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Date Published: 08/09/2023

House prices continue to rise in Spain

Average property prices rose 0.62% in August and almost 7% in the last year

The average price of a used property in Spain this August 2023 stood at 2,084 euros per square metre, which is an increase of 0.62% compared to July and an increase of 6.83% on last year.

These latest figures on average house prices, supplied by pisos.com, suggest that continued high demand for property in Spain is playing a key role in raising the monthly average value of Spanish homes.

The most expensive autonomous communities to buy a property in Spain this August were the Balearic Islands (4,150 euros per square metre), Madrid (3,524 euros/m2) and the Basque Country (3,001 euros/m2).

The cheapest were Extremadura (820 euros/m2), Castilla-La Mancha (870 euros/m2) and Castilla y León (1,199 euros/m2).

Year-on-year, the most striking increases in house prices were in the Balearic Islands (+16.89%), the Canary Islands (+13.13%) and the Valencian Community (+12.35%). In terms of Spanish provinces, the largest increases from one year to the next were in Malaga (+17.96%), the Balearic Islands (+16.89%) and Santa Cruz de Tenerife (+16.29%). The sharpest decreases, on the other hand, were in Ourense (-5.27%), Zamora (-4.63%) and Toledo (-4.09%).

Despite the fact that the granting of mortgages by Spanish banks has cooled off recently, the housing market in Spain is going full steam ahead. Prices are also rising due to the slow progress of new build developments, which are being hampered by a rise in the cost of construction materials.

Given this strong demand for property in Spain, coupled with a low level of new-build supply, it seems unlikely that house prices will drop any time soon.

For help buying or selling a home in Spain, contact British-run real estate company Girasol Homes:

Tel: +34 711 02 94 41

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