The Spanish housing market continues its upward trajectory, with prices reaching unprecedented levels. In October 2024, the average price per square meter of residential properties surged by 9.6% year-over-year, reaching a historic high of €2,209 per square meter. This marks the sixth consecutive month of record-breaking prices, according to the latest data from Idealista’s real estate price index. Over the past quarter, housing prices have risen by 2.6%, including a 1.2% increase in the last month alone.
Regional Variations in Housing Price Growth
Autonomous Communities Leading the Surge
All 17 autonomous communities in Spain recorded year-over-year increases in housing prices in October 2024. Notably, the Canary Islands led the growth with a 16.3% rise, followed by the Community of Madrid (15.4%), the Region of Murcia (14.9%), the Balearic Islands (14.8%), and the Valencian Community (14.2%). These double-digit increases highlight the strength of demand in coastal and metropolitan regions.
Several other communities also posted significant growth, including:
- Andalusia: +9.4%
- Cantabria: +9.0%
- Asturias: +6.3%
- Euskadi (Basque Country): +6.2%
More modest growth was observed in regions such as Extremadura (+2.5%), Castilla-La Mancha (+3.3%), and Castilla y León (+3.5%).
Price Comparisons Among Autonomous Communities
The Balearic Islands remain the most expensive region for purchasing residential property, with an average price of €4,663 per square meter. The Community of Madrid follows at €3,638 per square meter, with other high-cost regions including:
- Euskadi: €3,015/m²
- Canary Islands: €2,767/m²
- Catalonia: €2,443/m²
Conversely, Castilla-La Mancha (€937/m²), Extremadura (€977/m²), and Castilla y León (€1,199/m²) are the most affordable regions for property buyers.
Provincial Trends: Canary Islands and Madrid Dominate
Housing prices increased in 46 out of Spain’s 50 provinces over the past year. The strongest growth occurred in:
- Santa Cruz de Tenerife: +16.4%
- Las Palmas: +16.0%
- Community of Madrid: +15.4%
- Murcia: +14.9%
- Balearic Islands: +14.8%
- Alicante: +13.9%
- Málaga: +12.7%
Despite these gains, four provinces experienced declines in housing prices:
- Ourense: −3.2%
- Córdoba: −2.5%
- Badajoz: −1.1%
- Ciudad Real: −0.7%
Provincial Price Rankings
The Balearic Islands also hold the distinction of being the most expensive province in Spain (€4,663/m²), followed by Guipúzcoa (€3,664/m²), Madrid (€3,638/m²), and Málaga (€3,436/m²). Santa Cruz de Tenerife and Vizcaya, with prices of €2,908/m² and €2,881/m² respectively, round out the top tier. The least expensive provinces include Ciudad Real (€746/m²), Cuenca (€839/m²), and Jaén (€841/m²).
Key Urban Markets: Valencia and Málaga Lead the Way
Capital Cities with Exceptional Growth
Among Spain’s major cities, Valencia saw the sharpest year-over-year price increase, with housing prices surging by 20%. Other notable gains include:
- Málaga: +19.6%
- Madrid: +18.8%
- Santander: +18.1%
- Alicante: +16.7%
Even traditional hotspots such as Barcelona (+10.8%), Palma (+11.9%), and Seville (+6.5%) witnessed significant price increases, reflecting robust demand in these urban centers.
High-End Markets
San Sebastián remains Spain’s most expensive capital city, with housing prices averaging €5,631 per square meter. Other premium markets include:
- Madrid: €4,830/m²
- Barcelona: €4,597/m²
- Palma: €4,203/m²
Zamora, by contrast, is the most affordable capital city (€1,171/m²), followed by Jaén (€1,214/m²) and Ciudad Real (€1,298/m²).
*Methodology: Idealista’s Real Estate Price Index
The data used in this analysis originates from Idealista’s real estate price index, which aggregates advertised prices for constructed square meters across Spain. The methodology excludes outlier listings and stale properties with minimal user interactions. This ensures accurate and relevant pricing insights, enabling stakeholders to make informed decisions in the housing market.
*source: idealista
