According to Fotocasa Real Estate Index, the average price of secondary housing in Spain in August 2021 was 1890 euros per square meter. This is a moderate year-on-year growth will lead to stabilization in the coming months.
According to the same study, real estate prices increased in 11 of the 17 autonomous communities: La Rioja, Aragon, Balearic Islands, Cantabria, Madrid, Navarre, Castile and Leone, Andalusia, Extremadura, Asturias, as well as Valencia.
In the communities of Murcia, Basque Country, Castile-La Mancha, Canary Islands, Catalonia and Galicia, the prices decreased.
Contents:
- What kind of real estate can you buy in each autonomous community for 250,000 euros?
- Factors, which determine real estate prices
- Dynamics of real estate market prices in Spain
- We will help you buy a property in Spain
What kind of real estate can you buy in each autonomous community for 250,000 euros?
Real estate that can be bought for 250,000 euros will vary greatly in different autonomous communities due to the large difference in prices per square meter.
In each of the autonomous communities, for 250,000 euros you can purchase secondary real estate of the following size:
| Autonomous community | Price per m2 (euros) | Number of m2 for 250,000 euros |
|---|---|---|
| Madrid | 3128 | 80 |
| Basque Country | 2872 | 87 |
| Balearic Islands | 2870 | 87 |
| Catalonia | 2538 | 99 |
| Canary Islands | 1776 | 141 |
| Cantabria | 1752 | 143 |
| Andalusia | 1687 | 148 |
| Navarre | 1624 | 154 |
| Galicia | 1611 | 155 |
| Aragon | 1606 | 156 |
| Asturias | 1586 | 158 |
| La Rioja | 1469 | 170 |
| Castile and Leon | 1444 | 173 |
| Valencia | 1426 | 175 |
| Estremadura | 1150 | 217 |
| Castile-La Mancha | 1120 | 223 |
| Murcia | 1117 | 224 |
Factors, which determine real estate prices
In addition to size, there are other determining factors that play a role when choosing a property. Indeed, changes in living habits after the pandemic forced us to look for a type of housing that meets specific requirements, for which the buyer is willing to pay more money.
Real estate with a lot of advantages
In general, many buyers want to leave big cities and live on the periphery, provided there is sufficient space in the new housing to create an office with the possibility of remote work.
Now being near a workplace or an educational institution has gone by the wayside.
Priority is given to real estate with private plots and lots of light
The buyer is looking for both internal and external space. More often they buy housing that has a lot of natural light, a terrace, a garden and common areas.
Energy efficiency is an important criterion
Another consequence of the pandemic was concern about the health of the planet. In fact, the demand for energy-efficient housing has increased by 30% since the beginning of the pandemic.
Real estate with high-quality acoustic insulation is also in demand.
As we were able to see, the price of housing depends on these and many other factors, such as the area, location, condition and quality of building materials, the dynamics of market prices and more. Despite this, prices show a clear trend towards stabilization.
Dynamics of real estate market prices in Spain
In the third quarter of 2021, the price of secondary housing in Spain is experiencing quarterly growth of 0.4% and annual growth of 2.5%. According to Fotocasa Real Estate Index, the average price per square meter is 1892 euros. The above quarterly growth (0.4%) is the first rise in this period after two years of decline.
Maria Matos, Director of Research and representative of Fotocasa comments: «The increase in housing prices at the quarterly level is caused by a large demand for housing purchases. The interest in real estate that best matches housing preferences is responsible for the fact that the market is at very high levels of dynamism. However, the growth of 2.5% is not very high, given the number of transactions being made. The positive thing is that prices are not growing at the same pace as the number of purchase and sale transactions».
| Month | Price per year (euros/m2) | Annual fluctuation, % |
|---|---|---|
| April 2020 | 1.854,00 | -2,00 |
| May 2020 | 1.878,00 | -1,10 |
| June 2020 | 1.874,00 | -1,90 |
| July 2020 | 1.888,00 | -0,70 |
| August 2020 | 1.877,00 | -0,80 |
| September 2020 | 1.845,00 | -2,4 |
| October 2020 | 1.859,00 | -1,70 |
| November 2020 | 1.877,00 | 0,70 |
| December 2020 | 1.846,00 | 1,60 |
| January 2021 | 1.874,00 | 1,80 |
| February 2021 | 1.883,00 | 2,20 |
| March 2021 | 1.897,00 | 2,90 |
| April 2021 | 1.888,00 | 1,90 |
| May 2021 | 1.893,00 | 0,80 |
| June 2021 | 1.883,00 | 0,50 |
| July 2021 | 1.894,00 | 0,30 |
| August 2021 | 1.890,00 | 0,70 |
| September 2021 | 1.892,00 | 0,40 |
Monthly and annual price changes by autonomous communities
As for the autonomous communities with the highest quarterly growth, Aragon tops the rating of September 2021 with 3.3%. It is followed by Andalusia (2.0%), La Rioja (0.9%), Asturias (0.7%), Canary Islands (0.6%), Catalonia (0.5%), Castile-La Mancha (0.5%), Galicia (0.4%), Cantabria (0.4%), Basque Country (0.3%), Valencia (0.2%), Castile and Leon (0.2%), Madrid (0.1%) and the Balearic Islands (0.05%).
Average real estate prices in Navarre (-1.2%), Extremadura (-0.9%) and Murcia (-0.4%) in September were lower than three months ago (June 2021).
Rating of real estate prices in autonomous communities
As for the rating of prices in communities, Madrid, which ranks first, is the only community that has overcome the barrier of 3000 euros: here a square meter costs about 3113 euros. It is followed by the Basque Country (2880 euros/m2), the Balearic Islands (2849 euros/m2) and Catalonia (2535 euros/m2).
