Alex Trelinski
SPAIN’S most expensive cities to buy or rent properties have been revealed in a new study by the real estate portal Idealista.
There are no great surprises with the top 10 staying pretty much the same- led once again by San Sebastian in the northern Basque Country.
That’s followed by the country’s two biggest cities- Madrid and Barcelona.
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The major change, according to Idealista, is that the high prices are getting even higher, making it even harder for people on modest incomes to get into the property mix.
One of the major problems is the issue of supply and demand with not enough new properties being built which is driving up prices.
Though the overwhelming majority of purchases are of second-hand homes, the lack of supply is causing prices to rise, combined with lower mortgage rates.
The ‘expensive’ top 10 list is:-
- San Sebastian
- Madrid
- Barcelona
- Palma de Mallorca
- Bilbao
- Malaga
- Valencia
- Sevilla
- Las Palmas de Gran Canaria
- Girona
Focusing on San Sebastian, it became the first provincial capital in Spain to charge over €6,000 per m2 back in May.
Sale prices in the Basque city have risen by over 8% in the past year and property prices are 252% higher than the national average.
As for rentals, San Sebastián ranks third nationally with average rents now above €18 per m2- up more than 7% year-on-year.
As of June, the average sale price is €6,071 per m2, while the average rent stands at €18.7 m2.
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Where we are in the Alicante Provence there are far too many houses and apartments being built.. and this is playing havoc with the Health service and things like street cleaning etc. , it’s the builders who are to blame.