The price of housing in Spain is growing without brakes and reaching a new historical maximum. Specifically, at the end of 2024 it registers an increase of 11.2% year-on-year, placing the average price at 2,271 euros per square meter, according to the data collected by the idealista real estate portal, which indicates that in the last quarter the increase has been 4.1%.
Malaga is the Spanish capital with the greatest price tension, registering an increase of 21.5% in 2024, followed by Madrid where prices increased by 20.2%. They are followed by Alicante, Santander (16.9%), A Coruña (14.7) and Palma (14.6%). Among the large markets, prices have also increased in Barcelona (12.8%), Seville (8.9%), Bilbao (7.7%) and San Sebastián (5.9%).
According to Idealista, All Spanish capitals have increased their prices in the last 12 months, except in Huesca where they decreased by 0.4%. The smallest increases have occurred in Ourense (1.2%), Palencia (1.9%) and Melilla (3.1%).
Regarding prices, San Sebastián is the most expensive Spanish capital (5,681 euros/m2), followed by Madrid (4,952 euros/m2), Barcelona (4,700 euros/m2), Palma (4,442 euros/m2) and Bilbao (3,491 euros/m2).
On the opposite side of the table we find Zamora, the cheapest capital, with a price of 1,168 euros/m2.
“During the last year we have seen the consequences of a perfect storm in the purchase and sale market in the form of the disappearance of supply,” says Francisco Iñareta, spokesperson for idealista.
“The criminalization of housing construction in recent years, the lack of foresight in land development, the absence of political dialogue that seeks solutions, the populist noise around housing, the bureaucratic labyrinths, the significant shortage of labor construction, the disappearance of construction companies and specialized companies and the demographic increase have left the most dynamic markets in the country without homes,” warns the expert.
Furthermore, “new families are being added to the already significant demand, encouraged by the reduction in financing costs and the lack of a ceiling on prices. Without resolving the supply problem, this will result in greater tension in prices,” highlights Iñareta.
Rising tension in rent
In the rental market, price tension is also growing. In this case, 2024 has closed with an average increase in prices of 11.5%. Thus, at the end of December, renting a home in our country had a cost of 13.5 euros per square meter.
In this case All capitals have higher prices than in December 2023, with the exception of Lleida, where they were reduced by 2.2%.
Ávila is the capital in which rent has grown the most in one year: 18.6%. They are followed by the promotions of Madrid (15.3%), Guadalajara (14.4%), Oviedo (14.4%) and Barcelona (13.9%).
Of the rest of the large markets, the largest increases have occurred in Valencia (12.2%), Palma (11.9%), Málaga (11.4%) and Alicante (10.2%) while the most moderate ones have been produced in Seville (9.5%), Bilbao (9.2%) and San Sebastián (7.2%).
Barcelona is the most expensive capital to rent a homewith 23.4 euros/m2, followed by Madrid (20.7 euros/m2) and San Sebastián (18 euros/m2). In fourth place is Palma (17.2 euros/m2) and in fifth place is Málaga (15.1 euros/m2).
At the bottom of the table we find Zamora (6.7 euros/m2), Ciudad Real (6.8 euros/m2), Lugo (7.3 euros/m2), Cáceres, Ourense, Badajoz, Teruel and Jaén ( 7.5 euros/m2 in all cases).
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