Laurence Dollimore
SEVEN cities in Spain are currently experiencing never-before-seen booms in property prices, it has emerged.
According to property portal Idealista, the average price for a second-hand home in the second quarter of 2024 rose by 7.5% year-on-year.
The nationwide average cost of a property is now €2,138/sqm, representing a new record for the country.
Leading the way are seven provincial capitals, consisting of Madrid, Barcelona, Palma, Malaga, Cadiz, Valencia and Las Palmas de Gran Canaria.
All of the aforementioned hotspots are also registering record long-term rent prices.
They also happen to be hotbeds for ‘anti-tourism’ protests, with local activists blaming Airbnb culture and wealthy foreign buyers for causing a spike in property prices that has left many locals unable to afford living costs.
Between June 2023 and June 2024, the average cost of renting in Spain surged by 13.2% to €13.4/sqm – with 34 provincial capitals reaching record prices.
Malaga (pictured above) is among the cities experiencing never-before-seen prices, both in the rental and buying markets.
Rent now costs, on average, €14.5/sqm per month, while house hunters face prices of €3,016/sqm.
It comes after the city was repeatedly named the best in the world for digital nomads and expats – after becoming a ‘trendy’ holiday destination some years ago.
Over the past year, it has seen property prices surge by 19.9%, the fastest increase out of any city in Spain.
Meanwhile, according to Idealista, Barcelona is the most expensive capital city in Spain to rent a property, coming in at €22.1/sqm per month.
For buyers, it also has the third-highest average property price after reaching a record €4,430/m2 in June.
The story is repeated in Madrid, which has the second-highest rent of any city in Spain at €19.8m/sqm per month, and the second-highest property price at €4,514/sqm.
The cost of renting in Madrid soared by a mammoth 17.9% year-on-year in June, while the cost of buying was bumped up by 12.4%.
But Valencia city has seen rental costs grow the fastest, increasing by 19% on average over the past year (to €14.1/sqm) – while buying a home will cost you 14.7% more than a year ago (€2,554/sqm), on average.
