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Idealista: Second-Hand House Prices Fell By 1.1% In November

1 December 2016 – El Economista

Second hand house prices decreased by 1.1% during the month of November, according to the most recent real estate price index published by Idealista.

Specifically, the web platform places the average price per square metre at €1,497/m2, which represents a YoY decrease of 4.3% with respect to the same month last year, wen it stood at €1,564/m2.

Non-uniform decreases

Nevertheless, this decrease has not been uniform throughout the Spanish territory, given that the price of second-hand homes has actually increased in six autonomous regions.

The greatest increase was recorded in the Balearic Islands, where prices rose by 1.3% to €1,972/m2; followed by Navarra, where the price per square metre now amounts to €1,442/m2, up by 0.8% with respect to the previous month; and Cantabria, which experienced an increase of 0.4% to €1,572/m2.

País Vasco, Aragón and La Rioja recorded increases of 0.1% in all three cases taking the price per square metre to €2,498/m2, €1,235/m2 and €1,063/m2, respectively.

At the other end of the scale is Castilla-La Mancha, where, after a 1.5% decrease in the price of second-hand homes during the month of November, the price per square metre is now €884/m2.

It is followed by Madrid and Cataluña, where prices have decreased by 1.3%, taking the price per square metre to €2,332/m2 and €1,793/m2, respectively.

The case of Extremadura stands out too, where prices have not moved with respect to the month of October, remaining stable at €917/m2.

By province

During the month of November, twelve provinces saw price rises, led by the Balearic Islands (1.3%), Navarra (0.8%), Córdoba (0.8%), Huesca (0.6%) and Ourense (0.5%).

Meanwhile, the most significant decreases were recorded in Lleida (-3.5%), Cuenca (-2.6%), Segovia (-2.2%), Jaén (-1.9%) and Toledo (-1.9%).

Gipúzcoa and Vizcaya continued to lead the ranking of most expensive provinces, with average prices per square metre of €2,823/m2 and €2,556/m2, respectively, followed by Madrid, at €2,332/m2 and Barcelona, at €2,218/m2.

By contrast, the cheapest provinces were Toledo (€800/m2), Ciudad Real (€823/m2) and Cuenca (€835/m2).

Prices rise in 15 provincial capitals

By provincial capital, the most pronounced increase was recorded in Palma de Mallorca, where price rose by 2.5%, followed by Barcelona (1.7%) and San Sebastián (1.6%).

By contrast, Lleida (-3.3%), Murcia (-2.7%), Pontevedra (-2.5%) and Segovia (-2.4%) recorded the highest decreases in second-hand house prices.

San Sebastián is still the most expensive city in Spain, at €3,952/m2, ahead of Barcelona, where the average price amounts to €3,781/m2 and Madrid (€2,887/m2). At the other end of the scale, Lleida and Castellón are the cheapest provincial capitals in the ranking, with average prices of €865/m2 and €946/m2, respectively.

Original story: El Economista

Translation: Carmel Drake