Are you looking to buy a place or sell your home in Spain? Or perhaps you are upgrading your property to sell or considering relocating to another part of the country. What price levels should you expect? Where in the country are you likely to find options that fit your budget? Find Your Spain has put together a set of graphics that we believe could be of interest to owners and prospective owners of Spanish real estate. The graphics are based on statistics compiled by Idealista, one of Spain’s most popular and comprehensive real estate websites. Our presentation covers all of Spain and shows current price levels by region.
Spain suffered a major drop in real estate prices during the 2007 financial crisis and although the market had recovered significantly by 2020, prices declined during the first phases of the covid-19 pandemic when travel restrictions were imposed and kept international buyers away. However, our overview shows that prices have returned to pre-2007 levels in several regions. Spanish real estate prices generally peaked in 2007, but on average had recovered to about 90 percent of that level by year-end 2021.
At the end of our post, you can have a look at our break-down to provinces.
While some regions have set new records recently, for many regions, their price highs were set in 2006/2007 just before the onset of the real estate crises. The average for the whole of Spain is from June 2007.
Nevertheless, recovery has been uneven with property prices in some regions continuing to lag significantly behind 2007 levels while others are at record highs. For example, the Balearic Islands, the Canary Islands, Madrid, and some popular travel and tourism destinations, have set new price records. Perhaps more surprisingly, Melilla, one of the small Spanish exclaves in North Africa, has seen new real estate price records lately.
But there may still be bargains to be found: In regions such as Murcia, Castile La Mancha and Aragón real estate prices now range from about 65% to 70% of former peak levels. And if you are bargain hunting, it may pay to examine the region of your choice more closely. Within each region, prices vary greatly.
If you are considering buying a property as an investment and are concerned about resale value, our graphics could also point you towards areas that may be among your “safest” options. Regions and provinces that are setting new record highs could fit your needs.
If on the other hand, you are looking for the most land or floor space for your money, you may want to look for properties in less expensive areas. They are typically rural, inland areas but value may also be found in central regions such as Murcia.
The graphics below present current property prices and price recovery status by region and province. You may be surprised at the great price variations within a single region.
Andalusia
Aragón
Asturias
Balearic Islands
Basque Country
Canary Islands
Cantabria
Castile and León
Castile La Mancha
Catalonia
Extremadura
Galicia
La Rioja
Madrid
Murcia
Navarre
Valencia
Ceuta and Melilla
The featured image is by kalhh from Pixabay.
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