The price of new and used continues to rise. It has done so an average of 4.3% in 2021 and 8.6% year-on-year in the fourth quarter, reaching 1,470 euros/m2, according to provisional data from the IMIE Mercados Locales de Tinsa statistics. Housing has become more expensive in the two major markets par excellence – and -, although in the Spanish capital the pace has been more vigorous.
Specifically, housing in Madrid is 10.5% more expensive in the fourth quarter of 2021 than in the same period of the previous year, while in Barcelona the figure drops to 4.8%. In the annual balance, house prices have risen an average of 5.8% in the capital of Spain, which is double that of the Ciudad Condal where the rise has been 2.9%. Thus, the average price in the Madrid capital amounts to 3,127 euros/m2, while in Barcelona capital it stands at 3,310 euros/m2.
By districts, the x-ray prepared by Tinsa reveals that prices have been generally in Madrid in the last quarter of the year compared to the same period in 2020, although it has done so mainly in peripheral areas or areas further from the center. This is the case of Hortaleza (+15.7%), Vicálvaro (+14.3%), Villaverde (+13.2%) or Tetuán (+13.1%). Only one Madrid district has experienced price drops. This is Usera, where buying a property is -5.8% cheaper than a year ago.
In Barcelona, prices have also risen in most of the districts in the last quarter, although in interannual rates they remain below the levels of the same period of 2020. Gràcia is the district with the most revaluation during the year (+4, 9% year-on-year), followed by Nou Barris (+2.9%) and Sants-Montjuic (+1.7%). The districts that have become cheaper are Sant Martí (-6.2%), L’Eixample (-3.1%) and Sant Andreu (-6.2%).
And what are the most expensive districts of both cities? Homes in Madrid that exceeded 4,000 euros/m2 are concentrated in the neighborhoods of Salamanca, Chamartín, Centro and Retiro. As for Barcelona, the ranking is led by Sarrià Sant Gervasi, Les Corts and Eixample in Barcelona.
Rise of 4.3% on average
In global terms, house prices have fallen by an average of 4.3% in 2021 and 8.6% year-on-year in the fourth isolated quarter. “In the last quarter of 2021, there was an increase in the prices of the residential market that consolidates the trend that began in previous quarters and reflects an environment of growth in which demand is greater than supply and it begins to reactivate prudently, which which could be indicative of an upward phase of the real estate cycle”, says Cristina Arias, director of Tinsa’s Research Service.
In the vast majority of provincial capitals, the average variation in prices during 2021 shows growth. Six of them exceed 10% (Cuenca, Bilbao, Vitoria, Ávila, Zamora and A Coruña), while another 13 have moved in a more stable scenario, with growth of less than 1.5%. In this group are Burgos, Jaén, Salamanca or Valladolid.
In contrast, the average variation in prices has been negative in the cities of Palencia, Soria, Huesca, Cáceres and Pamplona.
As for the autonomous communities, most have registered average price growth between 2% and 6% in the whole of 2021. At the head are the Basque Country (9.4%), the Balearic Islands (9.3%) and Galicia (6.8%).
Tinsa’s statistics also reveal that four regions experienced an evolution in 2021 “more in line with a stabilization trend in 2021”. These are Navarra (-1.9%) on average, La Rioja (-1.1%), Castilla y León (+0.1%) and Aragón (+0.9%).
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