Thanks to Tasamadrid and the Ministry of Housing, you can visit El Mundo's website here and by highlighting an area in the country, you can find out the average new build house price as well as the price average on existing (older) buildings. Also, by clicking on a region, you can also see the average price per metre square in a specific postal area giving you a good idea of whether you are getting your monies worth whether buying or selling property right now in Spain.
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Short Regional Review
North West: These are amongst some of the lowest house price averages in the country, in particular around the Portuguese border in regions like Zamora and Orense where older property can be bought for well under €1,100 per m2 on average. In comparison, coastal regions like Asturias & Cantabria have fared pretty well with new build property averaging over €1,900 per square metre.
North: The highest average house prices in the country are in the Basque region of Vizcaya with new builds averaging €2,806 per m2 and older property standing up at €2,606 on average. In Bilbao, the region's largest city, prices in parts reach €3,372 per m2 on average Guipuzcoa, on the Bay of Biscay and Alava, which is slightly more inland also average well over €2,000 per m2 on both new and existing properties. The further inland you go prices do come down but still on average around the €1,500 per m2 in Palencia, Burgos and La Rioja.
North East: Coastal areas like Gerona and especially Barcelona see the highest house prices in the region with some districts in the Catalan Capital seeing prices well over €4,000 per m2. Inland and further south i.e. the Tarragon and the Castellon coasts, prices do come down to an average well below €2,000 per m2.
Central: Despite being the countries capital, the region of Madrid has only the fourth highest (new build) house price average behind Vizcaya, Guipizcoa and Barcelona, but some of the more central districts in the city compare much better, with property prices in the attractive suburb of Salamanca (postal district 28001) in particular reaching on average €5,179 per square metre. Outside Madrid, prices are much lower with Caceres & Badajoz to the South West, averaging slightly over €1,000 per m2 for new builds and just under for old. To the South East and in the province of Cuenca, you will find the countries lowest house price average at €997 and €964 per m2 for new and existing buildings respectively.
South West: Some of the most reasonable prices can be found in these regions with property at a lowest average in Badajoz (under €950 per m2) and highest in Malaga (touching €1,900 plus for a new build). In some areas of Seville and in Cadiz on the South Coast, prices average comfortably over €3,000 per m2.
South East: Inland, prices for older buildings are still very low, averaging around €1,000 per square metre. On the coast, in particular Alicante & Almeria prices are much higher with the regions highest average in the resort of Benidorm peaking at €2,849 per metre square.
Spanish Islands: New property peaks at €2,300 in the Balearics with the highest average in Ibiza (€2,931 per m2). In the Canaries, prices are much lower than the Mediterranean Islands, with new and used property in Tenerife lower than €1,500 per square metre, Las Palmas averages slightly higher, the most expensive area around the Puerto de la Luz topping €2,669 per m2.
Source: Ministry of Housing, Tasamadrid, El Mundo - December 2010.
For more information on house pricing and property in Spain, or for current market reports you can ask our Spanish expert Daniel Talavera here
Daniel Peacock