On the other hand, the price of square meters of housing in 13 autonomous communities does not exceed 2000 euros: Canary Islands (1783 euros/m2), Cantabria (1749 euros/m2), Andalusia (1700 euros/m2), Galicia (1620 euros/m2), Navarre (1607/m2), Aragon (1605 euros/m2), Rioja (1446 euros/m2), Castile and Leon (1438 euros/m2), Valencia (1,425 euros/m2), Extremadura (1,149 euros/m2), Murcia (1,118 euros/m2) and Castile La Tower (1,113 euros/m2).
| Autonomous community | Price per m2 (euros) |
|---|---|
| Andalusia | 1700 |
| Aragon | 1605 |
| Asturias | 1581 |
| Balearic Islands | 2849 |
| Valencia | 1425 |
| Galicia | 1620 |
| Canary Islands | 1783 |
| Cantabria | 1749 |
| Castile and Leon | 1438 |
| Castile-La Mancha | 1113 |
| Catalonia | 2535 |
| La Rioja | 1446 |
| Madrid | 3113 |
| Murcia | 1118 |
| Navarre | 1607 |
| Basque Country | 2880 |
| Estremadura | 1149 |
Changes in real estate prices in the provinces
The data of Fotocasa Real Estate Index also records an increase in real estate prices in the third quarter in 30 of the 50 provinces of Spain. Quarterly growth varies from 4% in Malaga to 0.04% in Gipuzkoa.
On the other hand, the province with the largest price reduction is Teruel (-2.2%). It is followed by Seville (-1.9%), Las Palmas (-1.5%), Badajoz (-1.5%), Cadiz (-1.4%) and some others.
Gipuzkoa and Madrid are the only provinces, where 3000 barrier has been overcome, in particular, 3144 euros/m2 in Gipuzkoa and 3113 euros/m2 in Madrid.
Only six provinces of the price of real estate were established between 2000 and 3000 euros/m2 Barcelona (2960 euros/m2), Biscay (2863 euros/m2), Balearic Islands (2849 euros/m2) Araba-Alava (2496 euros/m2), Malaga (2432 euros/m2) and Girona (2101 euros/m2).
Only in the province of Ciudad real property price does not exceed 1000 euros. It is 962 euros/m2.
Changes in real estate prices in provincial capitals
As for the provincial capitals, in September 2021, real estate prices decreased by 54% in 50 municipalities of Spain. The quarterly decline varies from -4.1% in Lugo to -0.01% in Castellon de la Plan. In Pontevedra, on the contrary, the quarterly price of housing increased in September by 4.1%, in Toledo - by 2.5% and in Zaragoza - by 2.4%.
The only capital of Spain in which the price of housing exceeds 5000 euros/m2 is Donostia - San Sebastian (5533 euros/m2). It is followed by Barcelona (4359 euros/m2), Madrid (3894 euros/m2), Bilbao (3376 euros/m2) and Palma de Mallorca (3081 euros/m2).
In 33 provincial capitals, real estate prices, on the contrary, are lower than the average in Spain (1892 euros/m2). The most economical in the country is Avila (1,140 euros/m2), followed by Lleida (1,180 euros/m2) and Huelva (1,230 euros/m2).
| Provincial capitals | Price (euros/m2) |
|---|---|
| Avila | 1140 |
| Alicante | 1632 |
| Albacete | 1448 |
| Almeria | 1305 |
| Badajoz | 1367 |
| Barcelona | 4359 |
| Bilbao | 3376 |
| Burgos | 1697 |
| Valencia | 2096 |
| Valladolid | 1733 |
| Vitoria-Gasteiz | 2658 |
| Guadalajara | 1453 |
| Granada | 1898 |
| Donostia-San Sebastian | 5533 |
| Girona | 2384 |
| Zamora | 1309 |
| Cadiz | 2522 |
| Caceres | 1312 |
| Castellon de la Plana | 1281 |
| Cordoba | 1506 |
| Cuenca | 1359 |
| La Coruna | 2367 |
| Las Palmas de Gran Canaria | 2144 |
| Leon | 1489 |
| Lleida | 1180 |
| Logrono | 1702 |
| Lugo | 1413 |
| Madrid | 3894 |
| Malaga | 2430 |
| Murcia | 1334 |
| Oviedo | 1714 |
| Orense | 1550 |
| Palencia | 1507 |
| Palma de Mallorca | 3081 |
| Pamplona | 2534 |
| Pontevedra | 1850 |
| Salamanca | 1924 |
| Santa Cruz de Tenerife | 1595 |
| Santander | 2221 |
| Zaragoza | 1876 |
| Seville | 2083 |
| Segovia | 1689 |
| Soria | 1396 |
| Ciudad Real | 1242 |
| Tarragona | 1675 |
| Teruel | 1301 |
| Toledo | 1513 |
| Huelva | 1230 |
| Huesca | 1487 |
| Jaen | 1281 |
Changes in real estate prices by municipality
The average price of secondary housing increased for 56% of the c 691 municipalities analyzed by Fotocasa. Malaga recorded the largest quarterly increase in Spain - 83.2%. It is followed by Requena (34.9%), municipality of Valencia and Santa Margalida (31.6%) and Municipality of Baleara.
Donostia-San Sebastian is the only municipality where the real estate price exceeds 5000 euros/m2 and is 5533 euros/m2. The price of real estate in 25% of Spanish cities does not exceed 1000 euros per m2, in 55% it is between 1000 and 2000 euros/m2 and only in 5% of municipalities above 3000 euros/m2.
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