The Spanish real estate market for used homes reached a new historic peak in July. According to the latest price index from the property portal Idealista, the average price per square meter climbed to €2,471. This represents not only a monthly increase of 1.4% but also an impressive year-on-year surge of 14.7%. Over the last quarter, prices rose by 5.1%, marking the highest value since Idealista’s records began.
Price Explosion in the Autonomous Communities: Madrid Leads the Way
The price increases affected all of Spain’s Autonomous Communities without exception. The dynamic is led by the Community of Madrid, where seller expectations soared by a substantial 24.4%. Following behind are the Region of Murcia with a 19.3% increase, the Valencian Community with 18%, and the Canary Islands with 17.2%. Cantabria (+17%) and Andalusia (+15.2%) also recorded above-average growth.
More moderate, yet still significant, were the increases in Asturias (+13.5%), the Balearic Islands (+13%), the Basque Country (+10.8%), and Catalonia (+9.8%). The smallest gains were registered in Extremadura at 0.3%, followed by Navarre (+1.4%) and Castile and León (+3%).
Where Living in Spain is Most (and Least) Expensive
The Balearic Islands remain the undisputed most expensive region for purchasing a used home. With a price per square meter of €5,025, they are far ahead of the Community of Madrid (€4,359/m²), the Basque Country (€3,263/m²), and the Canary Islands (€3,090/m²).
At the other end of the price scale are Spain’s most affordable regions. Extremadura (€979/m²) and Castile-La Mancha (€982/m²) are the only communities where the price per square meter is still below the €1,000 mark.
A Look at the Provinces: Extreme Differences at the Local Level
The trend is mirrored at the provincial level. Here too, the Community of Madrid leads with a 24.4% increase, followed by Valencia (+20.1%) and the Region of Murcia (+19.3%). The growth in Santa Cruz de Tenerife (+18.6%) and Cantabria (+17%) is also noteworthy. However, there were isolated price declines, for example in Ourense (-6.9%), Teruel (-2%), and Ciudad Real (-1.7%).
The most expensive province remains the Balearic Islands archipelago (€5,025/m²), ahead of Madrid (€4,359/m²) and Guipúzcoa in the Basque Country (€3,990/m²). The most affordable province for property buyers is Ciudad Real, with an average of just €738 per square meter.
Capital Cities in Focus: San Sebastián Remains the Undisputed Leader
The price rally does not stop at the capital cities. In 51 of them, prices rose year-on-year, led by Santa Cruz de Tenerife (+25.1%), Madrid (+23.7%), and Santander (+20%). Only Girona recorded a decrease of 2.6%.
In terms of absolute prices, San Sebastián is the most expensive capital in Spain at €6,230/m². It is followed by Madrid at €5,718/m² and Barcelona at €4,943/m². Those looking for more affordable options will find them in Zamora, the least expensive capital at €1,227/m², followed by Jaén (€1,285/m²) and Ciudad Real (€1,386/m²).
