Residential Real Estate Prices in Cordoba Can Fluctuate up to €1,000 per Square Meter Depending on the Municipality

Residential Real Estate Prices in Cordoba Can Fluctuate up to €1,000 per Square Meter Depending on the Municipality

The global financial crisis of 2007-08 provoked a whole cascade of crisis phenomena in the economies of many European countries. For Spain, the Great Recession led to the brick manufacturing crisis of 2008, which lasted almost a decade. By the end of the 2010s, it was finally overcome, the construction sector and the country's real estate market are now approaching pre-crisis levels, but new issues come.

However, for now, the real estate market, which has recovered from the pandemic, remains the engine of the Spanish economy. Even the conflict between Russia and Ukraine, which led to a new European crisis, as well as such global phenomena as the shortage of building materials and even food, so far does not slow down the growth of the local market.

One of the leaders in this market was the province of Cordoba, plunged into a boom in residential real estate sales. Today, dozens of properties are being sold in the region, various urban development plans are being developed, and thousands of residential units are being built.

Over the past 2 years, the demand for local housing has increased several times, which has led to a natural increase in sale prices. So many Cordovans are already unable to acquire local housing at reasonable prices. But the situation is not as dire as it may seem, because the growth of the real estate market in Cordoba is uneven. This is due to the peculiarities of the local economy and leads to a significant difference in the price per square meter of real estate units, not only within regions, but even within cities.

Thus, the difference between the most expensive and the cheapest municipalities of Cordoba is almost €1,000 per square meter. From region to region, the difference in prices can thus be dramatic. For example, the price difference for a typical 80-square-meter house can be as large as €80,000.

According to a prices survey in the region, conducted in June 2022 by the real estate portal Idealista, Cordoba has 2 cities included into Top 20 cheapest municipalities list in Spain. There are the cities of Peñarroya-Pueblonuevo and Moriles, where the price per square meter of a residential real estate unit does not exceed €500. The first one is 17th in the list, and Moriles is the last in the the top twenty list.

Idealista provides more precise figures. A square meter of a residential property in Peñarroya Pueblonuevo costs €460. Prices in Moriles are higher, on average, by €7. So, a residential real estate unit will cost €467 per square meter there.

The Most Affordable Municipalities Outside Kordoba

It is worth noting that the main share of the national list of the cheapest municipalities is occupied by the cities of the autonomous community of Castile-La Mancha, neighboring Cordoba.

The provinces of La Mancha are home to 10 of the 20 cities in the list of the cheapest destinations. They are led by the city of Alcaudete de la Jara, in the province of Toledo. Local sellers want, on average, €329 per square meter. Alcaudete is followed by Lucillos (Toledo, €363), Almaden (Ciudad Real, €372), Pulgar (Toledo, €374), and Campo de Criptana (Ciudad Real, €398).

In addition to the cities of Castile-La Mancha, it is worth noting Bullas in Murcia, where a square meter of a residential property costs €426. Bullas is followed by Sebolha (Toledo, €432), Puerto Serrano (Cádiz, €436), Bambibre (Leon, €437), and Miguel Esteban (Toledo, €446).

An available option is Villanueva de Castellón in the province of Valencia, where a square meter costs about €461 euros. If you go back to Toledo, you can pay attention to the municipality of Ahofrin, also €461 per square meter.

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