He house price continues its rise. Although in the last quarter the increase in prices has stabilized compared to the previous three months, the rise is still pronounced compared to the levels recorded in 2023. According to the data published this Monday by the College of Registrars -corresponding to the third quarter-, Since the summer of last year, the cost of apartments has increased on average in Spain by 4.4%. The increase is especially noticeable in the most touristic coastal areas and in the surroundings of Madridwhere prices grow more pronounced than in the rest of the country.
The square meter is already paid on average 2,042 euros. This is its highest value in the historical series. It exceeds the highs recorded before the bursting of the real estate bubble. In quarterly terms, the price of dwelling chain four consecutive increases, with an increase of 2.8% between July and September, close to the 2.9% recorded in the previous quarter. However, the rise has accelerated when observing the evolution in the last year, with a year-on-year increase of 4.4% in the third quarter compared to the 2.6% recorded in the second. In particular, have been the floors of second hand those who have pushed up prices: They have become more expensive by 4.6% since summer 2023, while the price of new construction has increased by 2.9%.
When putting the magnifying glass on the territory, behind the average increase of 4.4% lies a very disparate evolution by province. The points where housing has become more expensive than the average are concentrated in tourist areas, especially on the Mediterranean coast, and around Madridin the center of the peninsula.
In the first group of provinces, the increases recorded in the Malaga and Alicantewhere the floors are respectively 11% and 9.4% more expensive that a year ago. Also in Valencia the increase exceeds the average, with an increase of 6.5%, while, on the Andalusian coast, in Cádiz and Almería the price of housing has increased respectively by 7.8% and 5.8% . To these increases, in Andalusia is added the 12.3% increase registered in Córdoba, the most pronounced in all of Spain.
In the Mediterranean, it also far exceeds the national average Balearic Islands, where the square meter has become more expensive by 8.9% since the third quarter of last year. For its part, in the Canary Islands, the 6% increase registered in Santa Cruz de Tenerife stands out, and in the north of the peninsula, the 7.7% increase in Cantabria stands out. The push of the coastline versus the interior is also observed in Galicia, where the rise experienced in the coastal provinces has been much more pronounced. Specifically, housing has become more expensive by 9.4% in Pontevedra since the third quarter of 2023 and by 5.6% in La Coruña. On the other hand, in Lugo prices have remained stable (+0.6%) and in Ourense they have even dropped by 3.5%.
Along with these areas, the other focus of the increases is around Madrid. The tension in the capital’s real estate market is spreading to neighboring provinces. In particular, in the Community of Madrid, housing prices have increased by 4.9% in the last year, while in Toledo, Cuenca and Guadalajara it has risen 5.8%, 7.3% and 9.4% respectively. Although further away from the capital, the 12% increase registered in Soria also stands out, the second highest in all of Spain. The 6.2% increase in prices noted in Valladolid, with a direct rail connection to Madrid, also exceeds the national average.
Faced with these still steep rises, the evolution of prices in Catalonia and the Basque Country has been more moderate. In the first case, housing has become more expensive by 3.7% in Barcelona since the third quarter of 2023 and 3.2% in Tarragona, while in Girona and Lleida prices have stabilized with increases of just 1%. and 0.5% respectively. In the case of the Basque Country, in Gipuzkoa and Bizkaia the price of apartments has risen by just 2.2% and 1.6% respectively, in line with inflation, and in Araba they have become cheaper by 6.1% – the second largest decrease in all of Spain, only behind that registered in Teruel.
However, despite the evolution of the last year, Donostia and Barcelona are the most expensive provincial capitals to buy a home. The square meter reaches 5,613 and 4.4466 euros respectively. They are followed by Madrid, Palma and Bilbao, where it pays 4,327, 3,558 and 3,017 euros, after having risen between 9.1% and 4.1% since the summer of last year. In Malaga, Pamplona and Cádiz the threshold of 2,500 euros is also exceeded, especially highlighting the year-on-year increase in the capital of the Costa del Sol, where apartments have become more expensive by 22.3% in just one year.
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