Property prices in Marbella rocket, with a 20% increase in the last year
If there was one place in Spain that represented the housing market’s spiralling prices it would be Marbella. The Costa del Sol town has registered the highest increase of all the large Spanish municipalities in the last year. Prices have increased by 19.9% which equates to an average cost of 4,121 euros per square metre, an all-time high, according to data compiled by the Idealista property portal.
Two other towns in Malaga province also saw prices rise above 10%. Mijas and Fuengirola, with 14.2% and 12.1% respectively; also all-time highs. The capital, Malaga, saw an 8% increase in prices between January 2022 and January 2023.
With a national increase of 5.4%, according to Spain’s INE, the national institute of statistics body, these are well above the average year-on-year increase.
Idealista included 16 provincial capitals in its report that have registered year-on-year increases in house prices higher than inflation. Santa Cruz de Tenerife (18.7%), Alicante (13.2%), Valencia (11.4%), Guadalajara (11.3%) and Cuenca (10.8%) lead the way with double-digit increases.
Important residential markets such as Palma (9.9%), have the highest average price among those 16 capitals, with 3,467 euros/m2. Seville (8.1%) and Malaga (8%), also reached all-time highs with 2,365 euros per square metre.
Along with them, other provincial capitals such as Segovia (9.9%), Pontevedra (8.3%), Badajoz (7.3%), Huelva (7.2%), A Coruña (6.8%), Tarragona ( 6.6%), Granada (6.3%) and Pamplona (5.8%) complete the markets that have grown more than the CPI for the first month of the year.
Only six registered a drop in average house prices year-on-year. Palencia (-3.5%), Zamora (-2.5%), Ceuta (-2.4%), Jaén (-2.2%), León (-0.4%) and Ávila (-0 ,3%). Ávila (1,078 euros/m2) and Jaén (1,083 euros/m2) have some of the cheapest housing prices among these cities.
Large metropolitan areas
Madrid saw a price increase of 4.9% in the metropolitan area and increases above inflation in nine different locations. Alcorcón (10.8%) and Rivas-Vaciamadrid (10.6%), Leganés (9.5%), Las Rozas de Madrid (8.3%), Coslada (7.5%) %), Alcobendas (7.4%), Alcalá de Henares (7.2%), Torrejón de Ardoz (6.9%) and Móstoles (6.8%)
In Barcelona, the increases in the metropolitan area were not as steep as that of Madrid. Sant Cugat del Vallès (6.6%) and Mataró (6.5%) districts, however, stand out still above inflation.
Hospitalet de Llobregat (4.9%) and Cornellà (3.8%) present increases that are still higher than the city of Barcelona itself (3%), followed by Terrassa (2.8%), Sabadell (2.6% ), Sant Boi de Llobregat (2.5%), Santa Coloma de Gramanet (1.7%) and closes Badalona (0.8%).
Three other areas had notable increases. Alicante (13.2%) and the most prominent towns in its surroundings, such as Elche (8.1%), Torrevieja (16.1%) and Orihuela (18.5%).
Cádiz also stands out (4.7%), where while the capital grows below the CPI, while close-by towns Jerez de la Frontera (14.4%) and Puerto de Santa María (14%), grew at twice the rate of inflation, together with Chiclana (9 .3%) and San Fernando (7.7%).