Spain’s Most Expensive Homes are Located on c/Serrano & Paseo de Gràcia

1 March 2018 – Expansión

Two realities in the housing market / The recovery in prices with respect to 2008 is leaving disparate scenes. The gap between the most expensive area of Madrid, on Calle Serrano, and the most affordable district, San Cristóbal, amounts to 61 percentage points.

In the heart of Madrid, on Calle Serrano, a 90 m2 apartment costs around €857,700 (€9,530/m2) on average, 5% less than in 2008. Meanwhile, 16 kilometres south of the Golden Mile, in San Cristóbal, those same 90 m2 cost around €78,300 (€870/m2), 66% cheaper than during the years of the real estate boom. This situation is repeated right across the country, where, in many cases, the housing market is experiencing two realities in the same city. “The current housing market in Spain is certifying the recovery of house sales and reflects that there is still scope to acquire homes at much lower prices than 10 years ago”, said José María Basañez, President of TecniTasa.

Despite the high degree of activity in the sector at the moment, with increases of around 5%, it is not uncommon for people to buy a home now for less than it would have cost in 2008. In 2017, house prices were 35% below the peaks of the real estate boom, according to a Report about housing Maximums and Minimums prepared by the appraisal company TecniTasa. The situation changes as you approach the hot spots of the main capitals. The difference between the most expensive and most affordable areas of Madrid is 61 percentage points, of Barcelona is 38 points and of Sevilla is 54 points. The most affordable homes in the Andalucían capital are found in the areas of Amate/ Pino Montano/Macarena Norte and Bellavista (€990/m2), nevertheless, it is one of the few areas where prices are higher than they were a decade ago (up by 24%). It is followed by La Rambla de Pedro Lezcano in Telde (Las Palmas) where prices have risen by 9.7%; the centre of Orense (5.7%); Las Gándaras (Lugo), where prices have risen by 4.4%, and the historic centre of Toledo (1%).

The fact that the most luxurious homes are still 30% cheaper than they were in 2008, on average – on c/Serrano and Paseo de Gràcia, they exceed €9,000/m2 – and the most affordable homes are still 40% lower – in El Pilar de la Estación (Toledo) and Barrio Guinea (Castellón), they cost around €400/m2 – “is one element to take into consideration when making a purchase decision”, explain sources at the appraisal company.

Original story: Expansión (by I. Benedito)

Translation: Carmel Drake

Idealista: Second-Hand House Prices Rose by 2.4% in 2017

27 December 2017 – El País

Despite the Catalan crisis, this year, Barcelona has managed to dislodge San Sebastián from the top of the ranking as the most expensive capital city in Spain.

During 2017, buying a second-hand home has become 2.4% more expensive. Owners have paid an average price of €1,586/m2 in 2017, compared to €1,553/m2 in 2016, according to the latest price index from the real estate portal Idealista.

Nevertheless, not all of the markets have behaved in the same way; some have grown at double-digit rates, whilst others have expanded at more moderate rates, and others have seen price continue to decrease, still not reaching rock bottom.

Thirty of the provincial capital cities have seen price rises, although the most marked increase was recorded in Palma de Mallorca, with a rise of 29.1%, taking the average second-hand house price there to €2,667/m2. It was followed by the city of Málaga, where prices have risen by 16.7% to €1,934/m2. By contrast, Soria is the capital where prices have fallen by the most (-8.3%), followed by Ávila (-6.9%) and Almería (-5.1%).

Despite the Catalan crisis, which “will affect the final result for the year”, according to Fernando Encinar, Head of Research at Idealista, this year, Barcelona has managed to dislodge San Sebastián from the top of the ranking as the most expensive Spanish capital, at €4,284/m2, compared to €4,052/m2 in the Guipuzcoan capital. Those two cities are followed by Madrid (€3,285/m2) and Bilbao (€2,871/m2).

By autonomous region, the largest increase was recorded in the Balearic Islands, where owners are now asking 25.3% more for their homes than they were a year ago. It is followed by increases in Cataluña (9.5%), the Canary Islands (8.4%), the Community of Madrid (7.1%), Aragón (2.3%), the Community of Valencia (1.9%), Andalucía (0.8%) and País Vasco (+0.5%). At the other end of the spectrum, the largest decreases were recorded in Navarra (-4.8%), Asturias (-3.2%) and Castilla La Mancha (-2.4%).

