Buying a home is becoming increasingly expensive in several Spanish provinces, with some in the Levante region standing out. The demand for second homes and the tourist attraction are driving up house prices.
The Spanish property market will continue to show uneven growth in 2024, with notable increases in house prices in some provinces. This year, three areas in the Levante region stand out. House prices there have risen significantly.
Recent data from mortgage comparator and advisor iAhorro point to Castellón, Murcia and Alicante as the provinces where the average price has risen the most in the first six months of 2024. This growth was more than 20% in these areas, largely driven by the demand for holiday homes or second homes.
In the case of Castellón, the increase is particularly striking, with an increase of 25.43% to an average price of €180.012. This is a significant increase in house prices compared to the €143,513 in 2023. The market in this province, which is known for its coastal appeal, was driven by seasonal demand and the purchase of second homes.
Murcia also showed growth, with an increase of 20.89%, reaching an average price of €198.353 in 2024. This region, with both a rich cultural offer and beaches, is becoming increasingly popular with Spanish and foreign investors.
In Alicante, prices rose by 19.03%, to an average of €212,191. It thus continues to consolidate one of the most sought-after destinations in the Levante region.
House price increases in other provinces
House prices have also risen significantly in other areas of Spain, albeit to a lesser extent. An example of this is A Coruña, with an increase of 17.65%, and Cádiz, where prices have increased by 16.97%. These provinces, which are known for their tourist appeal and coastline, continue to be favourite destinations for the purchase of second homes. That has contributed to the upward pressure on their markets.
On the other hand, inland provinces such as Badajoz and León have also seen a notable price increase of more than 14%. This may be due to buyers looking for properties in quieter areas, far away from major urban centres, as they can get more affordable prices there.
Here, on the other hand, houses became cheaper
In Guadalajara and Ciudad Real, prices have fallen by more than 10%, reflecting the effects of depopulation in so-called empty Spain. Due to the low demand, prices are falling.
Also read: Spanish house prices reach historic highs