Monday, April 10, 2023, 01:57
The rise in interest rates has somewhat cooled the real estate market, which despite everything had a good year in 2022, with record figures for home sales. This greater demand contributed to the rise in prices, which in the case of Bilbao reached practically all its districts.
The cost of buying or renting a home increased last year in the Biscayan capital and especially in the most sought-after areas, with Plaza Euskadi leading the way. It is one of the conclusions of the ‘Report on the real estate market 2022-23’ prepared by Engel&Völkers in which it analyzes the prices of the areas in which the real estate company is present.
According to this study, the average cost of acquiring the homes offered by Engel&Völkers in Plaza Euskadi grew by 11% last year to reach a price of 10,000 euros per square meter (m²), “a great distance” from the rest of the areas of the main cities and municipalities of Biscay.
The German-born real estate company -specializing in luxury homes- highlights that the Plaza de Euskadi and the Abando district are the most sought-after areas of the capital “due to their recent quality constructions”. The latter “has become the axis of the urban regeneration of the city with large green areas and a wide range of services.”
The square that houses the Museum of Fine Arts or the Iberdrola Tower is also the most expensive place to rent a property: an average of 20 euros/m² is paid, after the 5% increase experienced last year.
At the opposite pole is the Casco Viejo, with a price of 13 euros/m² (+8%). In the rest of the locations in the Biscayan capital, with increases of 5% and 6%, prices are between the two extremes.
The type of property most in demand to rent in Bilbao depends on the areas. The smallest apartments -according to the real estate agency, measuring 90 m² and two rooms- are the most sought after in the Casco Viejo. In Gran Vía, Plaza Euskadi and Campo Volantín, the tenants “prefer the larger homes”, between 150 and 160 m² divided into three bedrooms.
The tenant profile is generally that of a family. Except in Plaza Euskadi, a favorite place for “displaced professionals”. For its part, in the Casco Viejo, single people and couples predominate.
Neguri’s pull
Outside of Bilbao, Neguri continues to maintain his pull. Despite the drop in prices in the operations carried out by the real estate agency in this area of Getxo, it is still the most expensive in the town, with an average cost of 6,000 euros per square meter. Next are Algorta and Las Arenas, which have narrowed the distance that separated them from Neguri in terms of price.
The report highlights that the 200 m² homes with four bedrooms and a terrace are the most in demand in Neguri and Las Arenas. In Algorta, the 115 square meter apartments with three bedrooms are more successful.