The real estate market maintains an upward trajectory. In January of this year, immediately after the recession in the fourth quarter of 2022, secondary market housing prices showed an increase of 5.4% in annual terms. At that time, the square meter of housing increased to 1,922 euros. In 16 provincial capitals of Spain, the price increase exceeded the January inflation rate, which was 5.8%.
Some cities exceeded inflation by almost 20%. According to information from the Idealista real estate portal in cities such as Santa Cruz de Tenerife, Alicante, Valencia, Guadalajara and Cuenca, prices over the past year have increased by 18,7%, 13,2%, 11,4%, 11,3% and 10.8%.
Such large markets as Palma de Mallorca (9.9%), Seville (8.1%) and Malaga (8%) grew less than double-digit indicators. Of the 16 cities mentioned above, the Palm Tree is the most expensive at the price of square meters — 3,467 euros. About Malaga, it is worth mentioning that it reached a historical price peak in January — 2,365 euros per square meter.
Still above inflation rose: Segovia (9.9%), Pontevedra (8.3%), Badajoz (7.3%), Huelva (7.2%), A Coruña (6.8%), Tarragona (6.6%), Granada (6.3%) and Pamplona (5.8%). Pontevedra, like Malaga, also broke its own record for residential real estate prices — 1,816 euros per square meter.
Only in six provincial capitals of Spain there was a drop in prices by the indicators of January last year. We are talking about Palencia (-3.5%), Zamora (-2.5%), Ceuta (-2.4%), Jaena (-2.2%), Leone (-0.4%) and Avila (-0.3%).
In the remaining 30 provincial capitals, prices showed an increase, but below inflation. Their list, surprisingly, includes two of the country's largest cities, sworn enemies for each other: Madrid and Barcelona. The first increased in prices by 4.9%, and the second — by 3%. The price per square meter in the capital of Spain reached 3,929 euros, and in the capital of Catalonia — 4,050 euros. In terms of prices in absolute terms, they are overtaken only by San Sebastian with 5,124 euros per square meter.