The average price of free housing marks a record since 2010 in the first quarter — idealista/news

2023-05-26 11:39:39

The average assessed price of free housing rose by 3.1% in the first quarter of the year, up to 1,788.4 euros per meter, the highest figure since the last quarter of 2010, when it reached 1,825.5 euros per square meter, according to data from the Ministry of Transport, Mobility and Urban Agenda (Mitma).

Although in the first quarter the year-on-year growth rate moderated by two tenths compared to the previous quarter, from 3.3% to 3.1%, the average price of free housing increased by 2.2% in quarter-on-quarter terms (first quarter of 2023 over fourth quarter of 2022).

The average value of the square meter of free housing up to five years old stood at 2,112.1 euros between January and March, 6.6% more than in the same period of 2022, while free housing of more five years, the price increased by 3% year-on-year, up to 1,778.1 euros per square meter.

As highlighted this Friday by the Spanish Mortgage Association (AHE), the “shortage” of new real estate developments, coupled with buyers’ preference for newly built homescould explain the sharp rise in the price of new-build housing (up to five years old).

By autonomous communities, the largest year-on-year increases in the price of free housing during the first quarter occurred in the Balearic Islandswith an increase of 7.8%, up to 2,803 euros per square meter; Andalusia (+4.8%, 1,466 euros per square meter); Canary Islandswhere the price rose by 4.7%, to 1,670 euros per square meter, and Madrid, which raised its prices by 4.6%, to 2,978 euros per square meter.

Madrid, the most expensive autonomous community

Precisely, Madrid was the region with the highest price, followed by the Balearic Islands (2,803 euros per square meter); Basque Country (2,541 euros per square meter) and Catalonia (2,186 euros per square meter).

On the other hand, the lowest prices correspond to Extremadura (880 euros per square meter); Castilla-La Mancha (929 euros); Murcia (1,049 euros) and Castilla y León (1,057 euros).

In relation to subsidized housing, the Mitma statistics place the average price per square meter in the first quarter at 1,163.7 euros, 1.9% more than in the same period of 2022 and 0.5% above the value of the last quarter of last year.