It can be difficult to purchase a home in Spain, specifically if you are unfamiliar with the regional property market. It’s critical to have correct and current facts because a variety of variables might influence the cost of housing units.
The typical cost of a modern home in Spain in 2021 was roughly 223,380 EUR. However, the cost of real estate changes every year. In this article, we’ll talk about Spanish home prices in 2022. We’ll also look at the rates for various cities and areas.
Spanish housing market basics
Housing prices had significantly increased here in the last few years, according to the European Finance Association. It went up from a historic low of 70.8 units in 2014 to 110 units in 2020.
Notwithstanding this improvement, its housing sector continues to fall behind those of its rivals in Europe. The nation remains at the bottom of the existing property value assessment despite significant growth since the catastrophe, with Sweden leading the chart with 160.6 points.
In 2016, where a 119 square meter property’s typical rate was 200,000 EUR in Spain, the same sum in France would only get you a 50 square meter home.
Average property price in 2022
Using the information that is currently accessible, the typical price of a primary residence in 2020 reached 150,750 EUR. Among all types of dwellings, the mean rate per square meter remained at 1,675 EUR.
Currently, the price of a modern house in Spain is roughly 2,482 EUR per sq meter. These numbers were generated through the facts obtained by the local estate assessment agency.
After the economic meltdown of 2007, which led to the downfall of the national residential sector and the sharp decrease in real estate values, rates have finally started to recover.
Factors influencing home values
Like in most other nations, region, competition, and the status of the economy can all have a significant impact on property values. The following are among the most important elements influencing trade rates in Spain:
- The worth of the land;
- Whether new construction or a reselling; and
- Cash payments or loan payments.
In general, anyone intending to buy a home in Spain should budget between 10% and 15% of the final cost for taxation and other expenditures. The following expenses will be covered with this sum:
- 1.5% stamp duty on the rate of new construction purchases;
- 10% VAT on newly built homes;
- The assessment charge of 350 euros;
- Judiciary charges of almost 2,000 euros;
- 50% of property registration fees; and
- Estimated 8% in transfer taxes.
House rates per city
Among the costliest cities in Spain to purchase properties in are Madrid and Barcelona. The asking price of homes keeps rising every year. For example, the price of homes in Madrid increased by 7% in 2019 compared to 2018.
As opposed to those in Granada, Madrid households require twice as much salary and resources to purchase an apartment.
Additionally, just as in most other nations, residences in Spain tend to cost more in city areas. Prices in certain neighborhoods don’t differ all that much from those farther from the city center. For instance, homes near the city center in Alicante cost, on average, 2,150 EUR/sq meter, and residences farther from the center cost, 1,716 EUR.
In Santa Cruz de Tenerife, residences typically rate 1,540 EUR in the suburbs and 1,933 EUR per square meter close to the city center.
The priciest areas
San Sebastian is the area of Spain with the priciest homes. In San Sebastian, the estimated price of a square meter of property is 3,383 EUR. In Barcelona, where homes cost an equivalent of 3,380 euros per square meter, housing costs are second-highest.
In contrast, homes are typically less expensive in southern Spain, notably along the Costa del Sol. The going value of a square meter in this Andalucian Mediterranean beach town’s residences is 2,240 EUR.
