House Prices in Spain Reach New Record High with an 8.6% Year-on-Year Increase in August 2024
In August 2024, Spain’s housing market witnessed a remarkable surge, with property prices rising by 8.6% year-on-year, according to the latest data from the Idealista property price index. This increase brought the average price per square meter to €2,176, setting a new record for the country.
Regional Price Breakdown
The price growth was not uniform across Spain, with significant regional variations:
| Region | Price Increase (YoY) | Average Price (€/m²) |
|---|---|---|
| Madrid | 17.5% | €3,554 |
| Barcelona | 9.3% | €2,735 |
| Canary Islands | 16.8% | €2,682 |
| Balearic Islands | 13.2% | €4,512 |
| Basque Country | 4.2% | €2,962 |
| Andalusia | 8.9% | €2,176 |
| Valencia | 12.3% | €1,556 |
Autonomous Communities Performance
All Autonomous Communities in Spain reported higher prices compared to August last year. The most notable increases were in:
| Autonomous Community | Price Increase (YoY) | Average Price (€/m²) |
|---|---|---|
| Canary Islands | 16.8% | €2,682 |
| Community of Madrid | 13.2% | €3,554 |
| Balearic Islands | 13.2% | €4,512 |
| Valencian Community | 12.3% | €1,556 |
| Murcia | 11.3% | €1,238 |
| Andalusia | 8.9% | €2,176 |
| Cantabria | 7.7% | €1,913 |
The Balearic Islands remain the most expensive area in Spain, with prices reaching €4,512/m², followed closely by the Community of Madrid at €3,554/m².
Provincial Price Trends
At the provincial level, several regions saw substantial price increases:
| Province | Price Increase (YoY) | Average Price (€/m²) |
|---|---|---|
| Santa Cruz de Tenerife | 18.6% | €2,827 |
| Las Palmas | 14.3% | €2,512 |
| Madrid | 13.2% | €3,554 |
| Balearic Islands | 13.2% | €4,512 |
| Málaga | 12.5% | €3,377 |
| Alicante | 12.2% | €1,847 |
On the other hand, only three provinces experienced slight declines in property prices:
| Province | Price Decrease (YoY) | Average Price (€/m²) |
|---|---|---|
| Ourense | -2.8% | €984 |
| Ciudad Real | -0.7% | €747 |
| Córdoba | -0.4% | €1,205 |
Capital Cities’ Housing Market
Among Spain’s capital cities, the following recorded the highest price increases:
| City | Price Increase (YoY) | Average Price (€/m²) |
|---|---|---|
| Soria | 19.6% | €1,357 |
| Malaga | 18.3% | €3,377 |
| Madrid | 17.5% | €4,717 |
| Alicante | 17.2% | €1,847 |
| Valencia | 16.9% | €2,140 |
| Santander | 14.8% | €2,317 |
Despite these increases, San Sebastián remains the most expensive capital, with prices at €5,533/m², while Zamora is the most affordable at €1,171/m².
Conclusion
The continuous upward trend in house prices across Spain, particularly in key regions like Madrid and Barcelona, reflects the dynamic nature of the country’s real estate market. As the market continues to evolve, prospective buyers and investors should stay informed about regional trends and price developments to make strategic decisions.
