The price of used housing remains at a record and rises 7.5% in June

Seven capitals reach maximum prices for used homes for sale

The price of used housing in Spain registered an increase of 7.5% year-on-year during the second quarter of the year. This increase leaves the square meter at 2,138 euros, according to the latest price index. Taking into account the quarterly variation, prices have increased by 2.9% in the last three months. With this price, Spain reaches a new historical maximum.

Christian Boesen, Director of homes-abroad.com states, “the main problem that the real estate market currently has is none other than the lack of available supply. The lack of new construction in the purchase and sale market is pressing. Few municipalities have dared to develop land in the last 15 years. This lack of new homes means that all the weight falls on used housing, which is not capable of absorbing current demand and puts upward pressure on prices. In addition, the lack of product also hinders the number of operations that are closed and the number of mortgages granted. It is necessary that measures be taken and processes for promotion be streamlined, especially in the most stressed markets.”

Seven capitals set housing prices at their highest in June

All Spanish capitals have increased their prices in the last 12 months. Malaga leads the price increase, after rising 19.9% ​​in the last year. It is followed by Alicante (16.9%), Valencia (14.7%), Santander (13.7%), Soria (13.6%), Madrid and Santa Cruz de Tenerife (12.4%, in both cases) . Among the large markets, prices have also increased in Palma (9.4%), Seville (7.5%), Barcelona (7.2%), San Sebastián (5.2%) or Bilbao (4.1% ).

San Sebastián is the most expensive Spanish capital (5,461 euros/m2), followed by Madrid (4,514 euros/m2), Barcelona (4,430 euros/m2), Palma (4,114 euros/m2) and Bilbao (3,301 euros/m2). On the opposite part of the table, we find Zamora, the cheapest capital, with a price of 1,154 euros/m2

A total of seven capitals mark their historical highs. These are the cities of Madrid, Barcelona, ​​Palma, Málaga, Cádiz, Valencia and Las Palmas de Gran Canaria.

All the Autonomous Communities register increases in housing prices

Prices have increased in all Autonomous Communities during the last 12 months. The greatest increase has been recorded in the Canary Islands, where owners' expectations have increased by 15.4%. Also with double-digit increases are the increases in the Balearic Islands (10.7%) and Comunitat Valenciana (10.3%). Behind them are the rises of Comunidad de Madrid (9.5%), Andalusia (8.2%), Region of Murcia (7.2%), Cantabria (6.9%) and La Rioja (5.6% ). Catalonia registers the smallest increase, with 1.5% year-on-year, followed by Galicia, Asturias and Castilla y León (3.2% in all three cases).

The Balearic Islands continue to be positioned as the most expensive autonomy, with 4,379 euros/m2, which is the highest price since idealista has records. They are followed by Madrid (3,440 euros/m2), which also registers its historical maximum. In third position is Euskadi (2,918 euros/m2) followed by the Canary Islands (2,592 euros/m2). On the opposite side of the table we find Castilla-La Mancha (941 euros/m2), Extremadura (991 euros/m2) and Castilla y León (1,192 euros/m2), the most economical communities.

The price of housing by provinces during the second quarter of 2024

As is the case with the capitals, all provinces have increased prices in the last 12 months except two: in Ourense they fell 0.7% and in Barcelona they did not move. The greatest increase has occurred in Santa Cruz de Tenerife, with 18%, followed by Las Palmas (12.1%) and Málaga (11.3%). Above 10% are also the Balearic Islands (10.7%) and Alicante (10.5%). In Madrid, housing for sale has appreciated by 9.5%, while in Valencia it has appreciated by 8.9%.

The ranking of the most expensive provinces is headed by the Balearic Islands, with 4,379 euros/m2, followed by Guipúzcoa (3,549 euros/m2). Behind them are Madrid (3,440 euros/m2), Málaga (3,282 euros/m2), Vizcaya (2,805 euros/m2), Santa Cruz de Tenerife (2,721 euros/m2) and Barcelona (2,696 euros/m2). Ciudad Real is the most economical province (754 euros/m2), followed by Jaén (841 euros/m2) and Cuenca (853 euros/m2).

