Average prices for new buildings in Spain in June 2023
Average prices for new construction in Spain in June 2023 continue to rise despite economic uncertainty, increase in interest rates, and a slowdown in sales. According to the latest official data, the average price growth for new housing in the country was 6.4% on an annual basis. The cost per square meter reached €2,809, approaching the 2007 peak of €2,905.
Prices for new construction in different regions of Spain also continue to rise. The table below shows the average prices per square meter of housing in various regions of the country:
Table 1: Average property prices in the regions of Spain (June 2023)
| Region | Average price, €/sq. m |
|---|---|
| Average price in Spain | 2809 |
| Extremadura | 1302 |
| Murcia | 1410 |
| Castilla-La Mancha | 1553 |
| La Rioja | 1574 |
| Asturias | 1779 |
| Canary Islands | 1785 |
| Galicia | 1791 |
| Castile and Leon | 1795 |
| Valencia | 1939 |
| Andalusia | 1972 |
| Aragon | 2087 |
| Cantabria | 2116 |
| Navarre | 2155 |
| Balearic Islands | 2549 |
| Basque Country | 3112 |
| Madrid | 4269 |
| Catalonia | 4473 |
As seen from the table, the highest prices for newly built properties are observed in Madrid and Catalonia, where the cost per square meter of housing is €4269 and €4473 respectively. The lowest prices are found in Extremadura and Murcia – €1302 and €1410 respectively. The annual price growth varies from 3.4% to 8.2% depending on the region.
Analyzing the data, it can be concluded that Madrid and Catalonia are the most expensive regions in Spain for buying real estate in newly built properties. The average cost per square meter in Madrid is €4269 and in Catalonia is €4473.
This can be explained by several factors:
- Firstly, Madrid and Catalonia are the largest and most developed regions in Spain, with a high standard of living and economic opportunities. This attracts investors and increases demand for real estate, which in turn leads to price growth.
- Secondly, Madrid and Catalonia are cultural and tourist centers of the country. They attract both local residents and foreign tourists, which also increases demand for real estate and puts pressure on prices.
- Thirdly, the limited amount of land available for construction in the central parts of Madrid and Barcelona also affects the cost of real estate. Limited supply and high demand result in price increases.
Thus, average prices for newly built properties in Spain continue to rise and reached €2809 per square meter in June 2023. Prices vary in different regions of the country, with the highest prices in Madrid and Catalonia, and the lowest in Extremadura and Murcia. Madrid and Catalonia are the most expensive regions in Spain for buying real estate in newly built properties due to their economic attractiveness, cultural and tourist significance, as well as limited supply and high demand for real estate.
