Idealista: Housing prices in the secondary market fell by 0.2% in the first quarter of 2022

Idealista: Housing prices in the secondary market fell by 0.2% in the first quarter of 2022

In the first quarter of 2022, the price of residential real estate on the secondary market in Spain decreased by 0.2% to 1825 euros per m². The Idealista real estate portal shared with this data.

Despite the fall from January to March, secondary market house prices are 2.3% higher than in the same period of 2021.

Francisco Iñareta, Idealista spokesman, says that prices have remained stable in the first quarter of this year, although housing sales have reached the 2008 level.

"Despite the abnormal situation that makes it difficult to predict [the market], it is likely that the trend towards high inflation that we are seeing will continue. It can reduce the volume of restoration work but stimulate investment in housing as a "safe haven"," Iñareta adds.

Price reduction in Spanish communities

Housing prices have fallen in the country’s ten autonomous communities. Navarre became the leader with a 1.5% decline in the first quarter of 2022. In the same period, there was a 1% decrease in Galicia and Castile and Leon.

Baskonia, Cantabria, Aragon, Andalusia, Extremadura, Catalonia, and Castile-La Mancha have the remaining seven places on the list. In these regions, the price reduction ranged from 0.8 to 0.1%.

In Madrid, there was an increase in prices, with a 2% rise in secondary market housing prices. There was a price increase in Valencia and the Canary Islands (by 1.3%).

Idealista points out that the highest housing price is fixed in the Balearic Islands, where a square meter of residential real estate is 3,368 euros. Madrid is in second place, where a square meter costs 2,996 euros. In Baskonia, the cost of housing reached 2,685 euros per m², and in Catalonia — 2,309 euros.

The cheapest areas to buy a residential property were Castile-La Mancha, Extremadura, and Murcia — 878, 941, and 1,075 euros per m², respectively.

Idealista representatives note: "The areas where demand is most active (coastal and popular areas) have the most significant increase in prices. At the same time, most of the other markets are experiencing a decline in prices, as they do not suffer from a reduction in supply."

Speaking of provincial capitals, prices have fallen in 19 of them – none of these prices correspond to the indicators of the major real estate markets.

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