Resale property prices increase in two regions only
House prices for second-hand properties haven’t experienced much of a change with the arrival of spring.
In fact, during the month of April, prices have more or less remained stable, although the average price of resale property did fall by 0.8%, bringing it down to register at 1,539 euro/square metre.
When compared to house prices twelve months ago in April 2015, we can see that the average price of a second-hand property has fallen by 3.6%, as the price back then registered at the higher price of 1,597 euro/square metre.
While we are seeing many reports that house prices are rising once more, which they are particularly in Spain’s largest cities and popular destinations, it is apparent from these statistics that the rate at which prices are going up is not equal in all parts of the country.
The average price of resale property has gone up in just two of Spain’s autonomous regions. The biggest rise has been registered in Madrid, where property owners are asking for 1% more for their property than they were a month ago, followed byAndalucía, where house prices have risen 0.1%.
In the Valencia Region and the Basque Country, prices have not moved at all, while in all the other regions they have actually dropped. The greatest declines in property prices are to be seen in Murcia (-1.9%), Cataluña (-1.5%) and the Canary Islands (-1.3%). As we can see, however, the drop in property values is minimal and nothing like what the sector experienced several years ago.
The regions where property is the most expensive is the Basque Country, where the price per square metre of property is 2,551 euro. It is followed by Madrid (2,369 euro) and the Balearic Islands (1,875 euro).
At the bottom end of the scale, house prices are the most affordable in Castilla-La Mancha (934 euro), Extremadura (942 euro) and Murcia (1,015 euro).
Out of Spain’s 50 provinces, only eight saw their property prices go up. They went up the most in Almeria (2.8%), followed by Castellón (1.6%) and Madrid (1%).
House prices dropped the most in Lleida (-4.8%), Burgos (-2.3%) and Ciudad Real (-2.2%).
The most expensive provinces for property are still the same as always: Guipúzcoa (2,848 euro/square metre), Vizcaya (2,626 euro), Madrid (2,369 euro) and Barcelona (2,119 euro).
The most affordable property within a province is found in Cuenca (851 euro), Toledo (854 euro) and Lleida (867 euro).
Nevertheless, property prices have risen in 23 province capitals despite the fact that general prices only went up in eight provinces. The biggest increase was registered in Teruel (3.3%), followed by Girona (1.9%).
The most expensive capital for property is San Sebastián (3,904 euro), followed by Barcelona (3,509 euro) and Madrid (2,885 euro).