Tag: provincial capital

Tinsa: Madrid, Pamplona & Alicante Led Spain’s House Price Rises in Q3

1 October 2018 – Eje Prime

Madrid, Pamplona and Alicante. Those three cities led the ranking in house price rises in Spain during the third quarter of 2018. The Spanish capital topped the podium with price rises in the residential market of 15.6%, although six other large cities in the country also recorded double-digit increases, according to data from the IMIE report compiled by Tinsa.

Along with the Spanish capital, Pamplona and  Alicante saw their house prices soar between June and September, with increases of 14.2% and 13.2%, respectively. Moreover, Palma (de Mallorca) continued to be one of the most expensive markets, after recording a price rise of 12.8% during the period. Meanwhile, in Málaga, house prices rose by 12.5%, Valencia recorded an increase of 12% and Murcia saw a rise of 11.1%.

The report reflects the boom in the provincial capitals, which were key drivers behind the 4.9% increase in new and second-hand house prices in Spain during the third quarter, to €1,317/m2.

With this new increase, house prices in Spain have been rising since the third quarter of 2016. Nevertheless, sources at Tinsa recall that “although the normalisation of the residential market is a general trend, there are still significant differences by region.

By autonomous region, Madrid is the region where house prices rose by the most in the last 12 months, with a rise of 13% in Q3. It was followed by La Rioja, with an increase of 11.8%; the Balearic Islands, with a rise of 9.9%; and Navarra, with growth of 8.7%.

Original story: Eje Prime

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: 12% Of Rental Homes Leased In <2 Days In Feb

24 March 2017 – Inmodiario

Rental homes on the market for less than 48 hours accounted for 12% of all rental operations closed in Spain during the month of February, according to a study published by Idealista. More flats than ever are now being advertised on the residential rental platform, however, the extensive demand is still not being fulfilled.

The incidence of immediate rentals is not homogenous across all of Spain’s autonomous regions. The pressure from demand is the greatest in the Balearic Islands, where 19% of the homes that were rented in the islands during the month of February were advertised on Idealista for less than 48 hours. It is followed by the Community of Madrid (18%), Navarra (17%), Cataluña (12%), Euskadi (12%), (the latter two are in line with the national average), and below that are Aragón (11%), Andalucía (9%), the Canary Islands (9%) and Galicia (8%).

The bottom end of the table is propped up by Cantabria, the Community of Valencia, Castilla-La Mancha (7% in all three cases), Castilla y León (6%), Extremadura (5%), Asturias, La Rioja and Murcia (4% in all three regions).

The provincial capitals are the areas where demand for rental properties tends to concentrate, therefore the immediate rental rates there are generally higher.

Orense is the city that recorded the highest percentage of immediate rentals as a percentage of total operations, with 33%. It was followed by Albacete and Málaga, with rates of 27%, and then Pamplona and Palma de Mallorca (25% in both cases). Next came the city of Barcelona, where properties involved in 21% of all rental agreements signed had been on the market for less than 48 hours, followed by Ávila (20%) and Madrid (19%).

Nevertheless, the study revealed that the immediate rental phenomenon does not exist in at least 12 Spanish provincial capitals, namely: Teruel, Segovia, Pontevedra, Palencia, Lugo, Lleida, Huesca, Huelva, Girona, Cuenca, Ciudad Real and Castellón.

Of the provincial capitals that do experience the phenomenon, Oviedo and Córdoba saw the lowest incidence of immediate rentals (4% in both cases), followed by León, Granada and Badajoz (5% in all three cities). Moreover, like in the case of the provincial capitals, the main cities in the country have different immediate rental rates depending on the district in question.

In Barcelona, for example, Sant Andreu is the neighbourhood where the most immediate rentals were signed in February: 40% of all the homes that were rented there had been on the market for less than 48 hours. It was followed by Nou Barris (38%), Horta Guinardó (31%) and Gràcia (27%). By contrast, the lowest immediate rental rates were recorded in Sarrià Sant Gervasi (8%), Sant Martí and Ciutat Vella (21% in both cases).

In Madrid, by contrast, the district most affected by this immediate rental phenomenon was Villaverde (31%), followed by San Blas (29%), Latina (28%), Arganzuela, Puente de Vallecas, Usera and Villa de Vallecas (26% in all four cases).

Analysis of the prices of the homes that are being immediately in Spain reveals that one third (33%) cost less than €500/month, whilst 46% ranged between €500/month and €750/month. (…).

Finally, most of the homes that were rented in a matter of hours had a surface area of less than 80 m2: 11% measured less than 40 m2; 31% measured between 41 m2 and 60 m2; and 30% measured between 61 m2 and 80m2. (…).

