Madrid, Barcelona and San Sebastián are on top of the most expensive cities to buy residential property in Spain. Prices in these cities range from 7,750 to 11,000 euros on average per square meter. Tecnitasa, the real estate appraisal company, provides this information.
The cost of residential real estate in Madrid increased by 6% and exceeded 11,000 euros per square meter. The most expensive real estate in Spain is located on the Calle de Serrano street in the center of Madrid.
In Barcelona the rise in housing prices was only 1% and reached the price of 9,850 euros per square meter. In San Sebastián the real estate prices increased to 7,750 euros per square meter.
The top ten most expensive cities also include Málaga, Bilbao, Santander, Cádiz, València and Marbella. Prices range from 4,600 to 5,000 euros per square meter there.
On the other hand among the cities with the cheapest housing are Talavera de la Reina with the price in 400 euros per square meter, Elche and Jerez de la Frontera with the price in 425 euros per square meter in both cases.
Fernando García Marcos, the Technical Director at Tecnitasa, says that the market has “stood up the pandemic pretty well” and the “moderate growth” can be already seen. The company's analysis recorded the increase in the maximum prices by 0.5 points, while the minimum prices increased three times.
Although the observed trend points to the general increase in housing prices in Spain, the Tecnicasa’s report records the decline in housing prices in Segovia, Guadalajara, Granada, Albacete and Barakaldo from 2% to 6%, for the most expensive houses as well as for the most affordable ones.
José María Basañez, the President of Tecnitasa, said: “It seems obvious to us that residential real estate prices will continue to increase in 2022. We see strong consumer demand for housing of all kinds.”
Basañez adds: "The real estate sector will play the key role in Spain's economic recovery this year, but the number of transactions will depend on changes in the labor market in connection with the pandemic, on changes in interest rates on loans and on the situation with the supply of construction materials."