The price of second-hand housing in Spain has surged, setting a new record. According to the latest data from the idealista property price index, the average price per square meter reached 2,153 euros in July 2024, marking a 7.9% year-on-year increase. This rise represents the highest ever recorded for used housing in Spain, reflecting a quarterly increase of 2.6% and a 0.7% rise from the previous month.
Key Highlights
- Historic Record: The average price for second-hand homes in Spain reached 2,153 euros/m² in July 2024.
- Year-on-Year Increase: Prices increased by 7.9% compared to July 2023.
- Quarterly Increase: A 2.6% rise was observed over the last quarter.
- Monthly Increase: A 0.7% increase was noted in July compared to June.
Price Increases by Region
The table below illustrates the price increases across Spain’s autonomous communities:
| Autonomous Community | Year-on-Year Increase | Price (euros/m²) |
|---|---|---|
| Canary Islands | 16.4% | 2,636 |
| Balearic Islands | 11.9% | 4,445 |
| Valencian Community | 11.5% | – |
| Community of Madrid | 11.5% | 3,504 |
| Region of Murcia | 8.8% | – |
| Andalusia | 8.7% | – |
| Cantabria | 7.5% | – |
| La Rioja | 5.2% | – |
| Navarre | 4.8% | – |
| Basque Country | 4.4% | 2,945 |
| Aragon | 4.3% | – |
| Castile-La Mancha | 4.1% | 939 |
| Castile and Leon | 3.5% | 1,198 |
| Galicia | 3.3% | – |
| Extremadura | 2.9% | 976 |
| Asturias | 2.7% | – |
| Catalonia | 1.9% | 2,397 |
Most and Least Expensive Regions
- Most Expensive: The Balearic Islands lead as the priciest region with an average price of 4,445 euros/m².
- Least Expensive: Castilla-La Mancha is the most affordable, with prices averaging 939 euros/m².
Provincial Trends
A majority of Spanish provinces have experienced significant price hikes:
| Province | Year-on-Year Increase | Price (euros/m²) |
|---|---|---|
| Santa Cruz de Tenerife | 18.6% | 2,777 |
| Las Palmas | 13.5% | – |
| Malaga | 12.2% | 3,325 |
| Balearic Islands | 11.9% | 4,445 |
| Community of Madrid | 11.5% | 3,504 |
| Alicante | 11.3% | – |
Note: Only five provinces recorded a decrease in prices: Ourense (-1.4%), Badajoz (-1%), Córdoba (-0.7%), Ciudad Real (-0.2%), and León (-0.1%).
City Insights
All Spanish capitals have reported an increase in housing prices over the past year. The cities with the most significant increases include:
| City | Year-on-Year Increase | Price (euros/m²) |
|---|---|---|
| Malaga | 18.2% | – |
| Alicante | 18.0% | – |
| Soria | 17.0% | – |
| Valencia | 16.1% | – |
| Santander | 15.6% | – |
| Madrid | 15.5% | 4,622 |
| Barcelona | 8.2% | 4,477 |
San Sebastián remains the most expensive capital with a price of 5,492 euros/m², while Zamora is the cheapest, averaging 1,152 euros/m².
About the Idealista Property Price Index
The idealista property price index is derived from the asking prices per square meter of properties listed on the idealista website. The data excludes atypical advertisements and prices outside market trends, focusing instead on actively engaged listings. The final figures are calculated using the median values of all valid listings within each market segment.
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