Pre-owned homes in Spain witnessed a notable escalation in value during 2023, with prices surging by an average of 8.1%, culminating in a cost of 2,042 euros for each square metre. This data, gathered from the latest Idealista price index.
The analysis focused on quarterly shifts, reveals a 1.7% increase in values post-summer. A series of factors has led to this upward trajectory, including a strong demand outpacing the supply, particularly in the areas of new constructions. Additionally, a heightened international appetite for properties has further fueled this trend.
Leading the charge in this inflationary trend is Soria, boasting a staggering 23.1% increase, closely trailed by Santa Cruz de Tenerife and Huesca, with 20.9% and 18.5% respectively. In the more populous markets, Alicante, Malaga, Valencia, and Palma have also seen significant upticks, ranging from 12% to 17.5%.
This trend of soaring prices isn’t limited to specific areas; it’s a pattern reflected throughout all Autonomous Communities in Spain, with each one witnessing an increase in the past year. The Balearic Islands, Comunitat Valenciana, Andalusia, and Murcia stand out with their substantial hikes, registering increases between 9.8% and 12.7%.
Basically, the Spanish property market, especially for second-hand homes, has seen strong growth. This is due to a mix of local and global reasons, which have changed the way the housing market works.
