Lucas Fox Spanish Real Estate Market Analysis: Price Evolution 2019

At the end of November 2019 average property sales price across Spain increased, ending the month on an average of €1,761 per square metre.

Lucas Fox Spanish Real Estate Market Analysis: Price Evolution 2019

Average Sales Price in Spain

At the end of November 2019 average property sales prices across Spain increased by 4.6% year-on-year, according to the property portal Idealista, ending the month on an average of €1,761 per square metre. The last time prices saw a decrease was in February 2017. Prices have grown by 13% since November 2014 (€1,559 per square metre), around the time when they had bottomed out across the country but are still just under 14% below that of November 2007 (€2,046 per square metre). The provinces that registered the most significant annual price rises were Girona (9.8%), the Balearic Islands (8.6%) and Málaga (8.3%). The Community of Madrid registered an increase of 4.1% and in Barcelona Province prices rose by 3.5%. Property in Valencia City registered an annual rise of 2.5% (€1,770 per square metre) and Madrid City saw prices increase by 1.4% (€3,744 per square metre). Barcelona City saw a property price decrease year-on-year, of 1.6%, averaging €4,145 per square metre in November 2019.

Both Madrid City and Barcelona City have now surpassed the average prices registered in November 2007 – by 2.6% and 5.7% respectively. However, Valencia City average prices are still 25% below what they were in November 2007.

Comparing prices in Spain’s three major cities in November 2019 to prices in November 2014, Madrid prices are up by 40%, Barcelona by 36% and Valencia by 33%.

Average Sales Price Spain

Barcelona

Barcelona City

Following a similar trend to the last few months, average property prices in Barcelona City have continued to show slight year-on-year decreases. Prices averaged at €4,145 per square metre in November 2019, registering an annual decrease of 1.6%. Average prices in the key districts of Barcelona Old Town (€4,375 per square metre), Eixample (€4,683 per square metre), Gràcia (€4,286 per square metre) and Sant Martí (€3,854 per square metre) have also all shown annual decreases, of 0.6%, 2.4%, 3.5% and 0.6% respectively. However, prices in the desirable Zona Alta district of Sarrià-Sant Gervasi registered an increase, of 0.5%, averaging at €5,389 per square metre in November 2019. (Idealista, resale property prices)

Since November 2014 anyone investing in property in Barcelona City will have seen excellent returns with prices going up by nearly 32% across the city. Breaking it down by regions, prices have risen by 41% in Eixample, by 42% in Gràcia, by 35% in the Old Town and by just under 31% in Sant Martí, which incorporates Diagonal Mar. Average prices across the city as a whole have now surpassed the prices in November 2007, by 2.6%. (Idealista, resale property prices)

 

Average Sales Price Barcelona City

Maresme 

Across the region as a whole, according to the Generalitat de Catalunya average prices have increased by 10%, averaging at €2,256 per square metre in the third quarter of 2019.

Looking at average property prices in Maresme’s key towns, Teià has seen one of the most significant increases in the year to November 2019, with prices rising by 7.3% and ending the month on €2,534 per square metre. Average prices also rose in Alella (€2,468 per square metre), Sant Vicenç de Motalt (€2,510 per square metre) and Cabrils (€2,000 per square metre), registering annual increases of 3.2%, 1.3% and 0.5% respectively. However, Premià de Dalt saw a year-on-year price decrease, of 2.5%, with prices averaging at €2,207 per square metre in November 2019. Since the same month in 2014, Teià has seen prices rise by 18.8%, Sant Vicenç de Montalt by 15.1%, Premià de Dalt by 10.2%, Alella by 9.9% and Cabrils by 2.6%. (Idealista, resale property prices)

Across the region as a whole, according to the Generalitat de Catalunya average prices have increased by 10%, averaging at €2,256 per square metre in the third quarter of 2019.

Sant Cugat del Vallés 

Average property prices in Sant Cugat del Vallès showed an annual increase of 3.6% in November 2019, ending the month on €3,549 per square metre. Since November 2014, prices in Sant Cugat have increased by almost 35%. (Idealista, resale property prices)

 

Madrid

Madrid City

Average property prices in Madrid City showed an annual increase of 4.1% in November 2019, ending the month on €3,744 per square metre. Average prices are 40% higher than they were in November 2014 and are now 6% higher than they were in November 2007. Average prices in the sought-after Centro and Salamanca districts also rose when comparing prices in November 2019 with those in November 2018, by 1.2% (€5.043 per square metre) and 2.5% (€5,890 per square metre) respectively. Average prices in the up-and-coming district of Tetuán also showed an increase (2%), ending the month of November on €3,694 per square metre. Prices in Chamberí decreased very slightly, averaging at €5,280 per square metre. Prices in these sought-after districts have gone up significantly since September 2014, by over 52% in Centro, by 47% in Chamberí, by 42% in Salamanca and by 43% in Tetuán. (Idealista, resale property prices)

Average Sales Price Madrid City

Pozuelo de Alarcón

Average property prices in Pozuelo de Alarcón showed an annual increase of 2.6% in November 2019, ending the month on €3,054 per square metre. Since November 2014 prices have increased by nearly 15% in Pozuelo de Alarcón but are still 6.6% below what they were in November 2008. (Idealista, resale property prices)

 

