The price of used housing has closed November at €1,929 per square meter, reflecting a 1% increase from October, according to the latest property price index from Idealista. This figure represents a 5.4% increase compared to the same month last year and is 6% below the historical peak of Spanish housing prices recorded in June 2007.

Source: elEconomista.es

In November, the average price for used housing reached €1,929 per square meter, marking a 1% rise from October. This increase is 5.4% higher than the same month last year and is 6% below the all-time high recorded in June 2007.

Cities with Significant Price Increases

Several cities have seen double-digit price increases. Palma leads with a 16% rise, bringing the price to €3,575 per square meter. Santa Cruz de Tenerife also saw a 16% increase. Valencia’s used housing prices rose by 11.8% compared to November of the previous year, while Alicante experienced an 11.4% increase. Guadalajara closed the list of cities with double-digit annual increases, with a 10% rise.

In contrast, Madrid saw an 8.2% increase, and Barcelona experienced a 4% rise. Monthly changes showed a 0.4% decrease in Barcelona’s prices from October, while Madrid prices remained stable. Consequently, the price in Madrid is now €3,973 per square meter and in Barcelona, €4,076 per square meter. Other significant markets like Málaga and San Sebastián showed annual increases of 6.9% and 4%, respectively, but had monthly declines of 0.5% and 1.1%.

Cities with Decreasing Prices

Only three cities have cheaper used housing compared to a year ago: Zamora (-5.2%), Palencia (-4%), and Jaén (-1.4%). Ourense’s prices have remained unchanged compared to November 2021.

Regional Overview

Two autonomous communities have avoided year-on-year price increases: Extremadura (-0.5%) and Castilla y León (-0.1%). Seven regions have experienced price increases above the national average. The Balearic Islands lead with an 11.2% rise, setting a new high in the price of used housing at €3,690 per square meter, making it the most expensive region in the country. It is followed by Comunidad Valenciana (9.7%), Ceuta (3.4%), and Navarra (7.4%).

In the Community of Madrid, used housing prices have risen by 7.1%, reaching a high of €3,133 per square meter. Canarias also saw a notable increase, with prices rising to €2,071 per square meter, a 6.4% increase.

Market Dynamics in Barcelona

The real estate market remains robust, despite expectations of gradual price adjustments due to rising mortgage costs. The dwindling supply of rental properties is driving up this segment, especially as some individuals who cannot secure mortgages turn to renting.

According to Idealista, the first quarter of the year saw a decline in property prices in Gràcia (-1.2%), followed by Eixample, Sant Martí, Sarrià-Sant Gervasi, and Ciutat Vella, all with decreases of less than one point. However, prices increased in other districts, with Sants-Montjuïc leading with a 2.1% rise. The most expensive district, Sarrià-Sant Gervasi (€5,425 per square meter), is more than double the price of the most affordable district, Nou Barris (€2,418).

Rental Market Trends

Rental prices in Barcelona have increased by 19.1% over the past year, although there has been a 0.8% decrease in the last month. Francisco Iñareta from Idealista attributes this to government-imposed rent control measures, which have helped existing tenants but complicated matters for new renters. Many properties have been withdrawn from the market due to perceived political interference, leading to inflated prices for the limited supply.

The rental prices have only decreased in the high zone (-4.9%) and Ciutat Vella (-2.8%) over the quarter. The most expensive rental district remains central Barcelona, with an average price of €20.8 per square meter.