Spain's two major housing markets ended in very different ways last year. While the price of used property in Madrid rose by an average of 17 per cent, there was only a very small 1.4 per cent increase in Barcelona, and neighborhoods are already lowering prices according to the idealistic price report. We analyze the data district by district from the record set by the district of Recoletos to the upturn in La Bonanova. doha sale
According to idealista's annual report on prices for second-hand housing, the price of second-hand housing in Spain increased by an average of 8.4 percent annually in 2018 up to EUR 1.720/m2 or EUR 160/sq ft. However, the price development of the residential market remains very different, with some towns growing more moderately, and there are even certain places where prices continue to fall without finding a basis.
2018 ended differently for the two major Spanish capitals, in the major financial and cultural centers of Madrid and Barcelona. The idealistic price index analyzes the neighborhood's used housing market last year. On average, prices increased by 17 percent in the Spanish capital, while they rose hardly at all in Barcelona, but every region has its own development.
Prices remain stable in Barcelona or have fallen slightly
Barcelona has always been Spain's housing reference market. Although it lost its position in terms of house prices, San Sebastián was overtaken this year. Donosti is now the most expensive provincial capital in Spain (4,403 euro/m2 or 409 euro/sq ft), ahead of the 4,344 euro/m2 (404 euro/sq ft) in Barcelona. Theirs are Madrid (€3,844/m2 or EUR 356/sq ft) and Palma (€2,963/m2 or EUR275/sq ft).
On the map of Barcelona, there is an increase of 12.2% year-on-year in the cheapest area in Barcelona, Nou Barris, ending the year at EUR 2 491/m2 or EUR 231/sq ft. In the meantime price drops and stagnations have been observed among the most expensive in Barcelona in the districts of Les Corts (-6%), Ciutat Vella (-3.3%), Sant-Montjuïc (0.1%), and Eixample (0.5%). The district with the highest price in Barcelona consolidates with an average of 5,351 Euro/m2, which is 497 Euro/sq ft as the Sarrià-Sant Gervasi district.
The latest quarterly figure confirms the overall price decrease in the evening. They fell on average 1 percent between September and December and fell in six of the city districts.
The situation in the neighborhoods of Les Corts stands out. A year ago Barcelona's most expensive district saw its prices fall by 6% on average to around 4,896 euro/m2 (456 euro/sq ft). The most significant reductions in Maternitat I Sant Ramon (-6.5%) were compared with the more known districts of Les Corts (-3.5%) and Pedralbes (-0.5 percent ).
Cuts in Sant Pere-Santa Caterina I la Ribera (-9 percent), Barceloneta (-6.8 percent) and Gothic Quarter (- 4.6 percent) are also confirmed with falling prices in the Ciutat Vella, which remain practically the same in El Raval (0.1 percent ). However, the largest fall in the year was in the Hostafrancs area of Sants-Montjuïc (-13.1 percent), which remained more or less stagnant (0.1 percent ).
The price growth of Sarrià-Sant Gervasi, on the other hand, is confirmed by an increase of 7.9 percent in Sant Gervasi-La Bonanova and of El Putxet I el Farró (5 percent ). But also in Les Tres Torres (-1.4 percent) and Sarrià, the most expensive district has fallen (-1 percent ). Furthermore, Diagonal Mar I el Front Marítim del Poblenou is once more the most expensive district in Barcelona, with an average price increase from 6.8 percent on year on average to 6,836 euro/m2 (635 euro/sq ft), the most expensive district in Spain as a whole.
Prices continue to rise in Madrid due to lack of new buildings
Whilst in the capital, the prices of used housing are continuing to rise, all values are positive, looking at the list of 21 Districts of Madrid, with the highest growth in Usera (17.4 percent) and the historic price high of the Barrio de Salamanca reaching a rise of 6.043 EURO/m2 at the end of 2018, equal to 561 EURO/m2.
We will have to wait and see what they do throughout 2019. Prices continue to rise. The districts outside the center were the most expanded: along with the one mentioned earlier in Usera, La Latina (16,7%), the Puente de Vallecas (15%) and Vicálvaro were followed (14.9 percent ).
Only if we look at the inter-quarters fluctuation for 2018 will we be able to see a more moderate increase or even fall in the areas with maximum price levels in previous months, such as in Chamartín (-2.5%), Chamberí (-0.8%) and Retiro (-1.7%), which went down on average from € 4,790/m2 (€ 445/sq ft) to € 5,200/m2 (€ 483/sq ft). Are they going to reach new highs in 2019?
In areas as disparate as that of the Barrio de la Concepción (28.3%), the Barrio de Canillas (21.1%), Puerta del Angel (27.9%), Valdezarza (26.8%) and Moscardó, we have seen major interannual rises in the different neighborhoods of the capital (26.5 percent ). Prices only dropped by 2 percent in Butarque, in Villaverde.
Madrid's most expensive neighborhoods are all centrally located in Salamanca, Retiro and Chamberí: Castellana (EUR 6.922/qm or EUR 643/qqft); Jerónimos (EEUR 6.315/qm or EUR 587/sq ft); Almagro (EUR 6.175/qft or EUR 574/qft).
In Madrid, however, San Cristóbal (€ 1,252/m2 or 116 Euro/sq ft), Entrevías (€ 1,413/m2 or 131 Euro/sq ft), San Andrés (€ 1,644/sq m or EUR 153/sq ft) and Los Angeles (€ 1.648/m2 or EUR 153/sq ft) are the more accessible areas of Madrid.