A little over a year ago, Spain began to recover from a pandemic that paralyzed the economy. Real estate market was no exception, and sales and mortgage data fell during the worst months of the pandemic, followed by a recovery with ups and downs.
However, the evolution of prices proceeds in different ways depending on the analyzed city. In the latest report from Idealista, secondary housing prices in Spain increased by 10.1% year-on-year in June, reaching 1,816 euros per sq.m.
But not all provincial capitals have seen this growth. In fact, there has been a drop in 18 capitals over the past 12 months.
Some of the major property markets have headed the decline, such as:
- Seville (-5.6%).
- Barcelona (-4.2%).
- Bilbao (-1.8%).
- Valencia (-0.6%)
- Malaga (-0.2%).
Among the main property markets where prices have really risen are the capital Madrid with 0.8%, as well as the most expensive city in Spain San Sebastian with another 0.8%, while Las Palmas de Gran Canaria became the capital, where prices increased the most, up to 5.2%, among all the analyzed capitals.
The most expensive areas in Spain have remained practically at the same level as a year ago:
- The first five places are occupied by the four districts of San Sebastian, led by Centro Miraconcha (6 664 euros per sq.m.).
- Madrid's Salamanca district (€ 5,999 per sq.m.) breaks the lead of Donostia, which is actually the most expensive city to buy a house in Spain, with € 4,858 per sq.m. on average.
- This is followed by Gros (5,722 euros per sq.m.)
- Old quarter (5 579 euros per sq.m.)
- Old part (5 397 euros per sq.m.)
In the 10 most expensive districts of large markets, the price does not fall below 5,000 euros per sq.m. The ten most expensive districts are rounded off by the Chambéry (6th) and Chamartín (9th) districts of Madrid, as well as the Sarrià-Sant Gervasi (8th) and Les Corts (10th) districts in Barcelona.
On the other hand, Seville's Torreblanca area is the cheapest of the eight major analyzed markets at € 671 / sq.m., although it recorded an 8.4% increase over last year, which is also one of the highest in the past year. Real estate sales do not exceed 1,000 euros per sq.m only in two other areas, Carretera del Centro Cono Sur (954 euros per sq.m.) in Las Palmas de Gran Canaria and San Jeronimo (995 euros per sq.m.), also in Seville.
Cerro Amate, Parque Alcos, San Pablo and Pino Montano round out the list of Seville's most affordable neighborhoods of all the markets studied.