We are going to draw up an X-ray of second hand housing prices in Spain in order to know in which cities prices have risen or dropped the most during last year. In spite of the great instability that is shaking the world in recent times, we can say that Spanish housing is going through good moments. Last week, we wrote an article in this blog about the rise in value of housing in Spain. This last month of January, the number of mortgages in residential housing, in our country, increased at an annual rate of nearly 30%, a fact which confirms the good health of housing in Spain as well as the confidence that investors have in this product. According to a recent report carried out by the real estate portal Fotocasa, second hand housing prices registered the sixteenth consecutive interannual growth. This last month of February they increased 0,8%, meaning that the average housing price nearly reached 1.900 euros m2 (exactly 1.898€/m2). This means that, in our country, consecutive interannual growth regarding the price of second hand housing has been taking place for more than one year (exactly, one year and four months). It seems clear that second hand Spanish housing continues to attract interest from investors and thus causing a rebound in prices. Some weeks ago, we wrote an article in this blog stating that the price of second hand housing would rise until 2023. But, in which cities will prices rise the most? If we analyze the facts and figures shown by Fotocasa we can get an idea because everything points to the fact that the trend which is taking place this year, will not change, significantly, next year. Let us take a look at it.
PAMPLONA AND TOLEDO, AT THE HEAD OF THE RISE
The Spanish cities where second hand housing prices have risen the most, during last year, have been Pamplona and Toledo with an increase of 11,5% and 10,5% respectively. These facts and figures correspond to last month of February and always at an interannual rate. According to this same report, in the capital of Navarre, the average housing price was 2.606€/m2, whereas in Toledo, the capital city of La Mancha, it reached 1.545€/m2. The next provincial capital where housing prices rose the most is Castellón de la Plana with an increase of 8,9% and an average price of 1.308€/m2. This city is followed by Cuenca with a rise of 8,3% and an average price of 1.403€/m2 (it draws our attention that the demand for second hand property has grown significantly in the capital city of Cuenca), and lastly comes Gerona with a rise of 6,5% and an average price of 2.398€/m2. On the other hand, Las Palmas de Gran Canaria is the provincial capital where housing prices have dropped the most, with a fall of 7% and an average price of 2.047€/m2. Next, comes Jaen with a fall of 6,8% and an average price of 1.258€/m2. This city is followed by Huelva with a drop of 5% and an average price of 1.239€/m2, and lastly comes Zamora with a drop of 2,7% and an average price of 1.293€/m2.
THE MOST EXPENSIVE AND THE CHEAPEST PROVINCIAL CAPITALS
If we only pay attention to housing prices, we can say that, at present, San Sebastian is the most expensive provincial capital in Spain to purchase second hand property. In this city, the average price of second hand housing reaches 5.609€/m2. Next comes Barcelona with a price of 4.315€/m2; Madrid with 3.977€/m2; Bilbao with 3.405€/m2 and Palma de Mallorca with 3.098€/m2. On the other hand, the cheapest provincial capital to purchase second hand housing is Lleida where the average price is 1.199€/m2. Next comes Avila with 1.230€/m2; Huelva with 1.239€/m2 and Ciudad Real with 1.246€/m2.
Picture 01: freepik
Picture 02: wirestock