Apartments for sale – Spain is still tempting, although prices are rising
Since you have come to our blog, you probably think about buying real estate abroad. It's good, because this time we have prepared a short “cheat sheet” titled "Apartments for sale in Spain". Here's a handful of helpful information on recent market events and average prices in each region. There will also be some interesting examples from our offer.
I wrote some time ago that real estate prices in the Iberian Peninsula are rising in most regions. According to the Fotocasa.es portal, which analyzes the sale of apartments in Spain, secondary market units recorded a quarterly increase of 0.4%. If we compare the third quarter of 2021 with the same period last year, the prices are 2.5% higher.
The average price per square meter of housing in Spain is currently € 1,892. It is – let me emphasize – an average value. The discrepancies in prices are significant and their amount depends on the location.
How is the sale of apartments in Spain in 2021?
A square meter of premises in Andalusia today costs an average of 2.800 euro, in Catalonia and Madrid 2.500 euro, in the Basque Country 2.200 euro, in Cantabria 1.900 euro, and in the Balearic Islands 3.900 euro. In turn, in regions such as Extremadura, Castilla-La Mancha or Murcia, prices per square meter oscillate around 1,000 euros.
Where were the most significant price increases recorded in Q3? According to Fotocasa.es, these were: Aragon (3.3%), Andalusia (2%), La Rioja (0.9%), Asturias (0.7%), Canary Islands (0.6%), Catalonia (0.5%), Castilla-La Mancha (0.5%) and Galicia (0.4%). On the other hand, there are regions such as Navarre, Extremadura and Murcia, where prices have even slightly decreased. This is valuable if you are seriously interested in apartments for sale in Spain.
- The price increase by 2.5% is not very high, taking into account the number of transactions carried out. The positive thing at this point is that prices are not rising at the same rate as sales – commented María Matos, Director of Research and a spokesman for Fotocasa.
According to the latest BBVA Research data, from January to July, sales of apartments and houses in Spain increased by more than 12% compared to the same period in 2019 (i.e. with the time before the pandemic). The market warming up is also evidenced by the level of mortgage loans granted, which has returned to a level not seen since 2010.
Spain – apartments for sale in the primary market
The bars of the National Statistical Institute (INE) indicate that the sale of apartments in Spain on the primary market has been systematically growing since the pandemic collapse in April-May 2020. In August 2021, over 9.6 thousand new flats were registered nationwide (with 40.2 thousand used). Most new apartments were introduced to the market in Andalusia in this month – 2,486 to be exact.
When it comes to the average cost per square meter, prices in the primary market started to rebound sharply in 2014. They then reached the level of EUR 2002. According to Statista.com, since then it has been as follows: 2015 - EUR 2,030; 2016 - EUR 2,080; 2017 - EUR 2,156; 2018 - EUR 2,284; 2019 - EUR 2,400; 2020 - EUR 2,472; 2,021 - EUR 2,482. When it comes to specific regions, we will currently pay the most per square meter in Catalonia (an average of EUR 3,992), Madrid (EUR 3,682) and the Basque Country (EUR 2,762).
Since we are already at the primary market, it is worth remembering that in Spain the apartment received by the new owner is "turnkey" finished. The Spanish version of the “developer standard” includes finished floors and bathrooms, fitted interior doors and built-in wardrobes, as well as a furnished and equipped kitchen with household appliances. The sale of apartments in Spain is also slightly different, namely the form of payment, which most often takes into account:
- a reservation fee of usually around 6,000 euros,
- 20 - 30% of the price + VAT when signing a developer contract,
- transfer of the remaining amount upon signing the notarial deed and collecting the keys.
Apartments for sale in Spain on the Costa del Sol
Dream Property operates mainly on the Costa del Sol, so let's take a closer look at housing prices in this part of Andalusia. According to data from Spainhouses.net, on October 20, the average price per square meter here reached exactly 3,667 euros. This is how the prices in individual locations on the Costa del Sol looked like:
- Manilva - 2,225 euros
- Torremolinos - 2656 euros
- Fuengirola - 2,530 euros
- Casares - 2,970 euros
- Mijas - 2650 euros
- Benalmádena - 2731 euro
- Estepona - 3,461 euros
- Ojén - 3,281 euros
- Istán - 3,796 euros
- Marbella - 4661 euros
- Benahavís - 4,117 euros
As you can see, apartments for sale in Spain can have quite different prices. However, if we search well, we can hunt for an interesting property at an attractive price. Proof? Here are some examples of apartments in the popular area of 50 – 100 sq m, which we currently offer:
- 100 sq m in Casares – in 10 minutes you will reach the golf courses, the port and the promenade. You also have quick access to the Mediterranean highway. Apartment price: from 2050 euro / sqm.
- 99 sq m in Estepona – a residential estate of apartments, penthouses and ground-floor apartments with large gardens. The hilltop location and south orientation provide residents with panoramic sea views. Apartment price: from 2323 euro / sq m.
- 67 sq m in the center of Málaga – 36 apartments in Málaga. A development with an "infinity" swimming pool, sun terrace and garden. Near the restaurant, the Alcazaba Roman Theater and the marina. Price: from 2537 euro / sqm.
- 75 sq m half an hour from Malaga airport – a development of modern apartments with 2 and 3 bedrooms. All premises have garages and utility rooms. In the estate you will find a swimming pool and a gym, there is also a golf course very close. Near the entrance to the A-7 motorway. Apartment price: from 2136 euro / sqm.
- 80 sq m just a hundred meters from the beach in Benalmádena – 2 or 3 room apartments with a modern design characterized by clean minimalist lines and a layout open to light. Price with this unique location: from 3.9 thousand. euro / sq m
Such views make the imagination run right? If you are interested in apartments for sale in Spain – for your own needs or for investment – we will be happy to help you find the perfect offer. Although the real estate market on the south coast is warmed not only by the Spanish sun, there are still plenty of interesting offers.
Prices up, demand down, or what the third quarter of 2023 looked like on the real estate market in Spain
What you need and what is worth knowing when planning to buy a property on the Costa del Sol in 2023