The average price of second-hand housing in Spain stood at € 1,727 / m2 in October and registered an increase of 4.1% compared to a year ago. With respect to September, the price of apartments and houses grows by 0.7%. This slight increase shows, one month more, that the price of second hand housing is stabilizing and that we are leaving behind the large price drops we have witnessed in recent years.
The revaluation of housing in Spain is good news, since it is being carried out gradually, which indicates that the real estate recovery is going at an adequate speed. In addition, prices are still well below the highs recorded during the housing bubble.
The average price of second-hand housing accumulates a fall of 41.5% since it recorded its historical peak in April 2007 with € 2,952 / m2. In this sense, 10 autonomous communities have declines exceeding 40% since they reached the maximum price ten years ago.
Of the 17 autonomous communities, in October the average price of second-hand housing rises by 12 of them. The most marked increase occurs in Andalusia (2.2%), the Canary Islands (2.1%), Castilla-La Mancha (1.4%) and Madrid (1.3%). At the other extreme, Cantabria is the community that most sees the price of second-hand housing fall in October, in particular it drops by 0.9%, followed by Extremadura (-0.5%), Comunitat Valenciana (-0, 4%) and the Basque Country (-0.1%). La Rioja remains stable compared to the month of September.
As for prices, the Basque Country is still the most expensive community, with an average price of € 2,710 / m2, followed by Madrid (€ 2,413 / m2) and the Balearic Islands (€ 2,249 / m2). By contrast, Castilla-La Mancha (€ 1,080 / m2), Extremadura (€ 1,112 / m2) and Murcia (€ 1,166 / m2) are the communities with the most affordable second-hand housing prices. Zarautz is the most expensive municipality to buy a used house.
We are one of the longest established estate agencies in the Orihuela Costa area and pride ourselves in our honest and direct approach.
Whether you are looking for a solid investment, a comfortable holiday home or a place to live the whole year round, Golf Sun Spanish Properties will give you the right advice and help you find your dream property. Our multi lingual staff is made up of professionals that have a wealth of knowledge of the Spanish Real Estate market, all living and working on the Costa Blanca for more than 15 years.