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Spain: a Three-Speed Residential Market
In the last five years, the price per square meter in Spain has revalued by an average of 12.9%
Only seven provinces have registered increases above the national average since 2014. Another 26 have a positive evolution, although below the national average. In the remaining twenty provinces, prices have stagnated or fallen. Madrid, with increases of 32.2%, leads the ranking of housing price revaluation. Segovia, with decreases of 7.7%, closes the table.
For the first time since 2013, the residential stock in our country has increased with respect to the previous year, by around 3%.
The recovery of the value of homes, on an upward trend since 2014, has neither reached the entire country nor has it done so equally. This is confirmed by the data from our latest InmoCoyuntura Report from the Institute of Real Estate Analysis, which has been made public today. Its study of the evolution of the price per square meter in the period 2014-2019 paints a very fragmented scenario, where the recovery of this price, far from being uniform and extensible to the entire national territory, has followed very disparate paths, to form a residential market that currently moves at three different speeds.
The first of these speeds belongs to those provinces that comfortably beat the average increase in the price per square meter nationwide in this five-year period, which is 12.9% (from 1,459 euros in 2014 to 1,647 euros in 2019). A second speed is that of the provinces that either do not reach this average or present increases significantly lower since 2014. The third and last of the speeds corresponds to the provinces where the evolution of the price has been null or even negative.
Madrid and Barcelona, Spearheads
The Report points to the two main Spanish cities as the true engines of housing price recovery. Both Madrid and Barcelona more than double the national average, with increases for the analyzed period of 32.2% (from 2,014 to 2,664 euros) and 30% (from 1,885 to 2,450 euros), respectively.
In an immediately lower step are positioned, in this order, Malaga (24.1%: from 1,480 to 1,837 euros), Balearic Islands (23.9%: from 1,896 to 2,349 euros) and Las Palmas (22.1%: from 1,325 to 1,618 euros). Closing this high-speed group are the island of Santa Cruz de Tenerife (18.6%: from 1,220 to 1,447 euros) and the autonomous city of Melilla (15.4%: from 1,461 to 1,687 euros).
At Half Throttle
The intermediate speed group brings together a total of 26 provinces, of which only seven exceed half of the national average increase. Valencia, with a rebound in the price per square meter since 2014 of 10.1% (from 1,066 to 1,174 euros), leads it, followed by Alicante (8.1%: from 1,208 to 1,306 euros) and Navarra (7.2%: from 1,321 to 1,416 euros). Zaragoza (6.7%: from 1,222 to 1,304 euros), Gerona (6.5%: from 1,436 to 1,530 euros), Valladolid (6.5%: from 1,163 to 1,238 euros) and Lugo (6.5%: from 814 to 867 euros).
Below half of the national average are another 18 provinces. Led by Lérida (5.3%: from 981 to 1,033 euros), Granada (4.8%: from 1,083 and 1,135 euros) and Seville (4.7%: from 1,258 to 1,317 euros). Next are Guadalajara (4.6%: from 1,065 to 1,113 euros), La Rioja (4.6%: from 1,093 to 1,144 euros), Tarragona (4.2%: from 1,234 to 1,286 euros), Cádiz (4.2%: from 1,302 to 1,357 euros), La Coruña (3.9%: from 1,185 to 1,231 euros), Cáceres (3.4%: from 830 to 858 euros), Toledo (2.3%: from 817 to 837 euros), Badajoz (2.1%: from 855 to 872 euros), Córdoba (1.9%: from 1,135 to 1,156 euros), Castellón (1.8%: from 1,053 to 1,72 euros), Jaén (1.7%: from 798 to 811 euros) and Pontevedra (1.2%: from 1,246 to 1,261 euros). Closing this group are the provinces of Salamanca (0.5%: from 1,184 to 1,190 euros) and Albacete (0.1%: from 935 to 936 euros).
Idling
Almost 40% of Spanish provinces present, after five consecutive years of recovery in residential demand, a balance between neutral and markedly negative. With a flat graph in this five-year period, there are only two provinces Almería (the average price of its square meter in 2019 remains the same as in 2014: 1,107 euros) and Orense (949 euros).
The rest, a total of 18 provinces, has a negative evolution in this period. Segovia is the Spanish province where the average price per square meter has lost the most value since 2014, a -7.7% (from 1,056 to 975 euros). They are followed in decreasing order, Soria (-6.4%: from 1,080 to 1,011 euros), Cuenca (-4.7%: from 819 to 781 euros), Ciudad Real (-4%: from 786 to 755 euros), Ávila (-2.6%: from 864 to 841 euros), Vizcaya (-2.5%: from 2,393 to 2,334 euros), Ceuta (-2.2%: from 1,778 to 1,739 euros), Teruel (-2.2%: from 803 to 785 euros), Guipúzcoa (-2%: from 2,723 to 2,670 euros), León (-1.9%: from 893 to 876 euros), Álava (-1.7%: from 1,993 to 1,959 euros), Cantabria (-1.7: from 1,497 to 1,472 euros), Huelva (-1.6%: from 1,106 to 1,088 euros), Principado de Asturias (-1.5%: from 1,310 to 1,291 euros), Burgos (-1.3%: from 1,145 to 1,130 euros), Palencia (-0.7%: from 1,017 to 1,010 euros), Región de Murcia (-0.6%: from 997 to 991 euros) and Huesca (-0.1%: from 1,162 to 1,161 euros).
Community of Madrid and Basque Country, Extremes of the Scale
At the autonomous level, the residential market barely differs from the provincial one, with equally marked variations in the price per meter. The Community of Madrid is again the region where the revaluation of housing shows a more positive behavior. Since 2014, the average price per square meter has increased by 32.2%, more than two percentage points than that of Catalonia.
You can see the full publication at https://euroval.com/informe-de-coyuntura-inmobiliaria-de-euroval/
You can read the news in:
https://economia3.com/2020/01/14/243471-precio-metro-cuadrado-crece-86-comunitat-2014/
https://www.metros2.com/sin-categoria/el-inmobiliario-espanol-va-a-tres-velocidades/
https://economia3.com/2020/01/13/243444-precio-medio-metro-cuadrado-revaloriza-129-espana-5-anos/
https://www.noticiasdealava.eus
https://www.elperiodicodearagon.com
