Spain is undergoing significant transformations in the real estate sector, where there is a period of rising housing prices. The cost of second homes on the market in 2021 on average in Spain increased by 2.8%. This growth looks like it will last for many more years. While on the other hand, the cost of renting housing in 2021 decreased by 3.6%. Moreover, growth was observed in large metropolitan areas, with the exception of Madrid, Bilbao and Seville.
The most expensive Spanish municipalities
Mediterranean coastal megacities, such as Marbella in Malaga, the average cost of which is EUR 1,000,000, or Sotogrande in Cadiz, the average cost of which is EUR 800,000. The ten most expensive Spanish megacities are completed by the municipality of Castelldefels (Barcelona), where the cost of housing is EUR 500,000, followed only by Llucmayor (Balearic Islands).
The dominance of Madrid in the demand for housing purchases
However, this rating makes a 180-degree turn in relation to the relative demand for houses, in other words, for those properties where demand significantly exceeds supply.
The most important city again took a high position in the ranking, far ahead of the municipalities located on its outskirts.
Megacities with the highest average rental cost
The city of Calvia, which ends the year with an average rent of about EUR 1,915 per month, ahead of Castelldefels with its EUR 1,861 per month.
There are also Spanish megacities where the average rental price exceeds EUR 1,000 per month, which are distributed between coastal regions such as Llucmayor, Mijas (Malaga), Altea, Javea or L’Alfas del Pi, as well as provincial capitals such as Madrid (EUR 1,163 per month), Barcelona (EUR 1,160 per month), Donostia (EUR 1,146 per month) or Palma (EUR 1,090 per month), as well as Getxo (EUR 1,053 per month) in Biscay.
Catalan megacities are the most in demand for rental housing
As for rent, Victoria and Catalan megacities are the most popular in the rental market.
The municipality of San Cristobal de La Laguna in Tenerife completes the top ten in demand for rental housing, thanks to the presence of a university in the municipality and the school routes that surround it.