The secondary residential real estate market starts the year with a drop of 0.3% in January

According to the real estate price index from the Madrid company Idealista, the secondary residential real estate market in Spain experienced a 0.3% drop in prices in January 2022.

On average, the price per square meter of real estate decreased to 1,824 euros. In annual terms, in major cities such as Barcelona and Madrid, secondary-market property prices have declined by 1.3% and 1.6%, respectively.

However, in general, the annual price growth in the country amounted to 2.1%.

Autonomous Communities (AC) are the main and largest administrative unit in Spain.

During January, prices decreased in 9 out of 51 regions of the country. AC Navarre (-2%) was the leader of the fall. It is followed by Galicia (-0.7%), Castile-La Mancha (-0.6%), and Extremadura (-0.5%).

The remaining five regions are:

For the first three, the drop was 0.2%, for the last two — 0.1%.

At the same time, the highest growth was in AS Madrid (1%), Aragon (0.6%), the Canary Islands (0.4%), Cantabria (0.2%), as well as Catalonia, Andalusia, and La Rioja (0.1% for all).

In Basconia, there was no change in prices in January.

If we talk about the overall high cost, the most expensive real estate is sold in the Balearic Islands. There, sellers demand an average of 3,353 euros per square meter of real estate.

AC Madrid with 2,967 euros per sq. m ranks second.

The cheapest places to buy a second home are:

Provinces are the next administrative division after autonomous communities.

Of the 50 provinces, 29 recorded a decrease in prices.

The leaders of the fall were:

The growth leaders were:

At the provincial level, the Balearic Islands are leaders in high prices (3,353 euros per sq. m.). The following are:

Ciudad Real, Cuenca, and Toledo at the end of January had the cheapest prices in the country — 766, 798, and 817 euros, respectively.

Last month, 19 cities showed a decline in housing prices in the secondary segment. The most pronounced decline was in Cuenca and Teruel. Prices in these cities fell by 1.8%. Moreover, Huelva (-1.1%) and Soria (-1%) had a decrease.