Resale Prices in Spain Rise 14.7% Year-on-Year in July

The price of used housing in Spain has risen by 14.7% year-on-year in July, reaching €2,471 per square meter, according to the latest property price index. This represents a 5.1% increase over the last three months, a 1.4% rise from June, and marks the highest recorded price for used housing in Spain since we began tracking the data.

Madrid Leads the Annual Price Surge

All of Spain’s autonomous communities reported higher housing prices compared to a year ago. Madrid saw the sharpest increase, up by 24.4%, followed by Murcia (19.3%), Valencia (18%), Canary Islands (17.2%), Cantabria (17%), and Andalusia (15.2%).

Regions with more moderate growth include Asturias (13.5%), Balearic Islands (13%), Basque Country (10.8%), Catalonia (9.8%), Castilla-La Mancha (4.5%), Galicia and Aragon (3.4%), Castilla y León (3%), and La Rioja (2.9%). The smallest increases were seen in Navarre (1.4%) and Extremadura (0.3%).

Balearic Islands and Madrid Remain the Most Expensive Regions

The Balearic Islands are the priciest region, with an average price of €5,025/m², followed by Madrid (€4,359/m²). Other high-price regions include Basque Country (€3,263/m²), Canary Islands (€3,090/m²), and Catalonia (€2,632/m²).

At the other end of the scale, Extremadura (€979/m²), Castilla-La Mancha (€982/m²), and Castilla y León (€1,233/m²) are the most affordable regions.

Coastal and Urban Areas See Sharp Price Hikes

A total of 43 provinces recorded price increases compared to July 2024. The largest jump occurred in Madrid (+24.4%), followed by Valencia (+20.1%), Murcia (+19.3%), Santa Cruz de Tenerife (+18.6%), Cantabria (+17%), and Alicante (+15.9%).

Meanwhile, six provinces experienced price declines, led by Ourense (-6.9%), Teruel (-2%), Ciudad Real (-1.7%), and both Jaén and Burgos (-0.8%).

Most Expensive and Cheapest Provinces

Balearic Islands remains the most expensive province (€5,025/m²), followed by Madrid (€4,359/m²), Gipuzkoa (€3,990/m²), Málaga (€3,794/m²), and Santa Cruz de Tenerife (€3,292/m²).

The cheapest provinces are Ciudad Real (€738/m²), Jaén (€839/m²), and Cuenca (€862/m²).

Capital Cities: Santa Cruz de Tenerife Sees Largest Increase; San Sebastián Remains Most Expensive

Among Spain’s provincial capitals, 51 cities saw price increases over the past year. The only exception was Girona, with a decrease of -2.6%. The steepest rise was in Santa Cruz de Tenerife (+25.1%), followed by Madrid (+23.7%), Santander (+20%), Valencia (+19.7%), Palma (+18.8%), and Oviedo (+17.3%).

Huesca (+1.4%), Ourense (+2%), Soria (+2.3%), and Badajoz (+3.7%) recorded the smallest increases.

In the major cities, besides Madrid (€5,718/m²), prices have also risen in Valencia (+19.7%), Palma (+18.8%), Alicante (+15.9%), Seville (+14.2%), Málaga (+14.2%), San Sebastián (+13.5%), Barcelona (+10.4%), and Bilbao (+9.8%).

San Sebastián remains the most expensive city in Spain, with used home prices at €6,230/m², while Zamora is the most affordable capital at €1,227/m², followed by Jaén (€1,285/m²) and Ciudad Real (€1,386/m²).