TecniTasa: Spain’s Most Expensive Homes Cost €10,000/m2+

21 November 2016 – Expansión

(…). The latest report from the appraisal company TecniTasa reveals some surprising, and some traditional, conclusions about Spain’s real estate market. For example, Calle Serrano in Madrid is still the most exclusive in the country, with a maximum price of €10,246/m2. In other words, a 100 m2 flat on that street can cost more than €1 million.

Barcelona is the second ranked city for the most expensive housing per m2. The maximum appraisal value per m2 in the Cataluñan capital amounts to €8,957/m2 on Paseo de Gracia. That represents an increase of 6% compared to 2015, but is 12.6% less than the most expensive homes on the Madrilenian Calle Serrano, whose marginal price depreciated by 6% this year, even though the average price in the neighbourhood of Salamanca continued to rise.

It is worth remembering that TecniTasa does not measure the average price of luxury homes in cities, but rather the maximum price in the most expensive areas.

San Sebastián is placed third in the ranking, at €6,820/m2, for homes the area between Avenida Libertad, Boulevard, Plaza Guipúzcoa and Calle Hernani, in the city centre and very close to the La Concha beach. That price is 11% higher than in 2015.

Puerto Banús, in Marbella (Málaga), is the fourth most expensive area. A 100 m2 home in this exclusive enclave on the Costa del Sol can cost up to €555,900. It is followed by Bilbao (€5,500/m2, on Plaza de Euskadi), Santander (€5,359/m2, in El Sardinero), Pamplona (€5,048/m2, on Paseo Sarasate) and Las Palmas de Gran Canaria, where a beachfront apartment on Las Canteras beach can cost €4,561/m2.

“House prices are mainly rising in the cities in the north and east, as well as on the islands. We expect that these increases will spread and consolidate in the rest of Spain, as a result of the greater political stability afforded by the formation of the Government and the overall improvement in the economy”, said José María Basáñez, Chairman of TecniTasa. (…).

By autonomous region

In Andalucía, it is noteworthy that luxury homes in Marbella, as well as in Cádiz (€4,545/m2, on the Paseo Marítimo) and Málaga (€4,200/m2, in La Malagueta) are more expensive than in the capital, Sevilla (€4,141/m2, in the area around the cathedral). It is also worth highlighting that the most expensive homes in Jerez saw price increases of 8%.

Meanwhile, the most expensive street in Palma de Mallorca, the Paseo Marítimo, saw an increase of 5%, to €3,276/m2. (…).

In Castilla y León, significant decreases were recorded in Burgos – with a decrease in maximum prices of 8%, to €2,186/m2 -, as well as in Palencia (-3%) and Valladolid, where the most expensive street saw a price decrease of 3% to €4,559/m2, although it is still the most expensive capital in the autonomous region.

TecniTasa’s report also highlights the most affordable areas in each province. Talavera de la Reina (Toledo) is the cheapest, at €317/m2. It was followed by Castellón (€363/m2), Huesca (€392/m2), Elche (Alicante, €399/m2), all with streets where the house price per m2 falls below the psychological barrier of €400/m2. (…).

The highest increase was recorded in Zamora, where minimum prices rose by 20% with respect to 2015, to reach €944/m2 in the Pinilla and San Ramón area. Minmum prices in Madrid rose by 16% with respect to last year, to reach €723/m2 in San Cristóbal de los Ángeles. (…). In Barcelona, the cheapest homes are located in Ciutat Meridiana, at €1,143/m2.

Original story: Expansión (by Juanma Lamet)

Translation: Carmel Drake