The Community of Madrid is the most expensive autonomous region, at €2,544/m2, followed by País Vasco (€2,519/m2), the Balearic Islands (€2,472/m2) and Cataluña (€2,082/m2), whilst the regions with the most affordable prices are Castilla-La Mancha (€897/m2), Extremadura (€932/m2) and Murcia (€1,019/m2). The provinces with the most expensive homes are Guipúzcoa and Vizcaya, at €2,760/m2 and €2,591/m2, respectively. They are followed by Madrid (€2,544) and Barcelona (€2,544/m2). Toledo is the most affordable province (€770/m2), followed by Avila (€801/m2) and Ciudad Real (€840/m2).

Original story: El País (by S. L. L.)

Translation: Carmel Drake

Idealista: Rental Prices Grew By 24% YoY In September

11 October 2017 – Eje Prime

Rental prices are continuing to climb in Spain. In September, the average price of rental homes rose by 24%, to reach €9.40/m2/month.

By contrast, in cumulative terms during the quarter, the index only rose by 0.5%, according to the real estate portal Idealista.

Eleven autonomous regions saw their residential rental price rises over the summer. The Canary Islands is the region where rental prices grew by the most (3.8%). It was followed by Madrid (3.7%) and Cataluña (3.1%). Meanwhile, the Balearic Islands was the region that saw the most significant decrease in rental prices during the last quarter (-5.9%). By provincial capital, Valencia recorded the highest rental price rise (6.1%), followed by Guadalajara (6%) and Sevilla (5.8%).

Barcelona is the Spanish city with the most expensive average absolute rental price, of €18.3/m2/month. It is followed by Madrid, at €15.3/m2/month, whilst Zamora and Ávila, which both have an average rental price of €4.5/m2/month, are the two cheapest cities in which to rent a home in the country.

Original story: Eje Prime

Translation: Carmel Drake

Fotocasa: Rental Prices Rose by 1.7% In January

24 February 2017 – Expansión

The price of rental housing in Spain rose by 1.7% in January to €7.61/m2/month, according to data from the real estate portal Fotocasa. This figure represented the most pronounced monthly increase since December 2007, when prices rose by 1.8% with respect to the previous month.

In addition, the price of rental properties increased by 7.9% YoY with respect to the same month in 2016. This data also represents a record, in line with the monthly one, given that it represents the largest YoY rise since 2007.

“The rental market is experiencing significant tensions in terms of prices as a result of greater pressure on demand, given that despite the reopening of the credit tap by banking institutions, many Spaniards are unable to access financing and are being forced to seek refuge in rental properties as their only means of accessing a home”, said Beatriz Toribio, Head of Research at Fotocasa.

Ten autonomous regions saw increases in their rental prices, with rises ranging from 1.7% in Cataluña to 0.2% in the Community of Valencia. By contrast, seven autonomous regions saw decreases in their rental prices in January. The decreases ranged from -0.4% in Castilla y León to -1.5% in La Rioja.

Barcelona is the most expensive city

The most expensive city to rent a home in January was Barcelona at €15.25/m2/month after prices rose there by 13% YoY. It was followed by Ibiza (€13.81/m2/month), Sant Cugat del Vallès (€13.47/m2/month), San Sebastián (€13.15/m2/month) and Sitges (€13.06/m2/month).

At the other end of the spectrum were Lucena in Córdoba (€3.35/m2/month), Fuensalida in Toledo (€3.40 /m2) and Almendralejo en Badajoz (€3.42/m2/month), as the cheapest towns in Spain to rent a home.

Original story: Expansión

Translation: Carmel Drake

Idealista: Second-Hand House Prices Fell By 2.6% In January

2 February 2017 – Expansión

The price of second-hand homes in Spain decreased by 2.6% during the month of January, to reach €1,508/m2, according to the latest real estate price index from Idealista. Compared with January 2016, when the average price stood at €1,597/m2, the YoY decline amounts to 5.6%.

Prices increased in just 2 of Spain’s 17 autonomous regions. The highest increase was recorded in the Balearic Islands, where owners were asking 1.4% more for their homes in January than a month ago, followed by Cantabria (0.1%). Prices decreased in each of the remaining 15 autonomous regions, led by Andalucía (-2.8%), and followed by Castilla La Mancha (-2.5%) and La Rioja (-2.5%).

