According to the monthly report on prices for the purchase of residential real estate from the portal "Pisos.com ", the average price for secondary market offers in Navarre in February was 1,685 euros per square meter. This indicator is an increase of 1.68% by January — the second place in Spain in terms of growth rates. In annual terms, we can observe an increase of 6.05%, which places the region in seventh place in the country in comparison with the rate of price growth.
The city of Pamplona, the capital of Navarre, showed a 1.78% price increase in February to January 2023. Among the provincial capitals of Spain — the tenth place in the ranking in terms of growth rates. In annual terms, prices in the city increased by 10.04%, which places Pamplona in eighth place in the national ranking. In absolute terms, we are talking about 2,790 euros per square meter, which allows the city to take the eighth place in the country in February.
Among the autonomous regions, Navarre ranks sixth in the country in terms of the high cost of housing. The region is inferior to the Balearic Islands, which fix about 3,900 euros per square meter. When studying residential real estate specifically in the secondary market of Spain, it can be found out that in February 2023, the average price per square meter of living space was at the level of 1,996 euros. This is an increase by 0.76% compared to January, and by 5.82% year-on-year.
Ferran Font, director of research at Pisos, points out: "Housing continues to show its liveliness in terms of prices, despite the fact that the euphoria of buyers has subsided". The expert refers to the great revival observed in 2021 and 2022, associated with the delayed COVID-19 pandemic demand. He adds that new home buyers have probably taken a wait-and-see attitude and are now monitoring the economic situation, recession risks and the state of mortgage rates. So far, the market is moving the secondary market.
Font also notes that the real estate sector is one of the pillars supporting the Spanish economy. Surprisingly, the sector retains its strength, even despite the high uncertainty in the economy, provoked by a number of world-class economic and political factors. According to Font, prices will continue to rise, but at a moderate pace, until access to credit financing stabilizes. The ECB plans to continue raising the key rate for now.