The average price in Spain of new and used housing increased a 2.9% quarterly and 7.5% year -on -year In the first quarter of 2025 in nominal terms, until reaching the 1,902 euros/m2. Isolated inflationary effects, growth … Real of the average price was 4.7% year -on -year, which represents a new acceleration of the residential price compared to the variation rate of the previous quarter, which was 2.5% in real terms and 4.6% in nominal terms. This reflects the statistics of the Spanish Real Estate Markets Report (IMIE) on local markets From the appraisals made by Tunsa by Accumin.
«The first data of exercise 2025 continue to reflect resistance in employment, which supports the solvency of households, and a maintenance of residential demand at robust levels», Explains Cristina Arias, director of the Studies Service of Tinsa by Accumin. In addition, the demand has been promoted by greater ease of access to credit as a result of the turn of the European Central Bank (ECB) in 2024 towards a less contractive monetary policy. All this can be seen in the upward trend of housing sale, as well as the mortgages of the first month of the year. Even so, a relevant percentage of sale, 49 % according to notaries and 54 % data according to INE data, corresponds to those financed without mortgage. In this sense, for every thousand homes, 25.5 transactions of sale were made and 4.8 new construction visas were granted, as registered.
The greater price increases At the start of the year, employment poles and secondary municipalities close to them are concentrated in tourist areas, highlighting the dynamism experienced by Madrid, especially in its capital, by becoming 6.1 % in a quarterly rate and placing in 15.1 % the increase in prices in the last year. In the fourth quarter of 2024, the average amount of new mortgages in Spain reached the 145,193 eurosaccording to the latest data from the National Statistics Institute (INE). “Every month, the payment of the mortgage fee involves an average disbursement of 756 euros in an environment of descent interest rates, but that continue at high levels,” says the IMIE statistics.
For their part, the Spaniards would allocate a 34.9%, compared to 35.5% of the previous quarter, of its income available to the payment of the first annual share of a mortgage with a loan/value ratio of 80%. That is, the Annual theoretical effortwhich measures how accessible it is for an average home to acquire a first home in the different areas of the national territory, during the first period of the year it is in line with what is considered reasonable accessibility when one tenth below 35%is located, threshold from which said effort is considered reasonable.
Although “the gradual restoration of the purchasing power of households and, to a lesser extent, the moderation of the mortgage cost” allowed to slightly reduce the theoretical effort to buy a home in Spain, Seven provinces exceeded 35%: Malaga (59 %), Balearic Islands (49.4 %), Cádiz (43.9 %), Madrid (43.1 %), Alicante (38.9 %), Seville (37.3 %) and Barcelona (37 %). And of the 52 capitals, 19 also surpassed it, being Cádiz, San Sebastián, Madrid, Málaga and Barcelona the most tensions, in dealing with theoretical efforts of access to housing above 50% of your income available.
At the same time, the Dudososity rate In 2024 he remained in moderate values, Around 2.5 %and the loans that cover more than 80 % of the value of the house, although they increased with respect to 2023, remained below the early levels of 2019. «All this, in combination with a debt of households on GDP that has continued to be reduced, reflects to date a Moderate mortgage risk and far from financial imbalances», Explains Cristina Arias. To put it in perspective, the current 2.5% of dubious rate is less than half than 6.1% recorded in 2014, the year in the maximum in the historical series from the outbreak of the financial crisis.
Madrid and Catalonia, autonomous communities that “almost double” interannual growth rates with respect to the previous quarter
Prices reflected dynamism in most regionsaccelerating or maintaining the intensity of interannual growth in 18 of 19 autonomous communities and cities, and quarterly variations record a generalized rebound. The impulse in Madrid and Catalonia stands out, which almost double the interannual growth rates that registered the previous quarter.
In most CC.AA. prices grew above 3%, the bulk of them became more expensive between 4% and 9% in the last year, leading Balearic Islands (+12.8 %), Madrid (+12.6 %) and Cantabria (+12.2 %). At the opposite end, prices decreased slightly in Melilla (-1.3 %) and remained in the stabilization environment in Ceuta (-0.4 %) and Extremadura (-0.5 %), the report points out.
The Greater increases in residential prices They are located in the entire coastlineNorth, Mediterranean and Atlantic, and in employment poles of the interior provincesespecially in Madrid. Thus, the Community of Madrid exceeds this quarter the maximum registered in the real estate boom (+1.9 %), thus joining the Balearic Islands (+21.4 %), which already exceeded it in 2023, according to the appraisals of Tunsa by Accumin. However, comparing both periods, if the effect of inflation is discounted, both communities are still below these maximums (-11 % in the case of Balearic Islands and -27 % in the case of Madrid).
On the other hand, San Sebastián with a cost of 4,500 euros/m2is the capital with the most expensive euros/m2 of the national territory, followed by Barcelona (3,998 euros/m2). A short distance are Palma de Mallorca, Bilbao, Cádiz, Málaga, Valencia and Vitoria. In contrast to Ciudad Real (1,125 euros/m2), Zamora (1,148 euros/m2) and Lugo (1,178 euros/m2), the cheapest cities according to the Tinsa by Accumin report.
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