Original story: Inmodiario

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: Rental Prices Rose By 15.9% In 2016

17 January 2017 – Expansión

The price of rental housing underwent a recovery in Spain in 2016, ending the year 15.9% higher than it started it, taking the price per m2 to €8.2/m2/month. The rate of growth accelerated during the last month of the year, as prices increased by 8.2%.

Fernando Encinar, Head of Research at Idealista, said that “this is not a bubble but rather a significant increase in demand from Spaniards to rent in certain cities.

The Director of Idealista said that to encourage the growth of the rental market “policies to revitalise the sector must continue and new measures must be adopted to help to increase the housing stock”.

By autonomous region

All of the autonomous regions saw higher prices than a year ago. The largest increase was observed in Cataluña, where owners are now demanding 26.8% more to lease their homes than a year ago. It was followed by increases in Madrid (18%) and the Balearic Islands (13.8%).

Cataluña (€13.30/m2/month) also became the most expensive autonomous region. It was followed by Madrid (€12.90/m2/month) and Euskadi (€10.40/m2/month). At the opposite end of the spectrum, we find Extremadura (€4.1/m2/month), Castilla La Mancha (€4.5/m2/month) and Murcia (€5/m2/month), the cheapest autonomous regions.

By provincial capital

Valencia is the capital where rental prices grew by the most in 2016, with an increase of 20.3%, to €7.5/m2/month.

The increase recorded in San Sebastián was also noteworthy, with prices up by 17%, followed by Barcelona (16.5%) and Madrid (15.6%), which have returned to their historical peaks.

Barcelona consolidated its position as the most expensive Spanish capital (€17.9/m2/month), followed by Madrid (€14.4/m2/month) and San Sebastián (€13.6/m2/month). At the opposite end of the table, we have Lugo (€4.1/m2/month), and Ourense and Ávila (€4.3/m2/month in both cases), the cheapest provincial capitals.

Original story: Expansión (by Rubén San Isidoro)

Translation: Carmel Drake

Tinsa: House Prices Rose By 0.8% In Q4 2016

4 January 2017 – El Mundo

Average house prices in Spain rose by 0.8% during the fourth quarter of the year with respect to the same period in 2015, according to provisional data published in Tinsa’s IMIE Local Market Index. According to the appraisal company, the stabilisation in prices, which is in line with the YoY variation recorded during the third quarter of the year, “reflects micro-market multiples, which are evolving at different speeds”.

The index highlights that Cataluña, which saw an increase of 7.2%, the Community of Madrid (5.2%) and País Vasco (4.3%) continue to be the drivers of the housing market in Spain, followed by the Canary Islands and Andalucía, which saw price rises of 2.8% and 2%, respectively, in terms of YoY variation during Q4.

At the other end of the spectrum, the highest price decreases were recorded in the regions of Murcia (-4.8%), Castilla y León (-3.9%) and the Balearic Islands (-3.1%). Price decreases were also observed in Cantabria (-2.1%), Navarra (-1.9%), Asturias (-1.3%) and Aragón (-0.9%), which closed the year with lower prices than in Q4 2015.

According to Tinsa’s report, homes are now at least 5% more expensive than they were a year ago in up to six provinces. Barcelona (8.4%), Palencia (7.8%) and Guipúzcoa (7.4%) saw the highest price rises over the last year, followed by Málaga (with growth of 6.6%), Madrid and Almería (both of which recorded YoY rises of 5.2%).

By contrast, the provinces of Huelva and Lérida registered decreases of -6.9% and -6.5% over the last year, respectively. The provinces of Orense, León, Murcia and Valladolid are saw prices decreases of more than 4%.

Cities

By provincial capital, house prices rose significantly over the last year in San Sebastián (12.1%), Bilbao (11.6%) and Barcelona (11%), well above the increases recorded in Madrid, Málaga and Palencia, where average prices rose by 6.3%, 5.4% and 5% YoY, respectively.

This evolution contrasts with that recorded by the group of 29 capitals where average prices are lower than they were a year ago, led by León (-11.1%), Murcia (-7.3%), Valladolid (-6.6%) and Lugo (-6.2%).

Tinsa’s detailed analysis of the residential market in Spain’s five largest provincial capitals reveals significant price increases in certain districts of Barcelona, Madrid and Valencia. That was the case in the neighbourhoods of Gràcia and Eixample in Barcelona, where the average price of finished homes rose by 16.5% and 15.1% YoY, respectively.

In Madrid, the highest price rises were concentrated in the areas of Hortaleza (13.4%), Centro (11.9%) and Tetuán (11.4%). (…).

