The price of used housing has registered an interannual growth of 6.55% in the first quarter of the year in Spain, reaching an average of 2,016 euros per square meter and with a positive quarterly variation of 1.62%, according to the latest report of prices published by

The director of Studies for the real estate portal, Ferran Font, has indicated that the inflation suffered by families could slow down demand and moderate prices in the coming months, while he considers that the increase in the cost of financing “will still take time to reduce the impulse of the demand”.

“The rate increases applied by the European Central Bank mean that financing is no longer as cheap as before, but the entities are taking charge of reconfiguring the mortgage offer because they have to continue attracting clients,” Font pointed out.

On the other hand, the manager has ensured that investment in housing will continue to be attractive thanks to the high profitability of rentals. “The defensive value of this asset becomes relevant at a time when leasing is expanding and there is tension with those who cannot buy and agree to be long-term tenants,” he explained.

The price of second-hand housing has increased by 19.6% in the Balearic Islands in the first quarter of 2023 compared to the same period of the previous year, to close to 4,000 euros per square meter. Behind, Comunidad Valenciana (11%) and Canarias (10.9%) have registered the most significant increases.

In quarterly variation, the Balearic Islands (5.4%) and the Valencian Community (4.4%) have also been the regions with the highest price growth, while Cantabria (-1.1%), Extremadura (-0.5% ) and La Rioja (-0.3%) have presented slight falls. Extremadura has been the cheapest community to buy a home, with an average price of 805 euros per square meter.

By provinces, the largest quarterly increases have occurred in the Balearic Islands (5.4%), León (4.8%) and Valencia (4.6%), while prices have moderated in Tarragona (-3.1% ), Ourense (-2.6%) and Zamora (-1.3%).

Alicante and Palma de Mallorca have been the province capitals with the greatest increase in prices in the first quarter of 2023, with increases of 17.7% and 17.3% year-on-year, respectively.

On the opposite side, Huesca has registered a price reduction of 16.6% compared to the same period in 2022, while Gerona (-4.5%) and Zamora (-2.9%) have presented more moderate falls.

The most expensive capital in the first quarter of the year was San Sebastián, with an average price of 5,710 euros per square meter, while Jaén was presented as the cheapest, slightly exceeding 1,000 euros per square meter.