Idealista: House Prices Fell By 4.2% YoY In October

3 November 2016 – Idealista

The price of second-hand homes in Spain decreased by 1.3% in October, to reach €1,513/m2, according to the latest real estate price index from Idealista. The YoY decrease compared to October 2015 (€1,579/m2) amounted to -4.2%.

By autonomous region

Prices rose in 2 of Spain’s 17 autonomous regions during October. The greatest increase was recorded in the Baleric Islands, where owners were asking 0.7% more for their homes than a month ago, followed by an increase in Extremadura (0.1%). Prices decreased in every other autonomous region. The highest decreases were seen in La Rioja (-3.6%) and Aragón (-1.9%), followed by Navarra (-1.8%), Cataluña and Murcia (-1.7% in both cases).

Euskadi (€2,495/m2) was still the most expensive autonomous region. It was followed by the Community of Madrid (€2,362/m2) and the Balearic Islands (€1,947/m2). At the other end of the table: Castilla La Mancha (€897/m2), Extremadura (€917/m2) and Murcia (€992/m2) were the cheapest autonomous regions.

By province

Price rises were recorded in 8 Spanish provinces during the month of October. Prices increased by 0.9% in Segovia, followed by increases in Cuenca (0.8%), Baleares (0.7%), Ourense (0.6%) and Cáceres (0.4%). By contrast, the highest decreases were recorded in La Rioja (-3.6%), Castellón (-3.2%), Teruel  (-3%), Zaragoza (-2%) and Ciudad Real (-2%).

In the ranking of house prices by province, there was no change at the top of the table – the Basque provinces of Guipúzcoa and Vizcaya were the most expensive provinces once again, with average prices of €2,815/m2 and €2,560/m2, respectively. They were followed by Madrid (€2,362/m2) and Barcelona (€2,153/m2).

Toledo was the cheapest province with an average price of €815 per square metre. It was followed by Ciudad Real (€833/m2) and Cuenca (€858 /m2).

By provincial capital  

Price rises were recorded in 18 provincial capitals during the month of October. The most significant increase was recorded in Lleida, where owners’ price expectations grew by 1.9%. In Segovia, prices rose by 1.6%, whilst in Barcelona, they increased by 1.4%. Palma de Mallorca recorded the fourth highest price rise (1.3%). By contrast, the highest decreases were seen in Huesca (-3.4%), Castellón (-3.2%), Teruel (-2.9%), Almería (-1.8%) and Córdoba (-1.7%).

San Sebastián was still the most exclusive city in Spain, with an average price of €3,889/m2. It was followed by Barcelona (€3,717/m2) and Madrid (€2,913/m2). By contrast, Lleida was the cheapest city (€895/m2), followed by Castellón (€954/m2) and Ávila (€1,005 /m2).

Idealista’s real estate price index

Idealista is currently the most widely used platform in Spain for buying, selling and renting homes. With a sample containing thousands of homes currently up for sale, Idealista’s research department has been analysing real estate prices since 2000. (…).

To compile the real estate price index, Idealista analysed 428,647 adverts that were published in its database between 26 September 2016 and 28 October 2016, eliminating any outlier properties that did not reflect market prices (…).

Original story: Idealista

Translation: Carmel Drake