The Barcelona district of Sarriá-Sant Gervasi continued to be the most expensive neighbourhood of the five large capitals analysed, at €3,901/m2, followed by Les Corts (€3,716/m2). In the capital, the neighbourhood of Salamanca, with an average price of €3,645/m2 exceeded prices in Chamberí (€3,562/m2), which saw the highest price rises in the city last quarter.

Rate of sales

According to Tinsa, average sales periods (…) have decreased below 10 months for the first time since this indicator was first compiled in Q2 2015, to 9.9 months across Spain. (…).

Original story: El Mundo

Translation: Carmel Drake

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

Pisos.com: Rental Prices Rose By 5.09% In Q3

11 October 2016 – El Economista

The average rental price in Spain amounted to €661 in September 2016 for an average surface area of 112 sqm, according to the quarterly rental price report prepared by pisos.com.

In comparative terms, this figure represents an increase of 0.3% compared with the month of August and a rise of 5.09% with respect to June. Moreover, the YoY increase amounted to 9.26%.

By autonomous region, the highest rental prices were recorded in the regions of Madrid (€1,040/month), País Vasco (€936/month) and the Balearic Islands (€845/month), according to the report.

Meanwhile, the lowest rents were recorded in Extremadura (€429/month), Castilla-La Mancha (€442/month) and Galicia (€477/month).

Between June and September, the highest regional increase was registered in Cantabria, where rental prices rose by 10.54% and the largest decrease was seen in Asturias, with a decline of 1.03%.

The autonomous regions that recorded the highest increases with respect to the same period last year were the Community of Valencia (15.25%), the Canary Islands (12.75%) and the Balearic Islands (12.67%). No decreases were recorded in any region during the same period.

“The interest in acquiring homes in strategic places with a high return will encourage greedy investors, who are already very active”, said the CEO of pisos.com, Miguel Angel Alemany, referring to this increase in the price of rental homes.

In addition, Alemany said that an increase in the available supply could help to mitigate a possible bubble in the rental market. All of this through “more moderate” prices, he added.

Teruel: the cheapest province

According to the report, Guipúzcoa led the ranking as the most expensive province to lease a home in September 2016, with an average price of €1,090/month. It was followed by Madrid (€1,040/month) and Vizcaya (€936/month).

At the opposite end of the spectrum, Teruel was the cheapest province, with an average price of €372/month. Other less expensive provinces included Ciudad Real (€376/month) and Cáceres (€392/month).

The province that saw prices rise by the most during the third quarter was Huesca, with a 12.82% increase in rental prices, whilst Córdoba was the province that saw prices decrease by the most (-6.08%).

Nevertheless, in YoY terms, the province where rental prices increased by the most was Guipúzcoa (20.98%) and the province where rental prices decreased by the most was Burgos (-4.99%).

Barcelona: the most expensive provincial capital

By provincial capitals, the study named Barcelona as the most expensive provincial capital for tenants, with an average rental cost of €1,425/month.

Madrid was ranked in second place, with an average price of €1,405/month during the third quarter of the year. It was followed by San Sebastián where the cost was €1,301/month.

Meanwhile, Teruel was ranked in last place with an average price of €387/month.

Other cheap provincial capitals included Lugo (€405/month) and Ávila (€410/month). Tarragona (19.22%) recorded the highest QoQ increase, whilst the highest QoQ reduction was seen in Palencia (-5.67%).

On a YoY basis, Girona (20.80%) led the ranking with the highest increase in prices and Pontevedra (-4.55%) was situated at the opposite end of the table.

“If this upward trend in terms of rental prices continues, it will become increasingly difficult for tenants to find homes that they can afford”, said sources at pisos.com.

Original story: El Economista

Translation: Carmel Drake

INE: 23,607 New Mortgages Were Granted In April

30 June 2016 – El Economista

Residential mortgages recorded strong growth once again in April, providing further proof that the recovery is well underway in the real estate sector in Spain, where prices are rising once again in the major cities. Forecasts indicate that 300,000 mortgages will be granted in total this year, although it is hard to believe that those figures will ever return to the level seen during the period 2005-2007 of 100,000 mortgages per month

According to the National Institute of Statistics (INE), 23,607 residential mortgages were recorded in the property registers in Spain in April, up by 24.6% compared with the same month in 2015 and by 2.7% compared to March.

That made it the highest YoY growth rate since August 2008, well above the increase of 14.5% recorded in March. The average residential mortgage in April amounted to €108,354, up by 5.1% compared to a year earlier. (…).

