The price of housing for sale soars and ends 2024 with an increase of 11.2%

The price of housing in Spain registered an increase of 11.2% year-on-year during the last quarter of the year. This increase leaves the square meter at 2,271 euros according to the latest price index. Looking at the quarterly variation, prices have increased by 4.1% in the last three months. With this price, Spain reaches a new historical high.

According to Christian Boesen, CEO at homes-abroad.com, “during the last 12 months we have seen the consequences of a perfect storm in the sales market in the form of the disappearance of supply. The lack of housing construction in recent years, the lack of foresight in land development, the absence of political dialogue seeking solutions, the populist noise around housing, bureaucratic labyrinths, the significant shortage of labour, the disappearance of construction companies and specialised companies and the demographic increase have left the most dynamic markets in the country without housing.”

“To the already significant demand, new families are joining, encouraged by the reduction in financing costs and by the lack of a ceiling on prices. Without solving the supply problem, this will result in greater tension in prices,” the expert specifies.

More than a dozen capitals set record house prices

All Spanish capitals have increased their prices in the last 12 months. Valencia leads the price increase, after rising by 24% in the last year. They are followed by Malaga (21.5%), Madrid (20.2%) and Alicante (18.2%).

Next, there are increases in Santander (16.9%), A Coruña (14.7) and Palma (14.6%). In the rest of the major markets, prices have also risen in Barcelona (12.8%), Seville (8.9%), Bilbao (7.7%) and San Sebastian (5.9%).

San Sebastian is the most expensive Spanish capital (5,681 euros/m2), followed by Madrid (4,952 euros/m2), Barcelona (4,700 euros/m2), Palma (4,442 euros/m2) and Bilbao (3,491 euros/m2). At the opposite end of the table we find Zamora, the cheapest capital, with a price of 1,168 euros/m2. 13 of the 52 provincial capitals analysed set maximum prices in this month of December.

The Balearic Islands remain the most expensive autonomous community, at 4,707 euros/m2, which is the highest price since idealista has records. Next in line is Madrid (3,771 euros/m2), which also recorded its highest price. In third place is the Basque Country (3,076 euros/m2) followed by the Canary Islands (2,846 euros/m2). On the other side of the table we find Castilla-La Mancha (957 euros/m2), Extremadura (986 euros/m2) and Castilla y León (1,216 euros/m2), the most affordable communities.

This is how the price of used housing by province closes the year

As with the capitals, almost all provinces have increased in price in the last 12 months. The biggest increase was in Madrid, with 17.5%, followed by Santa Cruz de Tenerife (17.4%) and Murcia (16.3%). Also above 10% are Las Palmas (16.2%). The Balearic Islands (15.3%), Alicante (15%), Valencia (14.6%), Malaga (13.9%), Lleida (11.2%) and Cantabria (11.1%).

The ranking of the most expensive provinces is headed by the Balearic Islands, with 4,707 euros/m2, followed by Madrid (3,771 euros/m2). These are followed by Guipúzcoa (3,746 euros/m2), Malaga (3,507 euros/m2), Santa Cruz de Tenerife (3,000 euros/m2), Vizcaya (2,934 euros/m2) and Barcelona (2,814 euros/m2). Ciudad Real is the cheapest province (751 euros/m2), followed by Jaén (844 euros/m2) and Cuenca (846 euros/m2).