Costa Blanca & Valencia

Valencia City

Average property prices in Valencia City went up year-on-year, registering an annual increase of 2.5% in November 2019 and ending the month on €1,770 per square metre. Average prices in the Old Town also increased, by 1.4%, ending the month on €2,807 per square metre. However, prices in the district of L’Eixample registered a decrease, of 1.2%, ending the month on €2,891 per square metre. Prices in the desirable La Patacona area averaged at €3,097 per square metre, registering an annual increase of 2.9%. When comparing prices to November 2014, the district of L’Eixample has seen the greatest gains with average prices rising by just over 40%. Prices in La Patacona have risen by 30% and in the Old Town by just under 29%. The city as a whole has seen prices go up by just under 33% in the five years to November 2019. (Idealista, resale prices)

Average Sales Price Valencia City

Puçol

Average property prices in Puçol have increased by 1.6% over the last year, ending November 2019 on €1,304 per square metre. (Idealista, resale property prices)

Alicante City

Average property prices in Alicante City showed an annual increase of 5.2% in November 2019, ending the month on €1,506 per square metre. Property prices in the city have gone up by just over 20% in the five years since November 2014, around the time when prices had bottomed out. (Idealista, resale property prices)

Dénia

Average property prices in Dénia showed an annual increase of 3.1% in November 2019, ending the month on €1,972 per square metre. Since September 2014 prices in Dénia are up by more than 21%. (Idealista, resale property prices)

 

Costa Brava & Girona

Girona City

Average property prices in Girona City registered a significant annual increase of almost 16% in November 2019, ending the month on €2,220 per square metre. However, they are still 11% below those in November 2008. (Idealista, resale property prices)

Begur & Castell-Platja d’Aro, Costa Brava

Average property prices in Begur registered an annual decrease of 4.6% in November 2019, ending the month on €2,714 per square metre. Average prices in the neighbouring areas of Castell-Platja d’Aro, Lloret de Mar, Palamós and Sant Feliu de Guíxols all increased, however, ending the month on €2,884 per square metre (1.5% increase), €1,933 per square metre (0.7% increase), €2,394 per square metre (5.7% increase) and €2,193 per square metre (3.3% increase) respectively. All areas have seen property price increases since September 2014 with the biggest rise in Palamós where they have risen by nearly 23%. (Idealista, resale property prices)

Average Sales Price Costa Brava & Girona

 

 

Barcelona South Coast

Sitges, Gavà & Vilanova i la Geltrú 

Average property prices in Sitges showed an annual decrease in November 2019, of 2%, ending the month on €3,669 per square metre. However, average prices in the neighbouring areas of Gavà (€3,041 per square metre) and Vilanova i la Geltrú (€1,977 per square metre) both showed annual increases, of 4.7% and 2.3% respectively. Since November 2014 prices in Sitges have gone up by almost 15%, prices in Gavà by 25% and prices in Vilanova i la Geltrú by 17%. (Idealista, resale property prices)

Average Sales Price Barcelona South Coast

 

Tarragona

Tarragona City

Average property prices in Tarragona City showed a slight annual decrease, of just under 1% in November 2019, ending the month on €1,712 per square metre. Prices in Tarragona City are yet to see the significant increases seen in some other regions of Catalonia, having risen by just 3.1% since November 2014. (Idealista, resale property prices)

Average Sales Price Tarragona

 

Costa del Sol

Málaga City & Marbella

Average property prices in Málaga City showed an annual increase of 3.2% in November 2019, ending the month on €2,037 per square metre. Prices also rose in nearby Marbella and Estepona, where they averaged at €2,980 per square metre (8.5% increase) and €2,220 per square metre (7.6% increase) respectively. Prices in Benahavís registered just a small increase, of 0.8%, averaging €2,960 per square metre in November 2019. Since November 2014 these areas have seen significant property price increases. Estepona has seen prices rise by 49%, Marbella by almost 30% and Benahavís by over 20%. Prices in Málaga City have increased by just over 32% in the five years to November 2019. (Idealista, property resale prices)

Average Sales Price Costa del Sol

 

Galicia

Vigo

Average property prices in Vigo showed an annual increase of 5.6% in November 2019, ending the month on €1,906 per square metre. Vigo is yet to experience the significant price increases registered in other cities in Spain. Since November 2014 they have increased by just under 6%. (Idealista, resale property prices)

Average Sales Price Galicia

 

Ibiza & Menorca

Ibiza

Average property prices across the Balearic Islands showed an annual increase of 8.6% in November 2019, ending the month on €3,071 per square metre. Average prices in Ibiza Town and Sant Josep de sa Talaia showed slight increases, ending the month on €5,220 per square metre (0.4% increase) and €5,022 per square metre (0.6% increase) respectively. Prices in Santa Eulària des Riu, however, showed a decrease, averaging €4,783 per square metre (1.4% decrease) in November 2019. Ibiza’s most sought-after areas have all seen significant price increases since November 2014. In Sant Josep de sa Talaia they have increased by just over 77%, in Ibiza Town by almost 71% and in Santa Eulària des Riu by almost 66%. The Balearic Islands as a whole have registered price increases of nearly 59% in the five years to November 2019. (Idealista, resale property prices)

Average Sales Price Ibiza

Menorca

Average prices in November 2019 in Mahón, Es Mercadal and Ciutadella de Menorca all showed an increase, ending the month on €1,973 per square metre (4.3% increase), €2,317 per square metre (3.8% increase) and €2,193 per square metre (2.2% increase) respectively. Since November 2014 property prices in Mahón have gone up by just over 24%, in Es Mercadal by almost 26% and in  Ciutadella de Menorca by almost 21%. (Idealista, resale property prices).

 

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