16.8%
Only Ourense (-4.2%) and Teruel (-2.9%) recorded falls.
The most expensive provinces for second-hand homes are:
- Balearic Islands: €5,114/m2
- Madrid: €4,491/m2
- Guipuzcoa: €4,124/m2
- Malaga: €4,024/m2
- Santa Cruz de Tenerife: €3,302/m2
- Bizkaia: €3,254/m2
- Barcelona (province): €3,084/m2
The cheapest are:
- Ciudad Real: €763/m2
- Jaen: €852/m2
- Cuenca: €867/m2
Big cities: All four largest capitals at price records
Idealista’s data show that 51 provincial capitals have seen annual price increases, with Huesca the only exception (-0.1%).
The strongest year-on-year rises among capitals are:
- Leon: +20.9%
- Madrid: +17.7%
- Palencia: +17.7%
- Guadalajara: +17.7%
- Salamanca: +17.6%
Among the major markets, prices rose in:
- Madrid: +17.7% (to €5,758/m2)
- Barcelona: +9.5% (to €5,089/m2)
- Valencia: +15.3%
- Palma: +14.1%
- Sevilla: +13.6%
- Alicante: +13.4%
- San Sebastián: +13.1%
- Malaga (city): +12.5%
- Bilbao: +11.6%
San Sebastian remains Spain’s most expensive capital at €6,411/m2, followed by Madrid and Barcelona. The cheapest capital is Zamora (€1,291/m2), with Jaen (€1,367/m2) and Lugo (€1,433/m2) close behind.
The Idealista index is based on asking prices for homes advertised on the portal, calculated per square metre of built area.