Rents rise again in the second quarter (13.2%) while stock continues to fall

The price of housing rentals in Spain increased by 13.2% during the last 12 months, according to the latest report, while in a quarterly rate the increase stands at 5%. At the end of June 2024, renting a home in our country had a cost of 13.4 euros per square meter.

The data in this report shows the failure of all the measures and policies that have been taken regarding rent and that culminated a year ago with the Housing Law. All indicators, such as supply and demand pressure, show that the situation continues to worsen and the year-on-year increase in prices in this month of June is 4 points higher than that registered in June 2023.

The situation of falling supply and very strong price increases is much more intense in stressed markets, such as Valencia, Madrid, Palma or Barcelona, ​​where rent increases are dangerously close to 20% year-on-year, but the consequences of the "The application of these policies is already evident throughout the national territory.

Insisting on a regulation that has clearly failed or continuing to wait for the effects of the Housing Law to unfold will only significantly worsen the situation for thousands of vulnerable families. It is necessary to stop the degradation of the rental market and take brave measures to restore the confidence of owners in the market.

This is how rental prices are in provincial capitals in the second quarter

All capitals have higher rental prices than in June 2023, with Valencia and Cáceres being where they have become more expensive, with an increase of 19% in both cities.

In the rest of the large markets, prices have increased in one year, followed by Madrid (17.9%), Palma (17.8%), Barcelona (17.8%), Malaga (16.5%), Alicante (14.1%), San Sebastián (11.1%), Bilbao (8.7%) and Seville, which with 6.5% is the large market that has grown the least this quarter.

The smallest increases have occurred in Tarragona (2%), Pamplona (2.8%), Zamora (3.6%) and Jaén (4.2%).

Barcelona is the most expensive capital to rent a home, with 22.1 euros/m2, followed by Madrid (19.8 euros/m2) and San Sebastián (17.6 euros/m2). In fourth place is Palma (17 euros/m2) and in fifth place is Málaga (14.5 euros/m2). At the bottom of the table we find Zamora (6.5 euros/m2), Ciudad Real (6.7 euros/m2), Ourense (7.2 euros/m2), Ávila (7.2 euros/m2), Lugo, Jaén and Palencia (7.3 euros/m2 in the three cases).

Check how rental prices are in the Spanish provinces

All Spanish provinces register higher rental prices than a year ago, with the exception of Huelva, where they have decreased by 1.3%. The greatest increase has been registered in Cáceres, where prices rose by 21.6%. The increases registered in the Balearic Islands (21.5%), Lugo (19.4%), Girona (18.2%), Valencia (18%), Barcelona (17.7%) and Madrid (17. 5%).

The ranking of the most expensive provinces is headed by the Balearic Islands (19.9 euros/m2 per month), Barcelona (18.8 euros/m2), Madrid (18 euros/m2) and Guipúzcoa (16.3 euros/m2). Zamora and Jaén are the cheapest provinces to rent a home, with 6.1 euros/m2, followed by Ciudad Real (6.2 euros/m2), Badajoz (6.6 euros/m2) and Teruel (6.7 euros /m2).

All the Autonomous Communities recorded annual increases between April and June

The price increased in all communities during the last 12 months. The greatest increase occurred in the Balearic Islands (21.5%), Community of Madrid (17.5%), Cantabria (17.3%), Comunitat Valenciana (15.6%), Catalonia (14.9%) and the Canary Islands (13.6%). Navarra registered the smallest increase, with 3.5%.

The Balearic Islands are the community with the most expensive rents, reaching 19.9 euros/m2, followed by the Community of Madrid (18 euros/m2), Catalonia (17.4 euros/m2) and the Canary Islands (14.2 euros/m2). m2). On the opposite side of the table we find Extremadura (6.7 euros/m2), Castilla La Mancha (7 euros/m2) and La Rioja (8 euros/m2), the most economical communities.