The resale housing market in Spain has recorded a new all-time high in October. According to the real estate portal Idealista, the average price has risen by 11.2% year-on-year, reaching 2,955 euros per square meter, the highest level since the platform began compiling data.
Idealista details that this annual increase is accompanied by a 0.8% rise in the last quarter and a monthly advance of 0.9%, thereby consolidating the upward trend of the past few months.
The increase has spread to all autonomous communities compared with a year ago. Castilla-La Mancha leads the increases, with 15.4%, followed by Cantabria (14.2%), Aragón (13%) and Asturias (12.5%). At the other end, the most modest increases have been seen in La Rioja (5.6%), the Community of Madrid (5.5%), the Canary Islands (4.6%) and the Balearic Islands (4.2%).
In terms of absolute prices, the Balearic Islands continues as the most expensive region, at 5,619 euros per square meter, ahead of the Community of Madrid, at 5,066 euros/m2, and Euskadi, at 3,823 euros/m2. The communities with the most affordable housing are Extremadura (1,074 euros/m2), Castilla-La Mancha (1,178 euros/m2) and Castile and León (1,412 euros/m2).
At the provincial level, the report reflects that 49 provinces have recorded prices higher than those of a year ago, with Ourense remaining the only exception, where there has been a 0.4% decline.
The largest increases are located in Burgos, where sellers’ asking prices have risen by 19.9%, followed by Toledo (17.6%), Ciudad Real (17.3%), Ávila (14.9%) and Seville (14.3%). In the major markets, Barcelona has posted an uptick of 10.4%, while in Madrid the increase has been limited to 5.5%.
The list of the most expensive provinces is led by the Balearic Islands, at 5,619 euros/m2, followed by Madrid (5,066 euros/m2), Gipuzkoa (4,721 euros/m2) and Málaga (4,322 euros/m2). On the other side is Ciudad Real, which remains the cheapest province, with an average price of 882 euros per square meter.
As for capital cities, practically all have registered increases over the last twelve months, except San Sebastián, where a slight drop of 0.3% has been observed. Teruel has been the city with the highest rise, with a jump of 26.9% over the last year, followed by Ciudad Real (20%), Pontevedra (19.4%), Oviedo (15.7%) and León (15.3%).
Among the main urban centers, the biggest advances have been made in Sevilla (10.2%), Bilbao (7.3%), Alicante (5.2%), Barcelona (4.7%) and Valencia (4.3%).
If absolute prices are analyzed, San Sebastián continues to be the most expensive capital in the country, with 6,635 euros per square meter. At the opposite end, Zamora remains the most economical capital, with 1,457 euros/m2, followed very closely by Jaén (1,464 euros/m2) and Lleida (1,561 euros/m2).