The banks are playing their part

According to Beatriz Toribio, Head of Research at Fotocasa, “Banks are very interested in granting mortgages at the moment and that is boosting the market at a time when prices are stabilising, which is also encouraging transactions”. (…).

The portal Idealista agrees with this view of “normalisation” in the sector, which is being supported by low underlying interest rates in the Eurozone.

Nevertheless, they highlight that the seasonality caused by Easter may be distorting the April figures and that in any case, the mortgage business is continuing to narrow given that more mortgage repayments are being registered still than new loans being granted.

In summary, Fernando Encinar, Head of Research at Idealista, says that “if we continue at this rate of growth, it is very likely that we will close the year with around 300,000 mortgages granted, well above the figure of 245,000 recorded in 2015”.

Despite the improvement, the 23,607 new mortgages granted in April fall well short of the more than 100,000 mortgages that were granted per month, on average, during the period 2005-2007.

Higher growth in Barcelona and Madrid

(…). Nevertheless, the improvement is very uneven and, whilst in the large cities, in particular, in Madrid and Barcelona, prices bottomed out several months ago, in other areas (such as small towns, rural areas and the east coast), the recovery is not being seen yet.

On Wednesday, ST Sociedad de Tasación published a report showing YoY price increases of at least 4% in June in Madrid and Barcelona, the cities that reported the highest increases of all of the provincial capitals.

According to the study, the price increases in Madrid and Barcelona are due, at least in part, to the scarcity of new housing stock. The study concludes that “the increasing trend observed since June 2015 allows us to predict that Barcelona and Madrid are going to act as the drivers of the recovery process for new house prices, albeit at a slow pace”. (…)

Nevertheless, the ratings agency Moody’s warned that the recovery could be “limited by various uncertainties and risks”, including the abundant stock of homes that the banks still own and the uncertainties regarding the formation of a government in Spain following the second round of general elections on 26 June. (…).

Original story: El Economista

Translation: Carmel Drake

ST: New House Prices Rise By 4% In MAD & BCN

30 June 2016 – El País

According to ST Sociedad de Tasación, the average price of new homes grew by 4% YoY in June in the cities of Madrid and Barcelona. They were the two provincial capitals with the highest new home price rises in the last year. These price increases, which are not being seen in other capital, have been driven by the shortage of new home stock, explain sources at ST. “Our analysis of this data and of the increasing trend observed since June 2015 allows us to predict that Barcelona and Madrid are going to act as the drivers of the recovery process for new house prices, albeit at a slow pace”.

Barcelona is the provincial capital that recorded the highest new house prices, with an average of €3,390/sqm. Prices grew there by 2.2% during the first half of 2016. The YoY price increase in Barcelona was 4.1%, the highest of all of Spain’s provincial capitals.

By district, Gracia recorded the highest increase in new house prices, with a rise of 7.72%. It was followed by the neighbourhoods of Sarria-Sant Gervasi, with 6.94% and Sant Marti, with 6.38%. At the other end of the spectrum, the districts with the lowest YoY price increases were Ciutat Vella (1.33%), Sant Andreu (1.93%) and Nou Barris (2.33%).

And not only did the district of Sarria-Sant Gervasi in Barcelona record one of the highest price rises, it also registered the highest average price per constructed square metre, at €5,672/sqm. The districts of Les Corts and L’Eixample were ranked in second and third place, respectively, in terms of average prices, with values of €4,610/sqm and €4,511/sqm. By contrast, the districts with the lowest average prices were Nou Barris (€2,721/sqm), Sants-Montjuic (€3,024/sqm) and Sant Andreu (€3,062/sqm).

In Madrid, a new home costs €2,886/sqm on average

In the case of Madrid, new house prices have grown by 4% with respect to the previous year and by 2.1% during the first half of 2016. That takes the average price of new homes in Madrid to €2,886/sqm.

The ranking for the YoY variation in new house prices is headed by Ciudad Lineal, which saw growth of 5.8%. It was followed by Barajas, with 5.7% and Arganzuela, with 5.4%. At the other end of the spectrum, the neighbourhoods with the lowest YoY price variations were Hortaleza (0.8%) and La Latina (1%), followed by Tetuán (1.8%).

In terms of the average price of new homes, Salamanca was once again the most expensive district in the capital, with an average price of €4,799/sqm, followed by Chamberí (€4,626/sqm) and the Centre (€3,939/sqm). By contrast, the neighbourhoods of Vicálvaro, Villaverde and Villa de Vallecas registered the lowest average new home prices, of €1,856/sqm, €1,883/sqm and €2,203/sqm, respectively.

Original story: El País (by S.L.L.)

Translation: Carmel Drake