The cheapest cities in Spain to buy a home.

According to a study conducted by Pisos.com, the price of secondary housing in Spain increased by 7.1% in a year, almost triple the annual inflation rate, which amounted to 2.8% in July. According to this report, the price per square meter rose from 1,932 euros to 2,071 euros in a year. Although some experts believe that the real estate market is going through a cooling, given the slowdown in the number of mortgages and sales transactions, "house prices continue to rise gently," notes Ferran Font, director of research at Pisos.com. For the time being, the market will follow the interest rate dynamics and the measures of the European Central Bank. For this reason, according to the expert, cash purchases are becoming more important. "Savings continue to be channeled into the residential sector because of the long-term security offered."A study of prices and changes in the capitals of the Spanish provinces. Source: Pisos.com

Where are the most expensive secondary residences

According to the monthly report of Pisos.com, the most expensive autonomous regions in July 2023 were the Balearic Islands (4126 euros per square meter), Madrid (3479 euros per square meter) and the Basque Country (2988 euros per square meter).

If we focus on the provincial capitals, the most difficult to buy a home was San Sebastian, where the cost is 5,794 euros per square meter, almost three times the Spanish average. Followed by Madrid with 4606 euros per square meter and Barcelona with 4533 euros per square meter. However, as usual, the strongest increases often occur in coastal cities with high tourist demand. According to the study, the provincial capitals with the biggest price increases last month were Palma (19.35%), Málaga (18.78%) and Pontevedra (18.64%).

Highest and lowest prices by autonomous regions, provinces and capital cities. Source: Pisos.com

Where are the cheapest secondary residences

On the other hand, the cheapest provinces in terms of cost per square meter are Ciudad Real (639 euros per square meter), Jaén (703 euros per square meter) and Cáceres (773 euros per square meter). And when it comes to finding the cheapest capitals to buy a secondary home, according to this report the most affordable options are in Jaén (with 1,112 euros per square meter), Zamora (1,159 euros per square meter), Ciudad Real (1,190 euros per square meter), Lleida (1,270 euros per square meter) and Castellón de la Plana (1,306 euros per square meter). While prices last month fell the most in Huesca (-8.48%), Zamora (-7.06%) and Vitoria (-3%).

Source: Pisos.com