Property Prices in Spain

 

Property Prices in Spain

Spain has long been one of the most popular destinations for expats, but is it still an affordable option when it comes to buying or renting property?

For years expats have flocked to Spain in search of a better climate and quality of life, but since the financial crisis struck living the dream has become a nightmare for many. Plummeting property prices and hiked living costs have left expats out of pocket and, in many cases, eager but unable to return home.

But if you’ve got your heart set on Spain don’t despair, just be sure to thoroughly research the property market before you make any decisions.

Here we see how current average property prices in Spain compare with the UK and take a look at the average property prices in some of the most popular Spanish destinations.

Comparing Spain with the UK

h

UK

Spain

Rent Per Month (Mean) In British Pounds

1 Bed Apartment in City

600.00

446.59

1 Bed Apartment outside City

500.00

324.79

Buy Apartment Price (Mean) In British Pounds

Price per m2 in City

2,467.00

2,578.04

Price per m2 outside City

2,000.00

1,623.96

Salaries and Financing (Mean) In British Pounds

Median Monthly Disposable Salary (After Tax)

1,692.40

1,128.65

Yearly Mortgage Interest Rate in Percentages

4.50

4.00

Although on the whole Spain beats the UK in the rental stakes the average cost of buying a property in the nation is higher than in Britain, while average disposable income is significantly lower. However, location is king and property prices can vary greatly depending on the area of Spain you’re considering. To that end we will now compare property prices in 5 of the most popular Spanish locations: Madrid, Barcelona, Valencia, Alicante and Malaga.

Before we get down to the figures here are a few quick facts about these locations!

Quick Madrid Facts

Madrid is the Spanish capital and home to over 3 million people.

The city gets its name from the Arabic word ‘magerit’ which translates as ‘place of many streams’.

The average summer temperature is 25 °C while the average winter temperature is 6 °C.

Quick Barcelona Facts

Barcelona is the capital of Catalonia as well as Spain’s second largest city.

In Barcelona the average summer temperature is 24°C. In the winter the average temperature is 9°C.

There are seven beaches in Barcelona, one of which topped a National Geographic poll to find the best beach in the world.

Quick Valencia Facts

The average summer temperature is 27°C while the average winter temperature is 7°C.

The signature Spanish dish of Paella was created in Valencia.

Valencia is known for its stunning architecture.

Quick Alicante Facts

In Alicante the average summer temperature is 26°C. In the winter the average temperature is 12°C.

Alicante is located in the middle of the Costa Blanca.

As an ancient Mediterranean port the Alicante harbour remains an integral part of the area.

Quick Malaga Facts

The artist Pablo Picasso and the actor Antonio Banderas were both born in Malaga.

The name ‘Malaga’ is believed to derive from the Phoenician word for salt.

The average summer temperature is 25°C while the average winter temperature is 12°C

Rent Per Month (Mean) In British Pounds

Madrid

Barcelona

Valencia

Alicante

Malaga

1 Bed Apartment in Centre

649.58

568.39

308.55

345.09

324.79

1 Bed Apartment outside of Centre

446.59

405.99

213.14

243.59

284.19

3 Bed Apartment in Centre

1,136.77

974.38

604.93

446.59

608.99

3 Bed Apartment Outside Centre

755.55

649.58

405.99

324.79

446.59

 

Buy Apartment Price (Mean) In British Pounds

Madrid

Barcelona

Valencia

Alicante

Malaga

Price per m2 to Buy Apartment in City Centre

4,059.90

4,059.90

2,638.94

1,721.40

1,948.75

Price per m2 to Buy Apartment outside City Centre

2,375.04

2,029.95

1,339.77

974.38

1,299.17

 

Salaries and Financing (Mean) In British Pounds

Madrid

Barcelona

Valencia

Alicante

Malaga

Median Monthly Disposable Salary (After Tax)

1,502.16

1,299.17

1,136.77

939.87

971.13

Yearly mortgage Interest Rate in Percentages

4.00

3.95

3.75

4.05

4.00

 

Unsurprisingly Madrid came in as the most expensive city to buy or rent property in Spain, with the Spanish capital proving the priciest in every category – although buying property close to the city centre was equally as expensive in Barcelona.

When it came to buying or renting Spanish property Alicante and Valencia were the cheapest options of our selected locations. However, while the average monthly disposable salary you can expect to achieve in Valencia is not far below that for Barcelona, disposable income is significantly lower in both Alicante and Malaga.

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