House prices in Spain recorded an increase of 9.6% year-on-year during the month of October, standing at 2,209 euros/m2, according to the latest idealista house price index. This figure constitutes a record for housing prices in Spain. It also represents an increase of 2.6% over the last 3 months and 1.2% over the last month.
2006 – 2024 | House price index and year-on-year change
[Variation en glissement annuel par mois depuis 2007]
All autonomous regions show an increase in housing prices
All Spanish autonomous communities show higher prices than in October last year. The Canary Islands (16.3%) lead the increases, followed by the community of Madrid (15.4%), the region of Murcia (14.9%), the Balearics (14.8%) and the community from Valencia (14.2%). Increases of less than 10% were recorded in Andalusia (9.4%), Cantabria (9%), Asturias (6.3%), Basque Country (6.2%), Navarre (5. 6%), in Aragon (5.5%) and Catalonia (4.9%). The lowest increases were recorded in Extremadura (2.5%), Castilla-La Mancha (3.3%), Castilla y León (3.5%), La Rioja (3.9%) and Galicia (4 %).
The Balearic Islands, with 4,663 euros/m2, are the most expensive autonomous region, followed by the Community of Madrid (3,638 euros/m2). Next come the Basque Country (3,015 euros/m2), the Canary Islands (2,767 euros/m2) and Catalonia (2,443 euros/m2). On the opposite side of the table we find Castilla-La Mancha (937 euros/m2), Extremadura (977 euros/m2) and Castilla y León (1,199 euros/m2), which are the cheapest communities.
October 2024 | Average price of second-hand housing for sale
CCAA (euros/m2) and monthly and annual evolution
In March 2023, we improved our methodology to remove outliers and duplicates, after which the historical series was regenerated.
Source: idealista Created with Datawrapper
Canary Islands and Madrid provinces lead regional increases
In 46 provinces, prices are higher than those recorded a year ago. The highest increases were recorded in Santa Cruz de Tenerife, where sellers’ expectations increased by 16.4%, followed by Las Palmas (16%), the community of Madrid (15.4%), the region from Murcia (14.9%), the Balearic Islands (14.8%), Alicante (13.7%) and Málaga (12.7%). On the other hand, only 4 provinces have experienced price drops over the past year, these are: Ourense (-3.2%), Cordoba (-2.5%), Badajoz (-1 .1%) and Ciudad Real (-0.7%).
The Balearic Islands reaffirm their position as the most expensive province for the purchase of real estate (4,663 euros/m2), ahead of Gipuzkoa (3,664 euros/m2). Next come Madrid (3,638 euros/m2), Malaga (3,436 euros/m2), Santa Cruz de Tenerife (2,908 euros/m2), Biscay (2,881 euros/m2) and Barcelona (2,749 euros/m2).
Ciudad Real is the cheapest province with a price of 746€/m2. It is followed by Cuenca (839 euros/m2) and Jaén (841 euros/m2).
October 2024 | Average price of second-hand homes for sale
Provinces (euros/m2) and monthly and annual evolution
In March 2023, we improved our methodology to remove outliers and duplicates, after which the historical series was regenerated.
Source: idealista Created with Datawrapper
Double-digit increase in major residential markets
All capitals have experienced an increase in house prices over the past year, with the exception of Huesca, where sellers’ expectations remained unchanged. The most pronounced increase is in the city of Valencia, where the price increased by 20% compared to October last year. It is followed by the cities of Malaga (19.6%), Madrid (18.8%), Santander (18.1%) and Alicante (16.7%).
Among the major markets, in addition to Valencia, Malaga, Madrid and Alicante, prices increased in Palma (11.9%), Barcelona (10.8%), Seville (6.5%), Bilbao (5.9%) and San Sebastián (5.5%).
With this increase, the price in Madrid stands at 4,830 euros/m2 while in Barcelona it reaches 4,597 euros/m2.
San Sebastian is the most expensive capital in Spain, with a price of 5,631 euros/m2. Zamora, on the other hand, is the cheapest capital with its 1,171 euros/m2, followed by Jaén (1,214 euros/m2) and Ciudad Real (1,298 euros/m2).
October 2024 | Average price of second-hand homes for sale
Provincial capitals (euros/m2) and monthly and annual evolution
In March 2023, we improved our methodology to remove outliers and duplicates, after which the historical series was regenerated.
Source: idealista Created with Datawrapper
The idealista house price index
In order to establish the idealista real estate price index, the offer prices (based on square meters built) published by idealista advertisers are analyzed. Atypical listings and listings with prices outside the market are eliminated from the statistics. We include the typology of individual houses (villas) and eliminate properties of any typology that have been in our database for a long time without getting interaction from users. The final data is generated using the median of all valid listings in each market.
Data collected and analyzed by idealista/data, idealista’s proptech that provides information to a professional audience to facilitate strategic decision-making, both in Spain, Italy and Portugal. It uses all the parameters of the idealista database in each country, as well as other public and private data sources, to offer valuation, investment, recruitment and market analysis services.
Source : Idealist
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