Euskadi (€2,495/m2) continued to be the most expensive autonomous region to buy a second-hand home. It was followed by the Community of Madrid (€2,331/m2) and the Balearic Islands (€2,001/m2). At the other end of the spectrum, the cheapest regions to buy a second-hand home were Castilla La Mancha (€896/m2), Extremadura (€925/m2) and Murcia (€998/m2).

By province

Only 9 Spanish provinces saw price rises during the month of January. Prices rose by 1.4% in the Balearic Islands,  and they were followed by increases in Lleida (1.3%), Barcelona (0.7%), Santa Cruz de Tenerife (0.4%), Salamanca and Vizcaya (0.3% in both cases). Prices decreased in all other provinces during the month, led by Castellón and Ciudad Real where they fell by the most (-4.5% in both cases). They were followed by reductions in Almería and Cuenca (which both fell by -4.1%).

In terms of the most expensive provinces, the ranking remained stable, with the Basque provinces of Guipúzcoa and Vizcaya leading the table, at €2,743/m2 and €2,574/m2, respectively. They were followed by Madrid (€2,331/m2) and Barcelona (€2,236 /m2).

At the other end of the table, Toledo was the cheapest province, with an average price of €798/m2. It was followed by Cuenca (€823/m2) and Ciudad Real (€838 /m2).

In terms of provincial capitals, Barcelona became the most expensive city in Spain during January (€4,024/m2), followed by San Sebastián (€3,931/m2) and Madrid (€2,925/m2). By contrast, Lleida was the cheapest capital, at €904/m2, followed by Castellón (€936/m2) and Ávila (€990/m2).

Original story: Expansión (by Nayara Mateo Del Cerro)

Translation: Carmel Drake

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

Trivago: Hotel Prices 30% Lower In Sept vs. Aug

19 September 2016 – El Economista

According to the tHPI study prepared by, hotel prices in Spain are 30% lower in September compared with August, with an average cost per night of €115, whilst the average in Europe amounts to €134.

The most expensive cities to spend the night in a hotel this month are Palma de Mallorca (€176), San Sebastián (€175), Barcelona (€168), Cádiz (€132) and Madrid (€117).

At the other extreme, Lleida, Lugo and Murcia (€60 each), Castellón (€62), Vigo (€67) and Teruel (€68) are the cheapest cities.

The Spanish destinations that have experienced the highest increases in average prices over the last year are: Mojácar, Roquetas de Mar, Zahara de los Atunes, Oropesa del Mar and Almuñecar, where prices have risen by 54.9%, 54.8%, 52.9%, 52.6% and 51.5%, respectively.

By autonomous region, the most expensive places to spend the night in September are the Balearic Islands and Cataluña, which cost €167 and €138 on average, respectively. At the opposite end of the spectrum, the cheapest regions are Galicia (€71), Murcia and Asturias (€73) and Aragón (€74). (…).

Original story: El Economista

Translation: Carmel Drake

Calle Serrano: The Most Expensive Street In Spain

4 March 2015 – Cinco Días

Tenants now pay rents of €32 per square metre on the exclusive Madrileñian shopping street

The most expensive rents in Spain are paid on Calle Serrano in Madrid (€32 per square metre), followed by the Paseo de Gracia in Barcelona (€29 per square metre).

According to a study conducted by TecniTasa, after these iconic streets in Madrid and Barcelona, the next most expensive rents in Spain are paid in Pamplona, where tenants are charged more than €25 per square metre.

Rental costs in Santander, Marbella and Cádiz now exceed €17 per square metre, and so these cities replace La Coruña, San Sebastián and Bilbao in the list of most expensive rental prices.

By contrast, the report indicates that the lowest rents are paid in the cities of Castellón, Elche, Huelva, Almería, Granada and Torrent, in Valencia, where the cost per square metre amounts to less than €2 per month.

The study concludes that house rental prices are continuing their downward trend in Spain, however these decreases are more significant in the more expensive areas, whilst the prices in the cheapest neighbourhoods are showing slight increases in some cities.

Rental housing on one of the iconic streets of cities such as Madrid, Barcelona, Pamplona, La Coruña, San Sebastián and Bilbao costs more than €2,000 per month.

This data contrasts with the values charged in the cheapest neighbourhoods of Alicante, Elche, Almería, Castellón, Granada, Huelva and Torrent, where it is still possible to rent a home for less than €200 per month.

Original story: Cinco Días

Translation: Carmel Drake