In the first half of 2024, property prices in several coastal provinces of Spain have seen significant increases. A recent report by iAhorro, highlighted by Europa Press, reveals that the average price of homes, particularly those intended as second residences, has risen by an average of 7.55% over the past year.
Property prices significantly increased in Castellón, Murcia, and Alicante. Castellón tops the list with the most substantial price hike, recording a 23.55% increase. The average property price in this province has surged to €177,317 by June 2024, compared to €143,513 in the first half of 2023.
Murcia has also experienced a significant rise in property prices, with a 21.20% increase, bringing the average cost to €199,569. This is up from €164,116 during the same period last year.
Similarly, Alicante saw a 20.51% increase, pushing the average property price to €214,820, compared to €178,265 in the first half of 2023.
Lugo, Almería, and Tenerife among the cheapest coastal provinces
On the opposite end of the spectrum, Lugo has become one of the cheapest coastal provinces for property, with an average price of €160,000, marking an 11.84% decrease from €181,500 in the first half of 2023.
Almería follows with a 11.55% drop in property prices, bringing the average cost down to €171,478 from €193,871 last year.
Tenerife has also seen a decrease in property prices, with a 6.53% reduction to €174,713 from €186,915 in the same period of 2023.
Surprising trends in Tenerife
Simone Colombelli, Director of Mortgages at iAhorro, expressed surprise at the lower-than-expected property prices in Tenerife, noting that the Canary Islands are usually in high demand, particularly among foreign buyers. Despite this, Tenerife remains one of the most affordable coastal provinces for property purchases in Spain, with even neighbouring Las Palmas not surpassing the €200,000 mark in average property prices.
Most expensive properties on Balearic Islands
One out of every four homes listed for sale in Spain for over one million euros is located in the Balearic Islands. This is according to data from the real estate website Idealista. Of the 40,076 properties prices above one million euros available on the platform 9,678 (24,1%) are listed above this price point. The province of Málaga, which includes the Costa del Sol region, comes second with 8,360 (20,9%) properties priced above one million euros.
Also read: Spain´s luxury real estate market