Average Price of Spain Housing Rose by 1.8% in Q4 of 2015

Latest figures published by the Spanish Government’s Ministry of Public Works shows that the average price per square metre of housing in Spain stood at 1,490.1 euros in the last quarter of 2015, which represents a quarter-on-quarter increase of 1.0% and a year-on-year increase of 1.8%.

Discounting inflation, in real terms the price of housing has registered year-on-year growth for the fifth consecutive quarter, reaching an annual increase of 2.1%, compared to the final quarter of 2014.

Some 14 of Spain’s regions registered year-on-year growth, with the greatest increases being registered in the Balearic Islands (5.4%); Madrid (3.4%); La Rioja (3.2%); Catalonia (3.0%); the Canary Islands (3.0%); Castilla y León (2.6%) and Navarra (2.2%). In contrast, the remaining regions continued to register year-on-year declines, the greatest being that registered in Cantabria (-4.0%), followed by Ceuta and Melilla (-1.8%), the Basque Country (-1.3%) and Murcia (-0.1%).

According to the Ministry’s comparable statistical series, the average price per square metre of housing registered at the end of 2015 represents a decline of 29.1% since the peak levels reached in the first quarter of 2008. However, since the lowest values recorded in the third quarter of 2014, the average price has recovered by 2.4%. In real terms (including the Consumer Price Index variation) the current price reflects a decline of 35.7% since the maximum levels.

In terms of the age of housing, the average value per square metre of housing up to five years old reached 1,738.5 euros in the fourth quarter of 2015, representing year-on-year growth of 1.1%, while the price per square metre of housing over five years old stood at 1,481.2 euros, which represents a year-on-year decline of 1.8%.

In towns with populations of over 25,000, the highest average prices for housing are located in: San Sebastian, with an average price per square metre of 3,133.3 euros; Getxo (2,699.5 euros); Barcelona(2,553.6 euros); Ibiza (2,513.8 euros); Sant Cugat del Vallès (2,505.7 euros), Madrid (2,504.3 euros) and Pozuelo de Alarcón (2,489.9 euros).

In contrast, the lowest prices per square metre for housing found in towns of more than 25,000 inhabitants were recorded in: Elda (550.9 euros/m2); Jumilla (563.5 euros); Villarrobledo (574.4 euros); Hellin (587.2 euros); Crevillent (606.4 euros); Ontinyent (607.4 euros) and Tomelloso (609.4 euros).

The average price per square metre of subsidised housing in Spain was 1,095.6 euros in the fourth quarter of the year, which is 0.1% lower than the previous quarter, and also represents a decline of 0.4% compared with the same quarter of 2014.

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