Most regions showed remarkable improvements during 2018.
- In capitals and big cities, house prices rose by 5.1% y-o-y to an average of €1,466 per sq. m in January 2018, according to TINSA.
- In the Balearic and Canary Islands, house prices rose by 4.1% to an average of €1,440 per sq. m.
- In metropolitan areas, house prices rose by 3.2% to an average of €1,288 per sq. m.
- On the Mediterranean Coast, house prices increased 3% to an average of €1,372 per sq. m.
- In the rest of municipalities, house prices rose slightly by 0.9% to an average of €1,383 per sq. m.
Currently, the most expensive housing in Spain can be found in San Sebastian, a resort town on the Bay of Biscay in the mountainous Basque community, at an average price of €3,231 per sq. m., according to TINSA. It is followed by Barcelona, with an average price of €3,129 per sq. m., Madrid(€2,601 per sq. m.), Bilbao (€2,087 per sq. m.), and Cadiz (€1,938 per sq. m.).
Urban land prices are rising
The average price of urban land transactions in Spain rose by 7.4% to €162 per sq. m in Q3 2017 from a year earlier, according to the INE.
All autonomous communities, except Aragon and Balears, saw strong land price increases during the year to Q3 2017:
- In Madrid, average urban land price rose by 6.6% to €292 per sq. m.
- In Andalucia, land prices rose by 7.9% to an average of €159.7 per sq. m.
- In Cataluña, the country’s second largest region, land prices increased 3.8% to an average of €183.2 per sq. m.
- In Castile-La Mancha, average land price rose by 5.8% to €101.5 per sq. m.
- In Galicia, land prices surged 21.3% to an average of €90.2 per sq. m.
- In Castilla y Leon, average land price soared 25.4% to €67.9 per sq. m.
- In Canary Islands, average land price skyrocketed 53% to €196.1 per sq. m.
- In Valencian Community, average land price rose by 14.1% to €156.7 per sq. m.