According to recent data from Fotocasa, Spanish residential property prices have increased by 5.3% year-on-year in May 2024, achieving an average price of €2,098 per square meter. This steady climb highlights the robust demand and restricted supply impacting the market today.
Balearic Islands Lead the Surge
The Balearic Islands have experienced the most dramatic increase, with property prices soaring by 16%. This rise is closely followed by Comunidad Valenciana and the Canary Islands, marking these regions as hotspots for real estate investment.
Regional Disparities and Trends
Strong growth is observed across twelve regions, surpassing the national average. Notably, 37 out of 50 Spanish provinces recorded the highest asking prices to date, underscoring the widespread nature of these market dynamics.
Underlying Factors Driving the Prices
Experts attribute these price surges to continued demand, especially in prime tourist destinations and metropolitan areas, exacerbated by a limited housing supply. Navarra was the only region to report a slight decline, pointing to unique regional characteristics.
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