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March 7, 2017

Review of the Spanish real estate market in February 2017

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Review of the Spanish real estate market in February 2017

The price of housing in Spain fluctuates up and down, but at the same time the perspectives depend on the geographical point from which we look at the statistics. February 2017 ended with a slight increase in property values in almost half of the Spanish provinces and in their capitals. At the same time, the other half of the country registered a slight decrease in its real estate prices. In most cases, the growth and the decline in prices amounted to approximately 1%, indicating that the real estate market in Spain is slowly stabilizing.

As for the price of second-hand properties in Spain last month, in this case they were reduced by 0.7%, set at around 1,497 euros / m2, according to the latest real estate price index of the online portal Idealista. If we look at the data of February 2016 (1,583 euros / m2), then this means that the annual decline was by 5.4%.

At the same time, the prices of houses and apartments in Spain increased in seven of the 17 autonomous communities. The largest increase was recorded in the Balearic Islands, where the value of real estate increased by 0.9%, compared to the previous month. They are followed by the regions of La Rioja (0.6%) and Andalusia (0.6%). Catalonia, meanwhile, became the autonomous region of Spain where property prices have fallen more during the last month, that is, by 3%. Then there are decreases in the provinces of Euskadi (-0.6%), Asturias and in the Canary Islands (0.4% in both cases).

Despite falling property prices, Euskadi remains the most expensive autonomy in Spain with a figure of 2,480 euros / m2. It follow the Community of Madrid (2,334 euros / m2) and the Balearic Islands (2,019 euros / m2). On the opposite side are located the provinces of Castilla La Mancha (898 euros / m2), Extremadura (922 euros / m2) and Murcia (1,002 euros / m2), which are the cheapest areas in Spain for the acquisition of a residential property.

It should also be noted that in the 23 provinces of Spain housing prices have maintained their positive trend of development during the month of February 2017. Namely, the cost of apartments and houses in Spain increased by 2.2% in Cuenca, Teruel (2.1%) and Jaen (1.6%). The largest fall, however, occurred in the province of Barcelona (-3.3%), followed by the decreases in Tarragona (-2.5%), Leon (-1.9%) and Zamora (-1, 4%).

The ranking of the most expensive provinces, however, remained unchanged in February 2017, headed by the Basque provinces of Guipuzcoa and Vizcaya, with prices of 2,738 euros / m2 and 2,559 euros / m2, respectively. These are followed by Madrid (2,334 euros / m2) and Barcelona (2,162 euros / m2). Toledo is the most economical province in Spain with a price of 798 euros per square meter. It is followed by Ciudad Real (841 euros / m2) and Cuenca (841 euros / m2).

In addition, in February 2017, the amount of capital of the provinces of Spain, where apartments and houses have increased their prices, also, has also been equal to 23. The most significant increase was recorded in Jaen, that is, by 2.9%. In the capital of Mallorca, Palma de Mallorca, the increase in property values ​​was by 1.8%, while in Barcelona, ​​it has remained at 1.7%.

For the second consecutive month, besides, Barcelona became the most expensive city in Spain with a value of 4,093 euros / m2, followed by the city of San Sebastian (3,946 euros / m2) and Madrid (2,915 euros / m2). Lleida, on the other hand, is the most economical capital of Spanish province, with a price of 887 euros / m2, followed by Castellon (925 euros / m2) and Avila (996 euros / m2).

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