House prices in Spain increased by 9.7% over the past year

THE PRICE OF RESALE property in Spain registered a countrywide increase of 0.4% during February, standing at a nationwide median price of 2,056 €/m2, according to the latest data released by Spanish property specialists, Idealista.

The figure is 7.2% higher than house prices in the same month last year while prices remain just 2.8% short of the historical maximum price of property in Spain, recorded in June 2007 when the market was at its peak.

13 Autonomous Communities show prices higher than last month. The Canary Islands (1.5%) lead the increases, followed by the Community of Madrid (1.4%), the Region of Murcia (1.1%), and the Balearic Islands (1.0%).

Properties in the Alicante Province registered a monthly price increase of 0.6%, with the median property price rising to 2,090 €/m2, slightly above the national average.

Costa Blanca property prices rise by 10% in a year

However, property prices over the past year have increased by 10.0% in the Costa Blanca, continuing to outpace inflation three-fold. Only properties in the Balearic Islands registered a larger price rise, with an interannual price increase of 13.7%.

By contrast, only three Communities in the Iberian peninsular registered a fall in house prices, with Navarra (-0.6%), Catalonia (-0.2%) and the northwest region of Asturias (-0.1%) noting price reductions.

The supply of homes for sale on the market decreased by 8.0% year-on-year during the fourth quarter of 2023, with shortages of resale and new build properties continuing to place upward pressure on prices.

The reduction in stock was particularly poignant in the final quarter of the past year, with a four-point drop compared with September.

65% of homes for sale in Spain have a price of less than 150,000 €

According to a study published by Idealista, more than 6 out of every 10 advertised homes for sale in Spain in the 4th quarter of 2023 had an asking price of less than 150,000 €.

Of all properties on the market across the country, just one in four are single-family homes. 76% are apartments, while the remaining 24% are villas or detached properties.

The Alicante Province has the highest nationwide concentration of properties for sale below the 150,000 € threshold, with 9.4% of the entire national housing stock at this price point.

The Province of Valencia (7.1%) and the Region of Murcia (6.2%) follow the trend of value-for-money housing in Spain, ahead of the city markets in Barcelona (5.8%) and Madrid (3.8%).

But only 26% of properties currently for sale in the Costa Blanca offer an asking price under 150,000 €, leading Barcelona (21%), and the Balearic Islands, where only 4% of the homes for sale could be purchased for this figure.

Three-bedroom properties are the most prominent on the market

The vast majority of properties on the market now are in good condition according to the listing agents. Only 15% of the homes for sale in Spain require renovation, and that figure drops to a nationwide low of 8% for the Alicante Province.

Furthermore, regarding the number of bedrooms, the majority of properties have three bedrooms (44%), followed by properties with two bedrooms (27%), four bedrooms (17%), and one bedroom homes (9%). 2% are studio apartments.

In the Valencian Province, half of all homes for sale (50%) have three bedrooms. Spacious homes in the Costa Blanca are slightly more numerous than the national average, ahead of Madrid, where 46% of homes boast three bedrooms.

Property in the Costa Blanca continues to offer remarkable value and sustained price growth. The new build luxury apartment featured in this article is on the market now, with a showhome ready to view. Located in popular Los Balcones, you can view the property listing on our website now.