The Community of Madrid Now Has the Most Expensive Houses in Spain

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The price of used homes in Spain registered an increase of 1.2% during the month of November with a price of 1,581 euros per square meter, according to the latest Idealista real estate price index. If we look at the data as compared to November 2016 (1,497 euros /m2), we see an increase of 5.6%.

Housing Prices in Spain’s Autonomous Communities

The prices in Spanish homes has gone down only in 3 communities: Galicia (-0.8%), Asturias (-0.5%) and Extremadura (-0.3%). Prices haven’t changed in La Rioja or Castilla La Mancha, and for all other areas prices increased during the month of November. The greatest increase has been in Catalonia (2.5%), followed by the Canary Islands (2%), Madrid (1.5%) and the Balearic Islands (1.3%).

Madrid stands for the first time as the most expensive autonomy, after reaching 2,540 euros /m2. It’s followed by Euskadi (2,524 euros /m2) and the Balearic Islands (2,433 euros /m2). On the opposite end there is Castilla-La Mancha (902 euros /m2), Extremadura (936 euros /m2) and Murcia (1,019 euros /m2), which are the cheapest areas.

Housing Prices in Spain’s Provinces

A total of 30 provinces registered higher prices than a month ago. The greatest increase was experienced in Barcelona (2.4%) and Girona (2.2%), followed by Las Palmas (2.1%), Santa Cruz de Tenerife (1.9%) and Cuenca (1.8%). %). The biggest reduction occurred in Ávila, where owners ask for 2% less for their homes. They are followed by a reduction in prices in Soria (-1.8%) and Ciudad Real (-1.3%).

The ranking of the most expensive provinces remains the same. The Basque provinces of Guipúzcoa and Vizcaya are on top, with 2,750 euros /m2 and 2,599 euros /m2 respectively, followed by Madrid (2,540 euros / m2) and Barcelona (2,495 euros / m2). Toledo is the cheapest province with a price of 782 euros per square meter. They are followed by Ávila (814 euros /m2) and Ciudad Real (842 euros /m2).

Housing Prices in Spain’s Capitals

During the month of November, 33 capitals have risen in price. Girona had the biggest increase at 2.9%. In San Sebastian, the increase was 2.6%, while in Pamplona it was 2.4%. In Las Palmas de Gran Canaria, the rise was 2.3%, while in Palma and Lleida it was 2%. In Madrid, the increase was 1.7%, while in Barcelona the price was reduced by 0.3%. Jaén, on the other hand, has marked the biggest drop this month (-2.6%), followed by Ávila (-2.5%), Cáceres (-1.6%), Soria (- 1.6%) and Ciudad Real (-1.5%).

Despite the fall, Barcelona remains the most expensive city in Spain, with 4,312 euros / m2, followed by San Sebastián (4,025 euros / m2) and Madrid (3,268 euros / m2). Lleida, on the other hand, is the cheapest, with its 907 euros / m2, followed by Ávila (939 euros / m2) and Castellón de la Plana (999 euros / m2).

Property data source: Idealista.com