June 9, 2017

Review of real estate prices in Spain in May 2017

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The cost of second-hand properties in Spain increased by 0.5% in May 2017, to 1,526 euros / m2, according to the latest housing price index of the internet portal Idealista. If we compare the data with May 2016 (1,537 euros / m2), the annual decline was by 0.7%.

At the same time, the value of properties in Spain increased in 15 of the 17 Spanish autonomous communities. The highest growth was recorded in the Balearic Islands, where owners demand by 2.3% more for their homes and apartments in Spain than a month ago. After this growth are situated those of Murcia and the Canary Islands (1.4% in both cases). Castilla y Leon, however, became the province, where the price of apartments and houses in Spain fell more noticeably last month, precisely by 0.4%, followed by Cantabria, where real estate prices fell by 0.1%.

The Basque province of Euskadi with the price of 2,486 euros / m2 remains the most expensive Spanish autonomous region. After it goes the community of Madrid (2,388 euros / m2) and the Balearic Islands (2,154 euros / m2). On the opposite side of the classification we can find Castilla La Mancha (905 euros / m2), Extremadura (932 euros / m2) and Murcia (1,023 euros / m2), which are the most economical regions to buy a residential property in Spain.

In addition, 35 Spanish provinces maintained the upward trend in real estate prices during the month of May 2017. According to published data, the prices increased by 2.3% in the Balearic Islands, in Lleida (2.1%), and in Las Palmas de Gran Canaria (2.1%). The biggest drop was registered in the provinces of Ourense (-2.4%), Almeria (-1.9%), Zamora and Ávila (-1.3% in both cases).

The ranking of the most expensive Spanish provinces remained unchanged in May 2017, headed by the Basque provinces of Guipuzcoa and Vizcaya, with prices at 2,701 euros / m2 and 2,570 euros / m2, respectively. These are followed by Madrid (2.388 euros / m2) and Barcelona (2,267 euros / m2). On the other hand, Toledo is the cheapest Spanish province in terms of real estate prices with a price of 792 euros per square meter, followed by the provinces of Ávila (828 euros / m2) and Cuenca (842 euros / m2).

It is also worth mentioning that the Catalan capital, Barcelona, ​​remains the most expensive city in Spain with a price of 4,285 euros / m2, followed by San Sebastian (3,930 euros / m2) and Madrid (3,040 euros / m2). Lleida, however, has been the most economic capital of Spain, with a price of 889 euros / m2, as well as Avila (966 euros / m2) and Castellon de la Plana (967 euros / m2).

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