Super Surge: Housing Prices in Spain Ascend by 0.4% Throughout August

Housing prices in Spain experience an impressive increase of 0.4% in August, soaring to new heights. The picture accompanying this news article was provided by pixinoo via Shutterstock.com.

In the month of August, there was a small rise of 0.4 percent in the cost of pre-owned houses in Spain. On average, each square meter was valued at 2,004 euros.

According to the most recent real estate price index from Idealista, the current figure is 7.2% higher compared to the previous year. However, it is still 5.3% lower than the highest point recorded in June 2007.

In a varied terrain, twelve self-governing regions in Spain experienced elevated price levels compared to the previous month.

Taking the top spot was the Canary Islands, which saw a rise of 1.4 per cent. Close behind were La Rioja, with a growth of 1.1 per cent, followed by Asturias at 1 per cent, Cantabria at 0.9 per cent, the Basque Country at 0.8 per cent, and Andalusia and the Valencian Community both at 0.7 per cent.

The smallest rises were seen in Castilla-La Mancha (0.5 per cent), Aragon (0.4 per cent), the Balearic Islands (0.3 per cent), Navarra, and Galicia (0.2 per cent). Extremadura, on the other hand, experienced a small decrease of -0.6 per cent, leading the way in terms of price declines, followed by Catalonia (-0.4 per cent), the Region of Murcia (-0.2 per cent), the Community of Madrid, and Castile and León (both at -0.1 per cent).

Currently, the Balearic Islands are the most costly independent community, with an average cost of 3,987 euros for every square metre. The Community of Madrid comes next with 3,139 euros per square metre. The Basque Country and Catalonia are also among the more expensive areas, with costs of 2,844 euros and 2,345 euros per square metre, respectively.

On the opposite side, Castilla-La Mancha (907 euros for each square metre), Extremadura (943 euros for each square metre), and Castile and León (1,156 euros for each square metre) present housing choices that are within a more reasonable price range.

In various regions, a total of 35 provinces witnessed a rise in prices as compared to the preceding month.

Gipuzkoa experienced the largest increase of 2 percent, with Santa Cruz de Tenerife and Huesca closely following at 1.9 percent. Albacete, Malaga, and Almeria, and Huelva all saw an increase of 1.2 percent. On the other hand, seller expectations dropped significantly in Badajoz by 1.1 percent. Barcelona saw a decrease of 0.6 percent, while Segovia, Ávila, and Salamanca all experienced a decrease of 0.4 percent.

The Balearic Islands remain at the forefront as the priciest region to purchase a house (3,987 euros per square metre), surpassing Gipuzkoa (3,490 euros per square metre). Madrid (3,139 euros per square metre), Malaga (3,002 euros per square metre), Vizcaya (2,738 euros per square metre), and Barcelona (2,671 euros per square metre) follow closely behind.

At the opposite side of the scale, Ciudad Real is positioned as the least expensive province, with a mean cost of 752 euros per square meter. Following closely behind are Cuenca (790 euros per square meter) and Jaén (820 euros per square meter).

During the month of August, housing prices experienced a boost in 40 major cities throughout Spain.

The city of Santa Cruz de Tenerife experienced the largest surge, with sellers becoming more optimistic by 4.2 per cent. Santander (3.3 per cent), Teruel (2 per cent), Castellón de la Plana (2 per cent), and San Sebastián (1.9 per cent) followed suit.

However, A Coruña and Cuenca both witnessed a decrease of -0.9 percent, while Segovia (-0.5 percent) and Badajoz (-0.4 percent) also saw declines in prices.

In August, the cost of housing increased by a mere 0.1 percent in Barcelona and a slightly higher 0.3 percent in Madrid. Consequently, the average price per square meter in the capital city is now 4,015 euros, whereas in Barcelona, it stands at 4,141 euros.

San Sebastián claims the title of being the priciest capital city in Spain, with a cost of 5,326 euros for every square metre.

At the other extreme, Jaén stands out as the least expensive capital city, where the average price per square meter amounts to 1,113 euros. Following closely behind are Zamora and Lleida, with prices averaging at 1,126 euros and 1,174 euros per square meter, respectively.

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