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February 17, 2017

Barcelona is the most expensive city in Spain

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Barcelona is the most expensive city in Spain

Barcelona is the most expensive city in the country, according to the latest data on the value of real estate in Spain. The registered increase in the price of houses and apartments in Barcelona by 3.8% in January 2017 has meant that the price of 1 m2 of second-hand housing here has been set at 4,024 euros / m2 that means that for the first time it exceeded the cost of 1 m2 in San Sebastian (3,931 euros / m2), in accordance with the latest index of real estate prices published by the portal Idealista. This figure contrasts with a 2.6% drop recorded throughout the country during the first months of 2017, during which the price of 1 m2 of the second-hand real estate market in Spain reached 1,508 euros / m2. In addition, this fall in value of 1 m2 increases to 5.6% when compared to the data in January 2016 (1,597 euros / m2).

In spite of the average decrease in the price per square meter of second-hand residential properties in the whole of Spain, in cities such as Toledo, Barcelona and Pontevedra their value increased by 5.6%, 3.8% and 2, 3%, respectively.

The increase registered in Barcelona has allowed the cost of 1 m2 of second-hand residential real estate to exceed the limit of 4,000 euros / m2 for the first time since 2009 and with 4,024 euros / m2 to be ahead of San Sebastian as the most expensive city of Spain.

Therefore, the ranking of the capitals of the most expensive provinces of Spain in January 2017 leads Barcelona with 4,024 euros / m2, followed by San Sebastian (3,931 euros / m2) and Madrid (2,925 euros / m2). Lleida, however, is the capital of the province more economical for the purchase of a residential property in Spain, with 904 euros / m2; followed by Castellon (936 euros / m2) and Avila (990 euros / m2).

With respect to the dynamics of real estate price in Spain increases in January 2017, in this case lead Valencia (1.9%), Malaga (1.8%), Soria and Palma de Mallorca (1.4% in both cases). On the other hand, the biggest drop was registered in Castellon (-4.2%), Oviedo (-2.5%), Murcia (-2%), Alicante (-1.7%) and Huesca (-1, 7%).

At the same time, the price of 1 m2 of residential property increased only in 2 of the 17 autonomous communities. The biggest growth was recorded in the Balearic Islands, where owners now ask for 1.4% more for their homes and apartments than a month ago. They are followed by Cantabria (growth of 0.1%). In all other areas prices fell and the leader is Andalusia (-2.8%), followed by Castilla-La Mancha (-2.5%) and La Rioja (-2.5%).

Euskadi (2,495 euros / m2) remains the most expensive Spanish autonomy. This is followed by the Community of Madrid (2,331 euros / m2) and the Balearic Islands (2,001 euros / m2). Castilla La Mancha (896 euros / m2) is on the opposite side of the classification, as well as Extremadura (925 euros / m2) and Murcia (998 euros / m2), which are the most economic regions of Spain for the acquisition of second hand reals estate.

At the same time, Toledo was the most economical province with a price of 798 euros per square meter. Behind it are situated Cuenca (823 euros / m2) and Ciudad Real (838 euros / m2).

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