Costa News Spain Breaking News | English News in Spain.
A new study conducted by the portal for real estate has revealed SPAIN’S most expensive cities in which to rent or buy property. Idealist.
San Sebastian is still the leader of the Top 10 – no surprises there.
The two largest cities in Spain, Madrid and Barcelona, are next.
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According to IdealistThe high property prices continue to rise, making it harder for those with modest incomes.
There is not enough construction of new homes, which drives up the price.
The lack of inventory and lower mortgage rates are causing the prices to increase, even though the vast majority of homes purchased are second-hand.
The ‘expensive’ top 10 list is:-
- San Sebastian
- Madrid
- Barcelona
- Palma de Mallorca
- Bilbao
- Malaga
- Valencia
- Sevilla
- Las Palmas de Gran Canaria
- Girona
Focusing on San Sebastian, it became the first provincial capital in Spain to charge over €6,000 per m2 back in May.
Sale prices have increased in the Basque capital by more than 8% over the past 12 months, and are now 252% higher than national average.
As for rentals, San Sebastián ranks third nationally with average rents now above €18 per m2- up more than 7% year-on-year.
As of June, the average sale price is €6,071 per m2, while the average rent stands at €18.7 m2.
The Olive Press has more property news. Click here to view them.
