The average price of used property in Spain this August 2023 stood at 2,084 euros per square meter, which is an increase of 0.62% compared to July and an increase of 6.83% on last year.
Year-on-year, the most striking increases in house prices were in the Balearic Islands (+16.89%), the Canary Islands (+13.13%) and the Valencian Community (+12.35%).
In terms of Spanish provinces, the largest increases from one year to the next were in Malaga (+17.96%), the Balearic Islands (+16.89%) and Santa Cruz de Tenerife (+16.29%). The sharpest decreases, on the other hand, were in Ourense (-5.27%), Zamora (-4.63%) and Toledo (-4.09%).
The most expensive autonomous communities to buy a property in Spain this August were the Balearic Islands (4,150 euros per square meter), Madrid (3,524 euros/m2) and the Basque Country (3,001 euros/m2).
Despite the fact that the granting of mortgages by Spanish banks has cooled off recently, the housing market in Spain is going full steam ahead. Prices are also rising due to the slow progress of new build developments, which are being hampered by a rise in the cost of construction materials.
Given this strong demand for property in Spain, coupled with a low level of new-build supply, it seems unlikely that house prices will drop any time soon.