The capital of Tenerife experiences major surge in house prices

In 2023, there has been no decline in used housing prices across any regional capitals in Spain.

In 2023, housing prices in Santa Cruz de Tenerife saw a significant rise of 20.9%, only surpassed by Soria at 23.1% and followed by Huesca with an 18.5% increase, as reported by the latest Idealista indexes.

Throughout 2023, not a single Spanish provincial capital experienced a decrease in second-hand housing prices. By the year’s end, the average price of such housing in Spain climbed by 8.1%, reaching €2,042 per square metre.

Rental prices also saw a substantial hike, ending 2023 with a 10.1% increase, setting a new high at €12.1 per square metre. Among the provincial capitals, 50 cities recorded higher rental prices than the previous year, with Segovia (+24.6%), Valencia (+21%) and Palma (+20.2%) leading the way.

Four capitals—Madrid, Alicante, Cadiz, and Malaga—set record figures in both rental and sales prices at the end of 2023.

The capital of Tenerife experiences major surge in house prices

Madrid achieved a new peak in second-hand housing sale prices at €4,118 per square metre in December, a 6.1% year-on-year increase in 2023. However, this peak was only seen in 10 of the capital’s 21 districts. Conversely, all districts of Madrid saw record-high rental prices, averaging €17.9 per square metre.

In Malaga, the Este and Centro districts led in both buying and renting prices, at €3,723 and €3,567 per square metre respectively for purchases, and €15.1 and €14.7 per month respectively for rentals.

Cádiz’s housing sale prices reached €2,786, up 9.6% year-on-year in December. Rental prices in the city increased to €11 per square metre, following a 2% rise in December.

Alicante witnessed substantial increases in both sale (+17.5%) and rental (+16%) prices. The sale prices in Alicante hit a new high at €1,915 per square metre, and rental prices reached €10.8 per month, marking new records for the Mediterranean coastal city.

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