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The price of used homes for sale rises in February and continues to approach its record.
Christian A. Boesen
The price of used housing in Spain has registered an increase of 0.4% during the month of February, standing at 2,056 euros/m2, according to the latest price index. This figure is 7.2% higher than that of the same month last year while it is 2.8% below the historical maximum price of housing in Spain, recorded in June 2007.
13 Spanish 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%), the Balearic Islands (1%). Below 1% are the increases in Comunitat Valenciana (0.5%), and Andalucía (0.1).
The Balearic Islands with 4,191 euros/m2 is the most expensive autonomy followed by the Community of Madrid (3,292 euros/m2). They are followed by Euskadi (2,883 euros/m2), the Canary Islands (2,501 euros/m2) and Catalonia (2,338 euros/m2).
The Balearic Islands reaffirms itself as the most expensive province to purchase a home
Up to 33 provinces have prices higher than those registered in the previous month. The Balearic Islands are reaffirmed as the most expensive province to purchase a home (4,191 euros/m2) ahead of Guipúzcoa (3,523 euros/m2). They are followed by Madrid (3,292 euros/m2), Málaga (3,113 euros/m2), Vizcaya (2,768 euros/m2) and Barcelona (2,644 euros/m2).
The supply of homes for sale has decreased by 8%
The supply of homes for sale on the market has decreased by 8% year-on-year during the fourth quarter of 2023, according to the latest study. This loss of stock has been accentuated in the final stretch of the year, with a four-point drop compared to September. Most capitals now have fewer homes for sale than there were a year ago, with Barcelona (-14%), Palma and Valencia (both with -17%) exceeding the national average, while Málaga (-8%), decrease somewhat less.
The majority of Spanish provincial capitals now have fewer homes for sale than there were a year ago.
65% of homes for sale in Spain have a price of less than 150,000 euros
More than six out of every 10 homes for sale in the fourth quarter of 2023 had a starting price of less than 150,000 euros. Of these houses on the market, 76% of them were apartments, while the remaining 24% were single-family homes. The provinces of Alicante (9.4%), Valencia (7.1%) and Murcia (6.2%) concentrated the majority of this cheaper offer in Spain, ahead of the main markets such as Barcelona (5.8% ) or Madrid (3.8%).
Furthermore, the vast majority of them are in good condition (according to the sellers), since only 15% declare that a renovation is necessary. Furthermore, regarding the number of rooms offered by these homes, the majority (44%) have three rooms, followed by two-bedrooms (27%), four-bedrooms (17%), one-bedroom apartments ( 9%) and studies (2%).