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The Ministry of development has released its Statistic of the residential real estate prices in Spain.
The average price per m² stood at 1,526 euros in the first quarter of 2017.
- An increase of 2.2% year-on-year and 0.9% on a quarterly basis
- It is the eighth consecutive quarter with annual growth of prices after 26 quarters of year-on-year drop in housing prices,
- The number of property transactions increased 6.5% in Annual terms
- After inflation, the housing price experienced a small drop of -0.5%,
Evolution by Autonomous Communities
- 11 of them presented a Year-on-year growth: with Catalonia standing out (5.4%), Madrid (4.9%), Ceuta and Melilla (4.2%), Canary Islands (3.9%), Cantabria (3.0%) and Navarre (2.6%).
- 7 communities still showed Year-on-year decreases: the most notable being Extremadura (-2.3%), Asturias (-1.7%), Aragon (-1.5%) and Murcia (-1.5%).
Evolution since highs of 2008
According to the historical series of this statistic, the average value per m² In the first quarter of 2017 was 27.4% lower than that of the level reached in the first quarter of 2008. In real terms (taking into account the Variation of the CPI), the current price reflects a fall of 32.7%. Since the third quarter of 2014, the price has recovered 4.8%.
Evolution of prices by age of the properties
The average value of the square meter less than five years old properties stood at 1,781.2 euros in the first quarter of 2017. This represents a year-on-year growth of 3.1%.
With regard to properties of more than five-year-old, the price reached 1,517.6 euros per square meter, a rise of 2.1% year-on-year.
Evolution of prices by cities
For municipalities with more than 25,000 inhabitants, the highest prices of private housing were presented at
- San Sebastian, 3286.0 euros / m²,
- Sant Cugat del Valles, 2875.8 euros / m²,
- Barcelona, 2851.5 euros / m²,
- Getxo, 2762.6 euros / m²,
- Santa Eulalia del Rio, 2747.3 euros / m²,
- Ibiza, 2713.5 euros / m²,
- Pozuelo de Alarcón, 2659.1 euros / m²
- Madrid, 0 euros / m².
The lowest prices in municipalities with more than 25,000 inhabitants are recorded in
- Elda, 520.0 euros / m²,
- Jumilla, 575.2 euros / m²,
- Ontinyent,581.1 euros / m²,
- Novelda, 585.8 euros / m²,
- Villarrobledo, 593.4 Euro / m²
- Alcoy, 608.5 euros / m².
The number of real estate transactions used to perform the calculation of housing prices in the first quarter of 2017 was 117,339, which is 6.5% more than in the same quarter of last year.
If you want to keep an eye on the trends of the real estate market in Spain:
- Have a look at our table of the Spanish Real estate prices and transactions from our Trend section.
- Have a look at our table of the Spanish Real estate prices per region from our Trend section.
Do you want to know 10+ reasons why you should buy in Spain? Read our full paper.
Do you want to have a more precise view on real estate price evolutions in Spain? Check our trend section.
Are you serious about Spain? Read our 8 legal steps to your Spanish property.
Source: Ministerio de Fomento