Apartment Prices in Spain in 2023: A Review
You have read of all the amazing benefits of living in Spanish and why it is such a fond topic on the internet and among Ex-pat/real estate communities worldwide. So, in this article, it will be assumed that you already know those, so more attention will focus on the apartment prices in the locations of Spain and how much you should have budgeted if you need a decent property in the country.
Cost of Housing Per Square Meter in Spain
Rather than discuss the cost of a one-bedroom apartment in Spain, it is better to focus on how much landed properties are per square meter. That information will be useful to everyone regardless of the property size they have in mind. Read on/below to see the cost of housing in Spain per Square Meter and multiply it by the size of your intended property. To preview available housing units across the many provinces of Spain, please read more on the official website Spain-Real.Estate.
Generally, buying property across Spain costs about £1,800 per square meter. However, that is generalized data; some areas are more affordable than others in Spain. This article will now discuss most of the crucial areas below.
Cost of Housing Per Region from the Least to the Most Expensive
Regions Price per Sqm
| Castilla – La Mancha | 980 |
| Extremadura | 1,034 |
| Castilla y León | 1,229 |
| Aragón | 1,270 |
| Galicia | 1,344 |
| La Rioja | 1,382 |
| Principado de Asturias | 1,397 |
| Región de Murcia | 1,472 |
| Comunidad Foral de Navarra | 1,508 |
| Cantabria | 1,532 |
| Ceuta | 1,756 |
| Andalucía | 1, 839 |
| Comunitat Valenciana | 1,855 |
| Melilla | 1,893 |
| Cataluña | 2,191 |
| Canarias | 2,379 |
| País Vasco | 2,783 |
| Comunidad de Madrid | 2,920 |
| Illes Balears | 3,488 |
| Andorra | 3,978 |
Factors Influencing the Prices of Real Estate in Spain
The prices of real estate in Spain depend on many factors, including but not limited to the following:
The Size of the Property
Spain is an investment hotcake for both Spaniards and internationals. Nothing beats the wonderful properties that stretch across the various mountains. The country can be likened to a chameleon. Sometimes it is unbelievably hot; other times, it is as cold as the coldest regions.
In this section, it is pertinent to state that the size of your intended property will go a long way to determining its price. Smaller units, such as a single bedroom, are much cheaper than larger units, up to four (4) bedroom apartments. The most expensive properties, however, are the fully detached duplexes and Penthouses of tall skyscrapers. Finally, on the top of the most desired properties are villas and massive castle-like buildings often cited by the waterside.
The Quality/Standard of the Property
The next factor affecting the cost of properties in Spain is the standard of the properties. For this, there are generally two categories of properties:
- Old Properties with Historical relevance: For this category, old properties and units of buildings are adapted and converted to livable conditions and polished for contemporary usage. Many hotels and resorts in Spain today are a conversion of old relic buildings giving them historical credence and contemporary value. Properties of this kind cost a fortune to purchase (except where obtained from a private owner in a distress sale, which is an opportunity very rare to come by). It also costs a fortune to renovate and maintain, another expense to consider and budget.
- Contemporary Luxury Houses: These are quality, state-of-the-art apartments made with alluring designs and modern interiors and put in a nearly completely furnished, ready-to-move-in state. These properties are now the most common in Spanish cities and are often financed by developers and private investors who develop them and later put them into the market for sales/rent/lease or commercial purposes, as the case may be.
Which Part of the Country is It Located in?
Lastly, the third and probably the most important feature and determinant of price is the property’s location. Location has many facets. For example, the location of which city, region, or part of the country it is. As established above, some regions and cities are cheaper than others, whilst some are very expensive. There is also a second facet of location which is proximity to valuable areas such as the sea (beach properties are valued higher than normal city houses), and proximity to city centers such as malls, museums (prices for properties in the heart of major cities are also sometimes inflated).
You are advised to consider all of these factors while choosing which developer to patronize. More important, is the issue of security in the area and carrying due diligence to discover the grey issues in your new proposed location and how to navigate or utilize them in your best interest.
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