The cheapest and most expensive areas for property in Spain
Property prices are steadily rising across Spain, although prices per square metre between the most expensive and the cheapest properties are vast.
While we are aware that property prices are steadily rising in Spain, the average cost of a typical property is not equal across the country. Even in the same region, the difference between the most expensive and the cheapest properties can be vast.
According to research carried out by Tecnitasa, a leading property-valuing company, the area where the cost per square metre is the highest in the country continues to be in the Calle Serrano are of Madrid. Here, in 2015, the average price per square metre of land was 10,900 euro.
At the other end of the scale, the cheapest property based on the price per square metre is found in the district of Guinea in the province of Castellón in the Region of Valencia. Here, the average price per square metre of land is just 363 euro.
At the same time, the property-valuing company has reported that house prices in Spain have finally started to even out, given that the increases and decreases over the last 12 months have not been particularly marked in the majority of cities.
Maximum house prices in Santander and Burgos registered substantial drops of 13% and 12% last year, meaning that the most expensive properties there have come down in value.
At the same time, minimum prices dropped the most in Logroño, Palma de Mallorca and Zaragoza, at around 12%.
With regards to property prices going up, the biggest increases were registered in Pontevedra (+11%) and Vigo (+20%) in their most expensive districts, and in Zaragoza and Castellón (+21%) in the districts where prices are more moderate.
It has also been found that property prices have risen across the country in the most attractive districts of each city, while property found in less desirable areas continues to be difficult to shift, and its price continues to decline.
Maximum house prices have also gone up in the most attractive areas, as mentioned above, albeit in a more moderate fashion.
- Cádiz (+1%)
- Huelva (+1%)
- Marbella (+2%)
- Las Palmas de Gran Canaria (+2%)
- Mallorca (+4%)
- Valencia (+5%)
And, alternatively, prices were reduced in the less attractive zones of:
- Córdoba (-1%)
- San Sebastián (-3%)
- Jerez de la Frontera (-7%)
- Cádiz (-9%)
- Palma de Mallorca (-12%)
With regards to the difference between the most and least expensive properties in a given city, Madrid is where this difference is most accentuated. The most expensive properties are found in Calle Serrano, at 10,900 euro per square metre, while the cheapest are in the district of San Cristobal de los Ángeles, where the average price per square metre is just 623 euro. This means that a 100-square-metre apartment in the former would cost 1.1 million euro, but in the latter you could pick one up for a mere 62,000 euro.
After the Calle Serrano area of Madrid, the next areas where prices are at the highest in the country are: Paseo de Gracia in Bacelona (8,450 euro), Avenida de la Libertad-Boulevard in San Sebastián (6,100 euro) and Puerto Banús, Marbella (5,500 euro).