Spanish secondary market housing prices

Spanish secondary market housing prices

Spain's secondary housing market has been booming in recent months. According to the Idealista real estate portal, in annual terms, prices for such housing in the country increased by 8.2% in the first quarter of 2022. Such a rise has not been observed over the past 15 years, although such an increase is associated with a not the most positive trend — the overheating of the market in recent months. Due to this overheating, only in May 2022, prices for secondary housing in Spain increased by 0.9%, reaching 1,869 euros per square meter. The growth has been maintained for three months in a row, and the annual growth for May was 3.6% by May 2021.

The five leaders in price growth among the autonomous communities of Spain were the Valencian Community (1st place - 1.7%), Andalusia (1.5%), the Balearic Islands (1.4%), Madrid (0.9%) and Cantabria (5th place — 0.9%).

The Canary Islands (0.8%), Castilla-La Mancha (0.3%) and Euskadi (0.3%) showed below-average price growth. Navarre and Murcia also showed below-average growth of 0.2% in both cases. And the fall in prices was shown by such autonomous communities as La Rioja (-0.8%), Aragon and Castile y Leon (-0.4% in both cases), Extremadura (-0.2%) and Asturias (-0.1%).

In real terms, the Balearic Islands became the most expensive region of the country, where the price per square meter at the end of May 2022 was 3,400 euros. The archipelago is followed by the community of Madrid with 3,039 euros per square meter. The cheapest regions were Castile-La Mancha (899 euros), Extremadura (944 euros) and Murcia (1,093 euros).

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