28 Mar, 2024 @ 15:34
1 min read

This city in Cadiz loved by Brits is seeing property prices soar: Study finds homebuyers in Spain are looking for cheaper alternatives to the major capitals

Jerez Sherry Hotel

A CITY in Cadiz has some of the fastest growing property prices in the country, a study has found.

Property portal Idealista analysed the increase in the cost of the average home in the 29 cities across Spain that have more than 100,000 inhabitants – and which are not provincial capitals, such as Madrid city, Malaga city or Barcelona. 

Predictably, Marbella is one of the most expensive non-capital cities in Spain, with the average property costing €4,526/m2. 

However it is Jerez de la Frontera, in Cadiz, that enjoyed an impressive 14.6% growth in value over the past year. 

That was the highest increase out of all of the cities studied.

Jerez Sherry Hotel
Hotel Bodega Tio Pepe, Jerez de la Frontera

It was followed closely by San Cristobal de la Laguna and Telde, both on the Canary Islands, which saw price increases of 12.9% and 10.3% respectively. 

It seems homebuyers are increasingly looking for affordability. 

In Algeciras, prices now stand at €1,134/m2 on average, up 5% year-on-year. 

Other increases were seen in Cartagena (up 2.3%) and Roquetas de Mar (up 5.2%).

In some provinces, the outer cities saw more growth than the capitals, such as Vigo and Gijon, compared to Pontevedra and Oviedo respectively. 

It signifies that the real estate market in Spain could be starting to decentralise.

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