The price of second-hand housing stood at 1,705 euros per square meter at the end of January, which represents an increase of 0.13% compared to a year ago, but also a fall of 0.36% compared to the month of December.
This tonic will be the dominant one in the coming months, given that we are going through a moderation scenario, which will also affect mortgages and sales. Containment will be the maximum in a market that has exhausted its upward trend, but that does not have room for further adjustments. The promoters, in a meeting held last week at the IESE, agreed with this diagnosis and affirmed that the demand that has been thrown up to the moment of the market, that of replacement, that is, that of those who already had a house and put it to the sale to buy another one, is already running out, while the purchase of first homes, that of young people, is not coming, as a result of their inability to save to pay the entrance. To this is added the uncertainty that exists in the market regarding the measures that the Government will implement. And, in addition, the reduction of the interest of the investors, that is measured in a fall of the real estate transactions in much greater degree than in one of the concessions of mortgages, that remains, for the moment, something more resistant.
Despite the low variation in average housing prices in January, both year-on-year and inter-monthly, there were still many differences according to different geographical areas.
Thus, due to provincial capitals, in Vitoria-Gasteiz the price of housing rose by about 10% in January compared to the same month last year; in Palma de Mallorca, it increased almost 8%; in Pamplona, just over 7%; and in Pontevedra and Huesca, more than 5%. But in another handful of cities there were very significant falls: in Zamora, this month of January housing was almost 9.5% cheaper than twelve months before; while in Barcelona, Ciudad Real and Logroño, the year-on-year fall exceeded 7%; and in Lleida, almost that percentage fell.
This same inequality is observed in the variation of prices in inter-monthly exchange. The most important increase, again, was recorded by Vitoria-Gasteiz, where, compared to December, housing was 4% more expensive. With monthly increases of more than 2.5%, Huesca, Pontevedra, Albacete and Las Palmas were also placed. But in Logroño, Zamora, Almería, Córdoba and Toledo, prices fell between 2.87% and 1.11%, in that order.
San Sebastián began the year as the provincial capital with the highest price of housing, with the square meter located at 4,913 euros, followed by Barcelona, where the square meter, on average, is sold at 4,408 euros. Madrid ranked third, at 3,959 euros. Palma de Mallorca and Bilbao complete the list of five most expensive cities in Spain, with the square meter located at 3,270 and 3,155 euros, respectively.
The city of Spain with the cheapest housing is Ávila, with the square meter located at 1,037 euros; followed by Ciudad Real (1,088 euros per square meter). Next are Jaén, Cáceres and Cuenca, where the price of housing ranges between 1,120 and 1,130 euros.
Experts discuss what can happen with the price of housing by geographical areas. Jorge Pérez de Leza, CEO of Metrovacesa, believes that large cities, such as Madrid and Barcelona, as well as medium-sized cities, such as Seville, Valencia, Bilbao, Las Palmas or Málaga, will continue to record growth in prices, for the dynamism of its activity, but adds that in the rest of the cities you have to be more careful because the demand is more limited. However, there are other experts, such as those from Tinsa, who believe that there is a movement towards homogeneity in price variations: in the places where housing has become more expensive in recent years, the evolution will slow down, while those who have not finished picking up, prices will remain stable.